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Aussie firm buys Sentosa Cove project for US$46m

Property Report
Aussie firm buys Sentosa Cove project for US$46m - Australian - Sentosa Cove

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.


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