Parc Life EC in Sembawang to launch at $770 to $800 psf
By Cecilia Chow
/ The Edge Property |
The 628-unit executive condominium project Parc Life on Sembawang Avenue will open for e-application from April 16 to 24. Jointly developed by Frasers Centrepoint Ltd and Keong Hong Holdings, the project is the only EC located next to a park, namely, Canberra Park.
Frasers Centrepoint is one of the biggest developers in the northern region, and over the years, it has developed eight ECs, including the upcoming Parc Life, says Cheang Kok Kheong, the company’s CEO of development and property.
Even though Parc Life is the second EC project to be launched in Sembawang, following Qingjian Realty’s The Visionaire, which opened for e-application on April 8, Cheang is undaunted.
Cheang: Including Parc Life, Frasers Centrepoint has developed eight executive condo projects in the northern region
Most EC buyers prefer projects that are located within a mature HDB estate, and close to amenities and public transport, according to Steven Tan, managing director of realtor OrangeTee. Parc Life is said to be a five- minute walk to the Sembawang integrated hub comprising the Sembawang MRT and bus interchange next to Sun Plaza mall. Sembawang Shopping Centre is also in the vicinity.
Adjacent to Parc Life is Skypark Residences, an EC developed jointly by JBE Holdings and Keong Hong. To date, the 506-unit Skypark Residences is 96% sold and the project is scheduled for completion later this year. The average selling price of Skypark Residences is $780 psf. Therefore, unit prices at Parc Life are likely to be in the range of $770 to $800 psf.
Demand for ECs has increased since the start of 2016 with the successful launch of Sim Lian Group’s Wandervale in Choa Chu Kang, where more than 50% of its 534 units were sold during the launch weekend. Prices averaged $755 psf. According to OrangeTee’s Tan, the gap between EC prices and 99-year leasehold condos in the same neighbourhood has widened from 15% in 2009 to about 30% today.
The number of ECs sold in 2015 has also increased compared to 2014, especially following the $2,000 increase in the monthly-household- income ceiling for EC buyers last August from $12,000 to $14,000. It had increased sales in both new launches as well as existing launches with unsold units, he adds.
The majority of the units (77%) at Parc Life are three-bedrooms. They come in a variety of unit types
including some with a universal room or a bigger verandah. Click here to find out more about Parc Life.
Most of the purchasers of Parc Life are expected to be first-time homebuyers as well as HDB upgraders living within the area, not just in Sembawang but Woodlands and Yishun as well. The majority of the units (77%) are three-bedroom, with a wide variety of unit types with sizes from 906 to 1,109 sq ft. There are units that come with a “universal room” that give homeowners the flexibility to convert the space according to their lifestyle needs over the years, Tan adds.
Booking of units at Parc Life will start from April 30.
This article appeared in the City & Country, Issue 724 (April18, 2016) of The Edge Singapore.
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