The West

Ritzy suites snapped up
The Seven Palms Sentosa Cove apartments.

One of Gina Rinehart's private companies has reportedly splashed out more than $44 million on two luxury apartments in Singapore.

Singaporean reports say a company associated with Mrs Rinehart's Hancock Prospecting bought two units in the Seven Palms Sentosa Cove project this week.

The four-storey development is still being built and previous sales set Singaporean apartment price records.

Mrs Rinehart will reportedly pay $S23.3 million ($18 million) for a third-floor unit and close to $S34 million for a fourth-floor penthouse.

Sentosa Cove is one of Singapore's most exclusive addresses and its only marina development. It sits next door to the Sentosa Island entertainment hub, home to Universal Studios and one of only two casinos in the island nation. A spokesman for developer SC Global Developments refused to comment on sales and Hancock Prospecting did not respond to requests for comment last night.

Mrs Rinehart has had a corporate presence in Singapore since at least early 2010, when she registered an investment subsidiary of Hancock Prospecting.

In March, the group incorporated three new companies in Singapore.

The West Australian

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