Sentosa's Strata Landed Site Goes For $78.7m

Source : The Business Times, 26 September 2007

SENTOSA Cove's only strata landed housing development, The Green Collection, has been sold for $78.7 million, or some $1,099 per square foot per plot ratio (psf ppr).

Boutique developer Elevation Developments won the 71,600 sq ft site with the highest bid out of eight received, following an expressions of interest exercise which closed last month.

Elevation intends to launch the project at around $1,500-$1,670 psf in about six months' time, the company's founder, Satinder Garcha, told reporters yesterday.

The developer will build 20 units of about 6,000 sq ft each on the site, which has a plot ratio of one. The project will be called Elevation Golf Villas.

'The project will probably set a benchmark for its kind of property,' said Mr Garcha.

The units, which will be ready by the end of 2009, could sell for between $9 million and $10 million apiece - which works out to $1,500-$1,670 psf, he said.

Elevation is going with a luxury 'golf villa' theme as the project faces Sentosa Golf Club's famed Tanjong Course with a 200 m frontage to the golf fairways.

All units will have three storeys and 7- 20 m of frontage facing the golf course. Each home will also have its own swimming pool, Mr Garcha said.

The price paid for the land far surpassed the last en bloc sale price of Sentosa Cove's Sandy Island, which went for $771 psf ppr in March this year, Sentosa Cove said.

The Green Collection is Sentosa Cove's second-last en bloc sale of landed parcels.

The plot is the only land parcel in Sentosa Cove where a developer has the flexibility to design and develop either strata terrace, semi-detached or detached houses with shared recreational facilities.

Elevation is a boutique developer of landed residential property in Singapore. Over the last three years, it has acquired 22 sites for building good class bungalows (GCBs) in Singapore's prime areas such as Nassim Road.