View Full Version : 7 Palms at Sentosa supposedly sold for > $4000psf !!!
A company linked to Australian mining tycoon Gina Rinehart’s Hancock Prospecting is acquiring two units at Seven Palms, a Sentosa Cove condo project by SC Global Developments for S$57.2 million, according to sources who spoke to The Business Times.
Rinehart is considered the world’s richest woman with a fortune estimated at around A$30 billion (S$39 billion).
Located near Tanjong Beach, Seven Palms is a four-storey residential development that features just 41 units. Nearing completion, it is designed by award-winning Kerry Hill architects.
The firm linked to Hancock Prospecting is said to be paying around S$23.3 million for a third floor unit and nearly S$33.9 million for a unit on the fourth floor. However, the unit sizes are not known.
One industry watcher estimated that the two units are likely to have surpassed S$4,000 psf, a new benchmark for Sentosa Cove (http://www.propertyguru.com.sg/project/seven-palms-sentosa-cove-20725/t_blank).
If the price of the fourth floor unit is indeed S$33.9 million, it would break the present record set for a duplex penthouse at Far East Organization’s Boulevard Vue (http://www.propertyguru.com.sg/project/boulevard-vue-1355/t_blank) project, which hit S$33.4 million in 2009. This translates to S$4,150 psf for the 8,051 sq ft unit, based on CBRE’s analysis of URA Realis caveats data
buttercarp
27-07-12, 10:20
Aiyo.... the print is so small.... a strain on my eyesight....:ashamed1:
So here's a bigger version :) .......
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A company linked to Australian mining tycoon Gina Rinehart’s Hancock Prospecting is acquiring two units at Seven Palms, a Sentosa Cove condo project by SC Global Developments for S$57.2 million, according to sources who spoke to The Business Times.
Rinehart is considered the world’s richest woman with a fortune estimated at around A$30 billion (S$39 billion).
Located near Tanjong Beach, Seven Palms is a four-storey residential development that features just 41 units. Nearing completion, it is designed by award-winning Kerry Hill architects.
The firm linked to Hancock Prospecting is said to be paying around S$23.3 million for a third floor unit and nearly S$33.9 million for a unit on the fourth floor. However, the unit sizes are not known.
One industry watcher estimated that the two units are likely to have surpassed S$4,000 psf, a new benchmark for Sentosa Cove.
If the price of the fourth floor unit is indeed S$33.9 million, it would break the present record set for a duplex penthouse at Far East Organization’s Boulevard Vue project, which hit S$33.4 million in 2009. This translates to S$4,150 psf for the 8,051 sq ft unit, based on CBRE’s analysis of URA Realis caveats data
Wild Falcon
27-07-12, 12:01
Looks like SC Global only committed to build homes for foreigners.
No wonder such small font. Meant to be discreet mah. After all, every "record breaking" transaction is done by foreigner - not something any country wants to harp about.
Gina Rinehart, australia richest woman should be migrating to singapore to escape aussie tax. Why pay 60% in tax, if u can pay 10%?
Please give me her contact. MR B would like to give her a presentation of all his "cut & paste" over the past 9-months
S$57.2 million is nothing in comparion of her tax bill. She needed this property for the tax deductables. Imagine for us a common man, her ABSD alone is nearly 7.5million. As singapore become a financial hub, be prepare for our properties to go even higher as wealthy individuals will use the property purchase here for tax deduction.
57mil for 2 pties. This is not record breaking. Not even close. GCB prices paid by singaporeans are easily higher than that. Heck, a simple bungalow in D10 is already 26mil. :rolleyes:
The record is only for psf and foreigners are welcome to buy! nothing to be shy about. In fact SC Global should pray hard this does not generate too much news such that she cancels the deal. Just like the other Chinese buyer canceling his sentosa house deal after too much news were generated out of it.
Allthepies
27-07-12, 18:57
it is good for rich foreigners to buy and invest in this segment, the ultra luxury. not sure why people should be scare or jealous. this is not HDB segment.
it is good for rich foreigners to buy and invest in this segment, the ultra luxury. not sure why people should be scare or jealous. this is not HDB segment.
trickle down economics:
rich increase their wealth, the increase in wealth will somehow, somewhat, sometime, will boost the wealth of lower strata.
this is similar to trickle down economics.
ultra luxury psf increases, the effect will filter down to HDB segment.
so people should be scare or jealous.
Art Cashin sums it well:
“By standards, the amount of liquidity that’s around the globe should be hyperinflationary.* It is not.* It is because when Bernanke flies over your house and drops millions of dollars in fresh cash on your lawn, you are so terrified you pick it up and store it in the garage.* They’ve got to find a way to unlock all of that liquidity in the garages around the globe.*
This is a very, very different time than virtually anything we’ve seen before.”
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Once the economy pick up then all these cash will find its way through the system. By then hyper inflation could happen and many people will be caught off guard.
Art Cashin sums it well:
“By standards, the amount of liquidity that’s around the globe should be hyperinflationary.* It is not.* It is because when Bernanke flies over your house and drops millions of dollars in fresh cash on your lawn, you are so terrified you pick it up and store it in the garage.* They’ve got to find a way to unlock all of that liquidity in the garages around the globe.*
This is a very, very different time than virtually anything we’ve seen before.”
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Once the economy pick up then all these cash will find its way through the system. By then hyper inflation could happen and many people will be caught off guard.
Hopefully its when economy picks up.
Hyperinflation is already HERE!
For those typing and typing here, you may not feel it yet.
Everyone on the streets knows that the $2 Bak Chor Mee just 3-4 years ago is now $3.00 !
Tough times for investment. Hold Cash, Depreciate. Hold Assets, scared economy tank.
DKSG
Rich people are not dumb to buy millions dollar property knowing it will crash. It will appreciates. At the moment all these excess liquidity are store in zero interest bond. That's why some people (mr B for example) confuse the situation with deflation because the liquidity mainly are freezed. Once it thawed, there is no stopping inflationary force.
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so people should be scare or jealous.
Ppl mostly are jealous lah !
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