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Ho Bee Investment and IOI Properties (Singapore) have secured The Pinnacle Collection, Sentosa Cove’s last condominium site. The successful tender confirmed Ho Bee’s status as the most active developer on the 117-hectare waterfront enclave, where it has been awarded the tender for eight parcels: six independently and twice in joint ventures (JV) with IOI Properties.

The JV partners were awarded the Pinnacle Collection, which will offer 280 units, due to their winning design and land premium at S$1,097,499,999. This works out to S$1,822psf over a total permissible gross floor area of 602,360sqft on a site area of 231,677sqft. Sentosa Cove’s previous condominium tender, for The Beachfront Collection last July, was awarded at $1,800psf. 

“Together with IOI Properties, we’re delighted to win the final piece of the jigsaw and complete the vision of creating truly world-renowned waterfront housing,” said Chua Thian Poh, Chairman of Ho Bee Investment.

“We were the first developer to set foot on Sentosa Cove, and over the years we’ve played an instrumental role in creating value and building distinctive homes for owners in the enclave. Sentosa Cove is unique and nowhere in Singapore will we be able to replicate this waterfront housing again.”

For IOI Properties, the second successful JV tender with Ho Bee marked the Malaysian company’s third foray into the Singapore property market. “The Singapore property market represents an important step in our regional diversification plans, as we’re confident of its prospects and appeal to international investors,” said Tan Sri Dato’ Lee Shin Cheng, Executive Chairman of IOI Properties.

With a maximum building height of 20 storeys (76.4m from platform level), The Pinnacle Collection will be the largest condominium in Sentosa Cove and visible from afar, so shaping the island’s distinctive skyline.

“We’re delighted to have an iconic design tower from this strategic spot,” said Kemmy Tan, General Manager of Sentosa Cove. “With this final award, the vision for an integrated oceanfront residential endeavour now reaches its pinnacle.”

Along with The Pinnacle Collection and The Seaview Collection JVs with IOI, Ho Bee owns three further condo sites (The Berth by the Cove, The Coast at Sentosa Cove, Turquoise), Coral and Paradise islands, and The Berthside terrace project. Sentosa Cove is set to include 2,500 homes when completed in 2010.