Parc Botannia to be launched at average price of $1,280 psf

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/ EdgeProp
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November 4, 2017 10:30 AM SGT
Source: Sing Holdings
About 4,000 people thronged the sales gallery of Parc Botannia during its preview on the weekend of Oct 28 and 29
Parc Botannia, the 735-unit private condominium by Sing Holdings and Wee Hur Holdings, previewed on the weekend of Oct 28 and 29. The project drew a crowd of nearly 4,000 visitors over the weekend. Given the strong response, the developers are expected to launch the project for sale on the weekend of Nov 11 and 12.
About 250 units will be released for sale in the first phase at an average price of $1,280 psf. “We envisage that we will need to sell the units by balloting at the launch weekend on Nov 11,” says Lee Sze Hao, managing director and CEO of Sing Holdings.
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The project, located on Fernvale Street, has a mix of one- to five-bedroom units ranging from 431 to 1,679 sq ft. At least 62% of the units are one- and two-bedroom types, priced below $1 million.
Prices start from $548,000 for one-bedroom units; $738,000 for two-bedroom units; $937,000 for two-bedroom-plus-study units; $1.04 million for three-bedroom units, measuring 861 to 1,163 sq ft; $1.3 million for four-bedroom units, measuring 1,130 to 1,507 sq ft; and $1.6 million for five-bedroom units, measuring 1,410 to 1,679 sq ft.
“We believe our units are attractively priced, given the high bid prices submitted by developers in recent land tenders,” says Lee. He notes that the neighbouring 1,390-unit High Park Residences, which was launched in July 2015, was sold out within 20 months of its launch.
“There hasn’t been a new launch in the last two years,” notes Lee. “Farther down, off Sengkang West Way, private condos such as Riverbank @ Fernvale, Rivertrees Residences and H2O Residences are also fully sold.”
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In addition, after Parc Botannia, there is no other government land site (GLS) in the vicinity of Jalan Kayu and Fernvale Road in the pipeline for launch.
The only other new residential launch in the pipeline in the neighbourhood is an executive condo (EC) project by Hoi Hup Realty and Sunway Development, located on Anchorvale Lane and slated for launch in 1H2018.
Interest in Parc Botannia has also been keen because of its proximity to the Seletar Aerospace and the future Seletar Regional Centre. Sengkang is also a sought-after residential neighbourhood, notes Lee.
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In terms of site attributes, Parc Botannia is adjacent to the Thanggam LRT station, and there will be a gate to give residents direct access to the station. Sing Holdings and Wee Hur will also be building a new 100,000 sq ft park that will sit between Parc Botannia and High Park Residences. Parc Botannia is also located near the Seletar Mall as well as the eateries on Jalan Kayu.
Sing Holdings and Wee Hur had purchased the 99-year, 185,085 sq ft site for $287.1 million ($517 psf per plot ratio) in September last year. They beat 13 others to win the hotly contested site. Sing Holdings has a 70% stake in the joint venture and Wee Hur holds the balance.
Wee Hur, which has a construction arm, will undertake the construction of the project, which is scheduled for completion in 2021. It will comprise four 22-storey blocks as well as full condo facilities and landscaped features.
Source: Sing Holdings
Artist’s impression of the 735-unit Parc Botannia, comprising four 22-storey towers on a 185,085 sq ft site
Source: Sing Holdings
Water feature at Parc Botannia
Source: Sing Holdings
Lee: We believe our units are attractively priced, given the high bid prices submitted by developers in recent land tenders
This article appeared in EdgeProp Pullout, Issue 804 (Nov 6, 2017)