New luxury apartments open for public viewing |24 February 2020

By Elsie Pointe

Green Tree Investment, a subsidiary of state-owned Island Development Company (IDC), opened the doors to its newly constructed luxurious apartments for viewing on Saturday.

Constructed by Green Island Construction – another IDC subsidiary – as part of the Perseverance Point Condominiums project, the apartment bloc consists of 19 units which are available for purchase on the open market.

Located adjacent to the condominiums recently built for graduates and professionals, the modern ocean front residences are being sold on a free-hold, first come first served basis.

The bloc’s one one-bedroom studio is going for R1.8 million, its two one-bedroom units are priced from R3.6 million to R3.8 million and its four two-bedroom units are priced from R4 million to R4.3 million.

The prices for the remaining 12 three-bedroom units are set between R5.1 million to R5.5 million.

All units include built-in wardrobes, bathroom vanities, kitchen cabinets and have some appliances already installed but buyers will have the option to purchase the luxury units fully furnished, at an additional cost.

Unlike the condominiums available to graduates and professionals who must be first-time home buyers, the luxury apartments are targeted towards anyone who can afford them, Seychellois and non-Seychellois.

The luxury apartments were conceptualised and constructed to subsidise the condominiums for graduates and professional which was and still are being constructed in partnership with the Ministry of Habitat, Lands, Infrastructure and Land Transport.

These condominiums are being provided at much lower costs compared to the luxury apartments, with a two-bedroom unit priced at R1.2 million and a three-bedroom unit at R1.5 million – which IDC noted is not the true costs of these apartments.

Public relations manager at IDC, Michael Govinden, noted that Green Island Construction will be constructing two more blocs of luxury apartments, which will make the a total of 57 luxury units.

He explained that the apartment prices have been set according to present market price, adding that “the prices vary depending on the size of the apartment because not all two-bedroom or three-bedroom units are of the same size”.

“The apartment can be paid in full upfront. Otherwise, for Seychellois, they can put a deposit of 25% and pay the difference up to 3 months after deposit. As for non-Seychellois buyers, they can also put down the 25% deposit but will have to pay the remaining 75% upon receipt of their sanction approval.”

Once completed, the entire Perseverance Points Condominium project will be located within a gated and secured estate, and each apartment bloc will have its own parking area.

“In the same concept as the graduate blocs, the tenants coming into the luxury apartments will have to set up their management corporation to manage common areas such as the lifts, staircase and grounds,” Mr Govinden added.

Parties wishing to purchase the apartments should email the client service manager, Vivianne Dubel, on condo@gicc.sc for an application form.

Applications must be accompanied by relevant requested information, including documentation to confirm availability of funds to pay for their respective units.

Another public viewing of the luxury apartments will be held this coming Saturday.

The accompanying photographs by our photographer Louis Toussaint show a view of the luxury apartment bloc from the outside as well as views of the apartments’ interior.