EL Development sells 43 Parc Riviera units in one week

By Tan Chee Yuen
/ The Edge Property |
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EL Development sold 43 units at Parc Riviera between Feb 14 and 21, making the 752-unit development on West Coast Vale the top-selling condominium in the week. The sale of an adjacent site on Feb 15 to China Construction (South Pacific) Development could have spurred sales in the project. The site fetched $592 psf per plot ratio, 7% higher than the $551 psf ppr that EL Development paid for its Parc Riviera site in August 2015. As a result, buyers could be betting on the potential upside of the project.
The launch of The Clement Canopy, some 2km from Parc Riviera, could also have sparked interest in the project. A total of 200 of the 250 units released were sold over the launch weekend. The project is a 50:50 joint venture between UOL Group and Singapore Land.
Most of the units sold in Parc Riviera in the week of Feb 14 to 21 were one- and two-bedroom condos. Prices ranged from $595,000 ($1,286 psf) for a 463 sq ft unit on the 25th floor to $1.37 million ($962 psf) for a 1,421 sq ft penthouse on the 36th floor.
Most of the units sold in Parc Riviera in the week of Feb 14 to 21 were one- and two-bedroom apartments
PropNex executive director Kelvin Fong attributes the brisk sales at Parc Riviera to its pricing. “Two-bedroom units at Parc Riviera are generally priced between $700,000 and $800,000, which is quite affordable for buyers,” he notes.
Parc Riviera is a 99-year leasehold condo facing the Pandan Reservoir. Unit sizes range from 463 sq ft for a one-bedder to 1,711 sq ft for the largest four-bedroom apartment. About 65% of the units in the project are one- and two-bedders. Based on caveats lodged, 218 units have so far been sold.
Sales also picked up at The Glades, a newly completed project adjacent to the Tanah Merah MRT station. A total of 12 units found buyers in the week of Feb 14 to 21, up from two to four units each week earlier this year. Prices for the units ranged from $723,800 ($1,528 psf) for a 474 sq ft, one-bedder to $1.90 million ($1,261 psf) for a 1,507 sq ft, four-bedroom unit.
The Glades received its Temporary Occupation Permit in January. “Buyers are attracted to the project, as owner-occupiers can move in immediately and investors can rent their units out for income,” says Fong. So far, more than 600 units have been sold at The Glades. The 726-unit, 99-year leasehold project is jointly developed by Keppel Land and China Vanke.
The upcoming launch of Grandeur Park Residences, a stone’s throw from The Glades, could also have enhanced interest in the latter. The 720-unit Grandeur Park Residences by CEL Development will be launched for sale on March 4. About 10,000 people were said to throng the showflat in the preview weekend. The units will be priced at an average of $1,350 psf.
Also in the East, MCC Land’s The Santorini was the second-best-selling project in the week, with 18 units sold. Prices ranged from $626,000 ($1,187 psf) for a 527 sq ft, one-bedroom unit to $1.48 million ($1,040 psf) for a 1,421 sq ft, four-bedroom dual-key unit. So far, 337 units, or 56% of the apartments, at The Santorini have been sold, based on caveats lodged. The 597-unit condo is located on Tampines Street 86.
This article appeared in The Edge Property Pullout, Issue 769 (Mar 6, 2017) of The Edge Singapore

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