In May, Satinder Garcha, co-founder of Garcha Group, a property developer, investor and hotelier, tested the market by releasing four out of a total of 20 strata-titled "golf villas" at The Green Collection, Sentosa Cove.

Two of the villas have been renovated and furnished as show houses. Two other villas have also been renovated but will be sold as vacant units.

However, two months later, the developer decided to launch The Green Collection on a larger scale. PropNex, ERA, and Huttons Asia were appointed joint marketing agencies for the project.

Read also: Five-bedroom bungalow in Sentosa on the market for $13.9 mil

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The first phase of The Green Collection's new launch will offer 10 vacant units for sale, including the four released earlier in May. "The Green Collection is special because it's the only strata-landed project in Sentosa Cove, and it faces Tanjong Golf Course," says Dominic Lee, head of PropNex's luxury team. "It is truly the last new launch in Sentosa Cove."

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.

Like Cape Royale, the villas at The Green Collection were completed in 2013, but units have never been sold until now. "The developer has held the 20 villas for lease since they were completed in 2013," says Lee.

Golf course views

The Green Collection's villas offer unparalleled views of Tanjong Course, one of Sentosa Golf Club's two international championship golf courses. The 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.

In 2007, Garcha's Elevation Developments beat seven others to win the site with a bid of $78.68 million or $1,099 psf per plot ratio. It was also the only time Garcha participated in a government land tender. Since then, Garcha Group focused primarily on developing luxury bungalows on Sentosa Cove and Good-Class Bungalows in prime districts on the mainland.

In Singapore, Garcha has also invested in conserved shophouses on Duxton Road, Maxwell Road and Syed Alwi Road, which have since been turned into boutique luxury hotels.

Read also: Project Spotlight: This Sentosa condo defied trend with 197 profitable transactions

The first 10 villas at The Green Collection will open for preview from July 24 to 28, with the launch scheduled for July 29. There are three different types of villas at The Green Collection, designed by Rene Tan, director and co-founder of RT+Q, a Singapore-based architectural firm known for its quirky designs.

Tan, a Singapore President's Design Award laureate, designed The Green Collection as "a skyscraper lying on its side." The individual units were conceived as "courtyard villas", and many have an air well.

The villas' interiors bear the hallmark of celebrated British designer Kelly Hoppen. Meanwhile, Japanese monk and garden designer Shunmyo Masuno designed The Green Collection's landscape.

The two-storey villas have a basement and attic, dedicated parking for two cars, and five en suite bedrooms. The Green Collection offers three types of Villas.

Normal and deferred payment schemes

Twelve of the 20 units are Type A courtyard-style villas, ranging from 5,630 to 6,157 sq ft. Prices start from $7.25 million.

There are only two Type B villas situated in the middle of the row of meandering villas. One Type B villa has a total strata area of 5,964 sq ft, and the other, 6,114 sq ft. Prices for these villas start from $7.5 million.

Read also: The Residences at W sees strong response with 65 units sold at an average price of $1,780 psf

Lee says the Type C villas are the largest in the strata area and have the most expansive frontage. They have strata areas from 6,222 sq ft to 7,169 sq ft and have a private attic lap pool. There are only six of these villas, and they are priced from $7.8 million.

These prices are based on the normal payment scheme (NPS). Under the NPS, buyers 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 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. The remaining 90% is 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). After the 2% booking fee, the downpayment upon exercising the option to purchase is 18%. The balance of 80% will only be payable 12 months from the booking date.

The enhanced deferred payment scheme (EDPS) premium is 4%. The downpayment is 28%, to be paid two weeks after the 2% booking fee. Another $1,000 is due upon exercising the option, with the balance 70% (minus the $1,000) payable 12 months later.

However, the DPS and EDPS are not unique to The Green Collection. According to PropNex's Lee, even The Residences at W Singapore, Sentosa Cove, offered similar packages in its relaunch in April and Cape Royale at its launch at the end of June 2022.

Psf prices for strata and conventional terraced houses

Expressions of interest have come from Singaporeans and PRs. "Most people looking at Sentosa Cove today are buying for their use. Hence, vacant units are preferred," says Lee. "This allows them to renovate the units to suit their tastes and furniture collection."

According to Lee, there are only a few 99-year leasehold terraced house developments in Sentosa Cove. These include The Berthside, The Villas @ Sentosa Cove, and Ocean 8, each with eight terraced houses.

Based on the asking prices of terraced houses that were put up for sale over the past three months and their built-up areas, Lee's research showed that they translate to "above $1,300 psf.

With prices starting from $1,190 psf, he notes that The Green Collection strata villas are "attractively priced".

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