May 26, 2014

    12 Sentosa Cove luxury villas relaunched at a discount

    XIMENG Land, controlled by mainland China parties, is relaunching the balance 12 luxury villas on Pearl Island in Sentosa Cove at $2,185 psf of land area. The price is inclusive of a 5 per cent discount to the $2,300 psf list prices for the units.

    A year ago, the developer's asking price was $2,400 psf.

    Absolute prices vary from about $14.3 million to $25.5 million per villa. Pearl Island is one of the five man-made islands in the upscale waterfront housing district.

    "These are the last remaining brand-new luxury villas in the island developments in Cove, fully fitted and ready for occupation," said Steve Tay, associate director at Newsman Realty, which was last month appointed sole marketing agent for the villas.

    Since 2010, Ximeng has sold seven of the project's 19 villas at prices ranging from $1,904 psf to $2,228 psf of land area. The buyers comprised Singaporeans, Indonesians and mainland Chinese.

    The seven units sold included two adjacent units bought by members of the Liu family that controls Ximeng Land. One was purchased for $17.1 million or $1,904 psf of land and the other, for $19.5 million or $1,906 psf.

    The highest absolute price achieved for the seven units sold was $27 million (translating to $2,162 psf), for a bungalow on 12,486 sq ft of land - the biggest of Pearl Island's 19 villas.

    The project received Temporary Occupation Permit in the first half of 2012.

    The villas sit on plots ranging from 6,555 sq ft to 12,486 sq ft and with total floor areas (including roof terrace) of between 8,000 sq ft and 11,000 sq ft. Each villa comprises two storeys, in addition to a roof terrace and basement. All four levels are accessible by a private home lift.

    The bungalows have five to seven bedrooms with en-suite bathrooms.

    The basement of each unit houses a lounge and wine cellar, and semi-open garden, in addition to a concealed utility area, a maid's room and toilet.

    The top floor houses an entertainment room with powder room and a roof terrace.

    Each villa is built with wet and dry kitchens fitted with Miele refrigerators, wine chiller, ovens and cooker hoods/hobs. Big imported marble tiles cover the floors of the living, dining and bath rooms. Stairs also have marble slabs.

    Each villa has its own private berth (imported from France) and swimming pool.

    Ximeng Land is owned by the majority shareholders of Ximeng Asset Holdings, the parent company of Beijing Ximeng Real Estate, a developer of luxury building projects in Beijing, Yantai and Jinan, according to a December 2007 news release issued by Sentosa Cove Pte Ltd announcing the award of Pearl Island to Ximeng Land.

    A company search of Singapore-incorporated Ximeng Land (S) Pte Ltd listed its shareholders as Liu Yangang, Liu Yanguo and Liu Yanqiang, all Chinese citizens based in Beijing.

    Ximeng Land was awarded the 99-year leasehold site in late 2007 for $215.65 million, or $1,350 psf on its land area of 159,740 sq ft.

    Mr Tay said that of the 12 units on Pearl Island that have yet to be sold, four are under negotiation while one has been sold pending approval from the Land Dealings (Approval) Unit.

    He also revealed that talks are under way with a "very prominent" European family to buy up to five villas.