Thursday, July 26, 2012

Aussie firm linked to world's richest woman buys Sentosa condos

A company linked to Australian mining tycoon Gina Rinehart’s Hancock Prospecting is acquiring two units at Seven Palms (pictured), 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.


View the original article here

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