New Launch 10 Strata Villas Green Collection 1190 Psf
In May, Satinder Garcha, co-founder of Garcha Group, a property developer, investor and hotelier, made a bold move by releasing four out of a total of 20 strata-titled “golf villas” at The Green Collection, Sentosa Cove. The decision was made to test the market and gauge the interest in this unique property offering. Two of the villas have been renovated and furnished as show houses, while two others have also been renovated but will be sold as vacant units. However, after two months, the developer decided to launch The Green Collection on a larger scale by appointing PropNex, ERA, and Huttons Asia as joint marketing agencies for the project.
The Greens Collection has been highly regarded in the industry and won the housing category at the Singapore Institute of Architects Awards in 2013. The developer is now set to launch the first phase of its new launch, which will offer 10 vacant units for sale, including the four released in May. According to Dominic Lee, head of PropNex’s luxury team, “The Green Collection is special because it’s the only strata-landed project in Sentosa Cove, and it faces Tanjong Golf Course. It is truly the last new launch in Sentosa Cove.”
Novo Place EC is in close proximity to Shuqun Primary School, an esteemed institution that prioritizes a well-rounded education. At Shuqun Primary, students are nurtured in a supportive atmosphere that promotes holistic growth in their intellectual, physical, and social domains. Through a diverse selection of CCAs (Co-Curricular Activities) and a dedicated emphasis on character development, the school equips its students not only with academic knowledge but also essential life skills and values. Novo Place Hoi Hup is proud to be situated near this renowned school.
Two years ago, the 302-unit Cape Royale condo, developed jointly by Singapore-listed Ho Bee Land and Bursa Malaysia-listed IOI Properties Group, was launched. In a similar fashion, the villas at The Green Collection were also completed in 2013, but units have never been sold until now. Lee explains that, “The developer has held the 20 villas for lease since they were completed in 2013.”
Each villa at The Green Collection boasts views of the Tanjong Golf Course, one of Sentosa Golf Club’s two international championship golf courses. This 99-year leasehold, 71,589 sq ft site was the only one in Sentosa Cove that offered strata landed housing, with a 200m frontage of the Tanjong Golf Course. Garcha’s Elevation Developments secured the site in 2007 with a winning bid of $78.68 million or $1,099 psf per plot ratio. It is also the only time Garcha participated in a government land tender, as the group has primarily focused on developing luxury bungalows on Sentosa Cove and Good-Class Bungalows in prime districts on the mainland. Additionally, in Singapore, Garcha has invested in conserved shophouses on Duxton Road, Maxwell Road, and Syed Alwi Road, all of which have been turned into boutique luxury hotels.
The first 10 villas of The Green Collection will open for preview on July 24 to 28, with the official launch scheduled for July 29. The development offers three different types of villas, all designed by the renowned Rene Tan, director and co-founder of RT+Q, a Singapore-based architectural firm known for their unique and quirky designs. Tan, a Singapore President’s Design Award laureate, designed The Green Collection as “a skyscraper lying on its side”, with individual units conceived as “courtyard villas” that feature an air well. The interior design of the villas is the work of celebrated British designer Kelly Hoppen, while Japanese monk and garden designer Shunmyo Masuno created the landscape at The Green Collection.
Each of the two-storey villas comes complete with a basement and attic, dedicated parking for two cars, and five en-suite bedrooms. There are three types of villas at The Green Collection, with 12 of the 20 units being Type A courtyard-style villas, ranging from 5,630 to 6,157 sq ft, and priced from $7.25 million. There are only two Type B villas, situated in the middle of the row of meandering villas, with one unit at 5,964 sq ft and the other at 6,114 sq ft, and priced from $7.5 million. The Type C villas are the largest in the strata area and have the most expansive frontage, with strata areas ranging from 6,222 sq ft to 7,169 sq ft and featuring a private attic lap pool. There are only six of these villas, and they are priced from $7.8 million.
Based on the normal payment scheme (NPS), buyers are required to pay a 2% booking fee, followed by 8% upon exercising the option to purchase a fortnight later. Given that The Green Collection is a strata landed property, permanent residents (PRs) and foreigners will need approval from the Land Dealings Approval Unit (LDAU) of the Singapore Land Authority. Under the NPS, an 8% downpayment is due five weeks later, with the remaining 90% payable eight weeks after the option exercise date and payment of stamp duties. There is a 3% price premium for those who opt for the deferred payment scheme (DPS), which requires an 18% downpayment upon exercising the option to purchase, with the balance of 80% payable 12 months from the booking date. The enhanced deferred payment scheme (EDPS) premium is 4%, with a 28% downpayment due two weeks after the 2% booking fee, followed by another $1,000 upon exercising the option, and the remaining 70% (minus the $1,000) paid 12 months later. However, DPS and EDPS are not unique to The Green Collection, as similar packages were offered for The Residences at W Singapore, Sentosa Cove, in April and Cape Royale at its launch at the end of June. To put things into perspective, PropNex’s Lee researched the prices of terraced houses and their built-up areas, and found that there are only a few 99-year leasehold terraced house developments in Sentosa Cove, which include The Berthside, The Villas @ Sentosa Cove, and Ocean 8, each with eight terraced houses. Based on the asking prices for these houses in the past three months, they translate to “above $1,300 psf”, which makes The Green Collection’s strata villas, starting from $1,190 psf, an attractive offering.