Sentosa Cove yesterday released a new land plot that it is touting as Singapore's 'first and only' beachfront condominium site.

It said the 113,797 sq ft plot will be able to house a four-storey condominium that will open up right onto Tanjong Beach in Sentosa.

Up to 88 luxury units can be built on the Beachfront Collection site, which is the second last condominium site that Sentosa Cove will release for tender. The last site, next to the Oceanfront Collection, will be put up later this year.

But the bids for the site, which will be awarded solely on price, may not smash previous Sentosa Cove records, say consultants.

CB Richard Ellis Singapore's executive director, Mr Li Hiaw Ho, is predicting offers of between $160 million and $186 million for the plot, which can be built up to 149,074 sq ft of gross floor area.

This works out to between $1,100 and $1,250 per sq ft per plot ratio (psf ppr) - below the $1,361 psf ppr record achieved for the previous Sentosa Cove plot, the Seaview Collection.

This is because the Beachfront site 'is smaller and has a lower height limit', said Mr Li. He noted that the Seaview plot could be built up to eight storeys.

'When you can build higher, the average price you can achieve will be higher,' he explained.

But he was quick to add that there is the likelihood that the Beachfront site may fetch a similar or higher price, depending on the bullishness of bidders.

Mr Lui Seng Fatt, regional director and head of investments at Jones Lang LaSalle, expects that the maximum price the Beachfront plot can fetch is $230 million - 10 per cent above the last record on a psf ppr basis.

'I would say the previous one is already quite a strong benchmark, and based on that, the selling price of the units would already be $2,000 per sq ft,' he said.

Expected bidders for the site include Sentosa Cove incumbents Ho Bee Group, City Developments and Lippo Group. Other local and foreign developers hoping to get in on the island enclave action may also try their luck, consultants said.

The Beachfront site is expected to have 'all-round views' because its surrounding buildings are low-rise, Sentosa Cove said.

Directly in front of the site is the sea, while behind it is the Tanjong golf course. Tanjong Beach lies on its right, and bungalow plots line the other side.

Sentosa Cove also revealed that it has achieved a new record price for its bungalow parcels.

Of the four seafront bungalow plots it put up for sale last month, one was taken up at $1,472 psf - beating the last high of $1,308 psf reached last November.

In fact, the four plots fetched an average price of $1,300 psf, Sentosa Cove said. The successful buyers, mostly locals, were 'individual parties', it added.

But the prices achieved were below the $1,500 to $2,000 psf previously predicted by property consultants. When the plots were first released, consultants were forecasting higher bids due to the relative shortage of such sites.