IOI Properties Bhd is embarking on a major high-end land investment in Singapore condominium project, which would see the building of up to 200 units at Sentosa Cove.

The company, and its 50:50 joint-venture partner Ho Bee Investment Ltd, has tendered for 14,596 sq m at Sentosa Cove for S$459.8mil (RM1.058bil), or S$1,361 per sq ft.

The land, located in the Southern Residential Precinct and known as Seaview Collection, is one of the final remaining condo sites at Sentosa Cove.

IOI Properties said in a statement yesterday that the land was in a prime location and offered views of the sea and the Tanjong Golf Course.

The land is designated for a 200-unit condominium development with a maximum height of eight storeys and a gross permissible plot ratio of 2.15.

Ho Bee Investment had built a portfolio of residential, commercial, industrial and mixed-use properties and was a key player in Singapore's property industry, IOI Properties said.

It said the proposed acquisition would enable the company to increase and diversify its property development land, all of which are currently in Malaysia, mainly Puchong and Johor.

“Apart from geographical diversification, the proposed acquisition will also enable the IOI Properties group to diversify its property development earnings, which are presently mainly derived from township developments, to include luxury niche/boutique developments,'' the statement said.

“It will also allow the IOI Properties group to benefit from the expected increase in interest in the tourism and property sectors of Singapore after the recent awards by the government (licences for) two casino resorts in Singapore, one in Marina Bay and the other on Sentosa island itself,'' it said.