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Thread: Seven Palms (D4, 99 years leasehold, SC Global)

  1. #71
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    Slowly, Foreign Buyers Drift Back Into Singapore
    Sonia Kolesinkov-Jessop
    The New York Times
    Singapore
    Thursday, 5 November 2009

    After 5 consecutive quarters of decline in Singapore’s property market, the luxury segment is starting to improve, partly helped by the slow reappearance of foreign buyers.

    According to statistics from the island-state’s Urban Redevelopment Authority, the overall residential property market has seen its shortest downturn in the past 18 years, with only four quarters of price declines before the official private home price index posted a spectacular 15.8% quarter-on-quarter jump in the third quarter this year.

    Singapore’s government, startled by the sharp uptick, worried that a property bubble was forming and, in September, they discontinued a system that allowed buyers to defer the bulk of payment on apartments until the properties were complete. It also announced that next year it would resume land sales for development.

    The sales rebound primarily has been driven by mass-market and mid-tier properties, but a few recent transactions indicate the high-end luxury sector also has started to pick up.

    “With the financial crisis, developers saw potential with affordability and launched more projects at that level, with smaller-size flats to keep prices low. As a result, the mass market has really been driving this market recovery in the last few quarters,” said Chua Yang Liang, head of research for Southeast Asia at the Jones Lang LaSalle real estate agency.

    “It’s only just recently with the improvements in regional economies that we’re seeing more developers releasing projects for the high end of the market.”

    According to an analysis by CB Richard Ellis real estate, the number of apartments priced at more than S$4 million, or US$2.86 million, that changed hands totaled 210 in the third quarter of 2009, 87 in the second quarter and just 15 in the first quarter.

    This compares with 280 in all of 2008 and 1,740 in 2007, at the peak of the market. A sales price record was achieved recently by SC Global Developments, which sold 6 homes at its 41-unit Seven Palms Sentosa Cove project for an average price of S$11 million, ranging from S$3,100 to S$3,400 psf for the 3- or 4-bedroom units.

    Previously, the highest median price for a condominium on Sentosa was S$2,734 psf in late 2007.

    The upscale Seven Palms project, the only beachfront residence of its kind in Singapore, is being built on Sentosa island, where a resort casino and Universal Studios theme park is scheduled to open early next year. The Seven Palms residences are being sold with 99-year leaseholds on the land, and are expected to be completed in December 2013.

    Singaporeans are said to have bought 2 of the units, with the other 4 going to foreigners who are permanent residents of the city-state.
    The Alba, another new upmarket development but in the more suburban central district, has sold 12 of the 18 available units, with prices averaging S$2,100 to S$2,500 psf for freehold units of 1,852 to 2,250 sqft, or 172 to 209 sqm.

    Luxury projects delayed in the wake of the global downturn include the Marina Bay Suites, near the Marina Bay Sands, the other casino resort due to open next year and the 228-unit Quayside Isle Collection, also on Sentosa.

    “Currently, we are seeing an increasing number of enquiries and interest in the luxury market as compared to three months ago,” said Tan Bee Kim, director of Wheelock Properties Singapore. The group is planning early next year to introduce Orchard View, a project in which each of the 30 4-bedroom condominiums will occupy an entire floor. Ms. Tan said the company has been receiving enquiries from locals and foreigners alike about the development.

    Ong Choon Fah, executive director of the property consultant DTZ Debenham Tie Leung, believes developers are not yet in a hurry to release new high-end condominiums — but she expects that will change next year when the two casinos under construction, referred to locally as IR, or Integrated Resorts, will open. “This should help boost property prices, especially in the high end,” said Ms. Ong, estimating that luxury prices could rise as much as 10%.

  2. #72
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    Quote Originally Posted by mr funny
    http://www.businesstimes.com.sg/sub/...45540,00.html?

    Published October 7, 2009

    Seven Palms smashes price records at Sentosa Cove

    SC Global sells units at $3,100-$3,400 psf at the exclusive 4-storey project

    By KALPANA RASHIWALA


    (SINGAPORE) Upmarket developer SC Global Developments is said to have sold 6 units at its Seven Palms at Sentosa Cove condo at between $3,100 psf and $3,400 psf - record prices for the upscale waterfront housing district.

    ..........
    ..........
    Oh well! How things can change!
    Just a month and this piece of news is invalid now.

    The 7 Coconut Trees have set a new record of $3,429 psf!

    Strange! There are only 7 trees. I thought 100 trees would provide more value-for-money - 17 times more trees? Maybe the buyer didn't bring along his calculator?

    Quote Originally Posted by URA
    Private Residential Units Sold in the Month of October 2009

    Project Name ................... Locality . Units Sold To Date . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
    Seven Palms Sentosa Cove . CCR ......... 7 .............................. 1 ................................
    3,429 ............ 3,429 ............ 3,429
    Quote Originally Posted by URA
    Private Residential Units Sold in the Month of September 2009

    Project Name ................... Locality . Units Sold To Date . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
    Seven Palms Sentosa Cove . CCR ......... 6 .............................. 6 ................................
    3,353 ............
    3,273 ............. 3,091

  3. #73
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    Seven Palms didn't managed to break its hïgh of $3,429 psf set in October 2009.


    Private Residential Units Sold in the Month of February 2010
    Project Name ................ Locality . Units Sold To Date . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
    Seven Palms Sentosa Cove .CCR ....... 9 .......................... 1 ........................... 3,318 ............ 3,318 ........... 3,318

  4. #74

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    http://www.straitstimes.com/archive/...-285m-20141204

    Sentosa Cove homes sell for record $28.5m

    Published on Dec 4, 2014 1:07 AM


    An artist's impression of the Seven Palms condominium at Sentosa Cove - the only beachfront luxury development here. -- PHOTO: SC GLOBAL DEVELOPMENTS

    By Rennie Whang


    TWO Sentosa Cove condo units have been sold at $4,131 per sq ft (psf) in a record price for the island, said the Singapore Real Estate Exchange (SRX).

    Spanish tycoon Ricardo Portabella Peralta is thought to be the buyer of two adjacent units, for a total of $28.55 million, at Seven Palms Sentosa Cove. Mr Peralta is chief executive of Luxembourg-based investment holding firm Ventos SA, and is a board member of Danone Spain.

    Going by caveats lodged, 12 units have been sold at the 41-unit Seven Palms. Developer SC Global declined to comment.

    The sales are good news for the island, quelling some concerns that prices there have been in freefall, said Savills Singapore research head Alan Cheong.

    For example, two units at luxury condominium Turquoise in Sentosa Cove were sold at heavy losses by private treaty for $3.88 million and $4.026 million in July, or about $1,400 psf. They had been bought in 2009 for about $2,550 psf and were put up for sale by their mortgagees, understood to be DBS Bank.

    Transactions have also been thinning. Just four Sentosa bungalows were sold in the first 11 months of this year, down from 18 last year.

    But Seven Palms may have bucked this trend owing to the exclusivity of being the only beachfront luxury development here, said Newsman Realty associate director Steve Tay.

    "Demand (for such homes) has been reduced with the Additional Buyer's Stamp Duty measures imposed, but it is a matter of time before it will return, as Sentosa Cove is still the premium residential precinct for discerning ultra-high-net-worth individuals," he said.

    wrennie@sph.com.sg

  5. #75

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    http://www.businesstimes.com.sg/real...osa-cove-units

    Spanish tycoon pays S$4,100-plus psf for pair of Seven Palms Sentosa Cove units

    By Kalpana Rashiwala

    kalpana@sph.com.sg@KalpanaBT

    3 Dec


    THE overall Sentosa Cove condo market may be languishing, but SC Global Developments is understood to have sold two units at its Seven Palms Sentosa Cove at what could be a record price in the waterfront housing district: S$4,100-plus per square foot (psf).

    The overall lump sum works out to S$28.55 million.

    Spanish tycoon Ricardo Portabella Peralta is thought to be the buyer of the two neighbouring units on the third level of the four-storey condo, which is flanked by Tanjong Beach on one side with the adjacent greens of Sentosa Golf Course, and the South China Sea on the other.

    Mr Peralta is chairman of Groupe Ventos and inherited a huge fortune, especially related to Danone Spain.

    Seven Palms Sentosa Cove received the Temporary Occupation Permit in the first quarter of 2013. The low-rise project has only 41 luxuriously appointed beach-house apartments available in three, four and five-bedroom configurations ranging from around 2,700 sq ft to 8,000 sq ft.

    The units picked up by Mr Peralta are believed to be around 3,400-plus sq ft each.

    The project was designed by Kerry Hill Architects, which has designed many of the Aman resorts.

    In 2012, Australian mining tycoon Gina Rinehart was reported to have paid a total of about S$57.2 million for two units at Seven Palms; the price was also thought to have crossed S$4,000 psf, setting a benchmark for Sentosa Cove.

    While the news of Mr Peralta's purchase of the two Seven Palms units is not expected to improve sentiment for Sentosa Cove properties in the short term, "the news will be a good highlight to a very quiet and dismal year for Sentosa Cove", said Century 21 CEO Ku Swee Yong.

    Transactions of condos as well as bungalows on Sentosa Cove have thinned drastically this year. A few months ago, two units in the Turquoise condo, both mortgagee sales, transacted at around S$1,400 psf - a record low since the 2006/2007 luxury housing boom, noted Mr Ku.

    As to why Seven Palms still managed to set a record price, or at least a near-record price, Mr Ku said: "This is the only beachfront condo, and probably the only beachfront residence in Singapore. Morever, SC Global's products have a certain premium. . ."

    The resort-style facilities of the project include concierge service, a Beach Club, 45-metre infinity pool with jacuzzi and barbecue terrace overlooking the sea.

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