SINGAPORE (EDGEPROP) - Executive condominium (EC), Parc Greenwich sold 322 out of a total of 496 units (65%) on September 11. Located in Seletar, the EC is bounded by Fernvale Lane, Sengkang West Road and Yio Chu Kang Road. It is developed jointly by listed property group Frasers Property and CSC Land.

Read also: Parc Greenwich taps low EC supply in the Seletar neighbourhood

The sales performance makes it the “best-selling EC project this year”, according to the joint developers in a statement. “Homebuyers are drawn to the residential development’s extensive suite of wellness-inspired facilities, surrounding amenities and location in the vicinity of Seletar Hills landed enclave in Singapore,” says Lorraine Shiow, acting COO of residential (Singapore), Frasers Property Singapore. (See: Check all latest Singapore property Market Trends)

All two-bedroom and five-bedroom units - with 14 units each - were said to be fully taken up. There was also strong response for the three-bedroom and four-bedroom units, with 220 out of 370 three-bedroom units and 74 out of the 98 four-bedroom units sold, according to Frasers Property.

---

---

Prices started from $895,000 for a two-bedroom unit, $1.05 million for a three-bedroom unit, $1.2 million for a three-bedroom+study unit, $1.38 million for a four-bedroom unit and $1.7 million for a five-bedroom unit. The units were sold at an average price of about $1,200 psf during the launch weekend.

The entire quota of 30% or 148 units at Parc Condo, which was allocated to second-timers was fully taken up. Second-timers are those who have already purchased a subsidised flat before, and are buying another. Those second-timers who didn’t get a chance to purchase a unit at Parc Greenwich last weekend will be able to do so 30 days from now, when it’s opened to all buyers.

First-timers made up the balance 174 units sold over the weekend. “The strength of the sales at Parc Greenwich, the third EC project to be launched this year, is a testament on the strength of the HDB upgrader demand,” says Ismail Gafoor, CEO of PropNex. “The sales could have been higher if not for the cap on second timers.” (See: Find HDB flats for rent or sale with our Singapore HDB directory)

Sales at Parc Greenwich were about evenly split between first- and second-timers, notes Mark Yip, CEO of Huttons Asia. “Another surge in sales is expected when the units are made available to all buyers after the first month,” he adds.

ECs are a hybrid product as buyers are entitled to HDB subsidies and conditions such as a five-year minimum occupation period (MOP). At the end of the MOP, owners are allowed to sell their units only to Singaporeans or Permanent Residents. They can only sell their units to foreigners 10 years after completion.

The average price of units sold at Parc Greenwich was about $1,200 psf, compared to the average price of $1,449 psf for The Watergardens at Canberra, a 448-unit, 99-year leasehold condo launched at the end of August just a fortnight ago. About 60% of a total of 448 units were sold at launch. “Units at Parc Greenwich are still about $250 psf more affordable than those at The Watergardens at Canberra,” notes PropNex’s Gafoor. “Affordability is key for buyers in this segment.” (See: Discover insightful data of any Singapore condominium with our condo directory)

Huttons attributes the strength of Parc Greenwich’s sales to “pent-up demand” as the last EC launch in the Seletar neighbourhood was the 700-unit The Topiary eight years ago. “With many HDB flats in the area having passed the five-year MOP threshold, coupled with owners' eagerness to upgrade, strong sales were seen at Parc Greenwich,” says Lee Sze Teck, head of research at Huttons Asia.

Prices of ECs have generally been higher after the five-year MOP compared to their launch prices, adds Lee. “Buyers are confident to purchase ECs as it allows them to realise significant capital gains in the medium- to long-term.”

Check out the latest listings near Parc Greenwich, The Watergardens at Canberra

---