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Business Times – 08 Dec 2007

Lippo’s Sentosa condo at about $2,750-2,900 psf

By KALPANA RASHIWALA

LIPPO Group is said to have priced its Marina Collection condo, a 99-year
leasehold project on Sentosa Cove, at about $2,750-2,900 psf on average.

Over the past few days, the group, controlled by Indonesia’s Riady family,
is said to have sold about half of the 60 or so units it has released so far
in the 124-unit, four-storey development next to the One Degree 15 Marina
Club. The development comprises three blocks.

Lippo is developing the condo jointly with the Marina Club, OCBC and
Austria’s Raiffeisen Zentralbank (RZB).

Buyers will be given a free membership at One Degree 15 Marina Club for each
unit of Marina Collection they purchase. The memberships are currently said
to be going for above $40,000 each.

Lippo’s price appears to be slightly higher than the $2,600 psf net average
achieved for the previous condo launch at Sentosa Cove – Ho Bee’s Turquoise.

The project was released in September and to date, Ho Bee is said to have
sold 45 out of the 60 units it has released so far out of 91 units in the
six-storey condo.

Marina Collection comprises three-, four-, and five-bedroom apartments as
well as penthouses. Three-bedder units cost about $5.4 million while
penthouses are priced at $10 million and above.

The 30 or so units Lippo has sold so far include five penthouses.

There are about 30 penthouses altogether.

The Lippo-led consortium is developing Marina Collection on a plot that it
bagged at a tender that closed in September last year for $234.7 million or
$818 psf per plot ratio (ppr).

Lippo’s pricing for its Marina Collection will no doubt be used by property
developers to peg their bids at next week’s tender for the Pinnacle
Collection – the last condo plot at Sentosa Cove.

The plot, which has a choice location at the entrance to the precinct’s
marina basin, has a reserve price of $963.8 million or $1,600 psf ppr.