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Aussie firm buys Sentosa Cove project for US$46m
Jul 26, 2012
Seven Palms by SC Global
The Business Times reported that an Australian firm linked to tycoon Gina Rinehart’s Hancock Prospecting is acquiring two units of SC Global’s Seven Palms for S$57.2 million (US$46 million), citing sources who spoke to the paper.
The Australian tycoon is considered the world’s richest woman with a fortune estimated at around S$39 billion (US$31 billion).
The firm was reported to be paying around S$23.3 million (US$19 million) for a third floor unit and nearly S$33.9 million (US$27 million) for a unit on the fourth floor.
Seven Palms is located near Tanjung Beach and comprises four-storey with 41 units.
It is expected to be completed soon and is designed by award-winning Kerry Hill architects.
The two units are likely to have set a new benchmark for the luxury enclave, beyond the S$4,000 (US$3,187) per sq ft mark.
This is likely to break the record set in March this year for a sea fronting bungalow at around S$2,448 (US$1, 947) per sq ft.
Market watchers say this is testament that Singapore is attracting ultra high net worth buyers.
“We are attracting the really high calibre investors to buy properties here so as to tap into the other regions in Asia, like China,” said Stuart Chng, founder of EastLivingGroup at Savills Singapore.
If the deals were indeed transacted, the firm would have to pay 10 per cent of the purchase price which translates to around S$5.7 million (US$4.6 million).
“The Additional Buyer’s Stamp Duty (ABSD) is not a main concern to them. They will regard this as a one-off cost. The intangible benefits of investing in Singapore are the ability to gain insights and reach out to the Asian markets. It also makes sense should the firm hire Singaporeans as a lot of Singaporeans are able to relate to the Asian culture,” said Chng.