SC Global

SC Global: is said to be selling another two units at its luxurious Seven Palms Sentosa Cove condo project for a total of ~$57.2m, further cementing its reputation as a luxury property developer. The buyer is understood to be a co linked to Australian mining tycoon Gina Rinehart's Hancock Prospecting. Mrs Rinehart, 58, is the world's richest woman with a fortune est at ~A$30b. Seven Palms Sentosa Cove - a four-storey 103yr leasehold project with only 41 residential units - is next to Tanjong Beach and is at an advanced stage of completion. The project is being designed by Kerry Hill Architects, which has designed many of the Aman resorts. The Hancock Prospecting-linked unit is said to be paying ~$23.3m for a Seven Palms unit on the third floor and close to $33.9m for a fourth floor unit. Sources could not ascertain the sizes of the two units; as information like size of units and floor plans is tightly held and SC Global markets the high-end project in a very exclusive manner. However, an industry player est that the two units are likely to have crossed $4,000 psf, setting a new benchmark for Sentosa Cove. This compares with SC Global’s estimated land cost of ~ $1,800 psf ppr. Before the latest transaction, SC Global had sold 10 units in the project as at end-Jun ‘12 since it began selling the project in Sep ’09. Caveats lodged for nine units reflect prices ranging from $3,091 psf (for a unit sold in Oct ‘09) to $3,605 psf for a deal done in Jul ‘11. The stock is +0.5% at $0.975.