13 Sep 2021
Parc Greenwich executive condominium in Fernvale Lane sells 65% of units on launch weekend
Buyers' interest in the property market continued with the latest Parc Greenwich executive condominium seeing brisk sales on its launch weekend.
Some 65 per cent of units - 322 out of a total of 496 available - were sold at an average price of $1,200 per square foot (psf) as at Sunday (Sept 12), said developer Frasers Property Singapore.
Jointly developed with CSC Land Group, the 99-year leasehold Parc Greenwich is located in Fernvale Lane in Yio Chu Kang Road and is slated to achieve temporary occupation permit in 2024.
The year 2021 has been a good year for EC launches, despite the Covid crisis continuing to loom around the world.
Considering that these 2 ECs have performed so well, Parc Greenwich is next in line, gearing up for a September launch with booking date slated for 11 Sep 2021.
Ahead of its launch, let's take a look at the characteristics of this upcoming project.
For those of you familiar with geography, Greenwich is an area in Southeast London, England. Its claim to fame lies in the fact that Greenwich is the area where the hemispheres of the Earth meet, hence giving rise to the Greenwich Mean Time, the standard by which time is measured over the world.
Although there are some variations in which the word is pronounced as "Green-wich", the more common way of pronouncing it is "grin-ich", with the "w" being silent.
So now you know!
The land plot on which Parc Greenwich sits is along Fernvale Lane, and was released under the Government Land Sales (GLS) Programme. It attracted as many as 7 bids for the land, and the tender was awarded to FCL Lodge (Frasers) on the 11 March 2020.
The successful bid price of $286,538,000 translates to a land cost of $555 psf ppr (per square foot per plot ratio), and an estimated breakeven price of $998 psf.
Going by the recent launches such as Parc Central and Provence Residence which have launched at an average of $1,177 and $1,142, we expect Parc Greenwich to be launched at a very similar price too.
Parc Greenwich was launched on 11 Sep, selling 65% over the weekend, at an average of $1200psf.
Some quick details for Parc Greenwich:
Parc Greenwich is developed by Frasers Property and CSC Land Group, both of which have extensive experience in property development.
Frasers ranks above the average of 91.5.
Two of Frasers' projects, Parc Life and Rivertree Residences, are ranked in the CONQUAS project list.
The Construction Quality Assessment System or CONQUAS® was developed by the Building and Construction Authority (BCA) from discussion with the major public sector agencies, developers and contractors to measure the quality level achieved in a completed project. CONQUAS® is applicable only for new building projects which are at the start of construction works. It includes scoring the structural, architectural, M&E and external works.
BCA will assess the structural works and M&E works during construction and the architectural, M&E works and external works after the works are completed where applicable. CONQUAS® is not applicable to demolition, upgrading, addition and alteration, renovation and conservation projects.
Some other notable projects by Frasers Property include:
Currently Available Projects:
The Parc Greenwich Showflat is located along Fernvale Road.
If you are taking public transport, the nearest LRT Station is Thanggam, part of the Sengkang LRT network.
Parc Greenwich is situated off Yio Chu Kang Road, in the Sengkang west zone area, where the next part of Sengkang is being developed.
To its immediate North is a BTO project called Fernvale Dew, currently under construction, on the North East is a big patch of reserved land, but with an upcoming child care called Skool4kidz Campus @ Fernvale, presumably to cater for the number of families that will be moving to the area.
To the East is a new upcoming park, followed by Fernvale Acres, another BTO project and further East, The Topiary EC which TOP-ed in 2016 and netted the sellers good profit (more on this later).
To the South lies The Greenwich, a condo project and Greenwich V shopping mall. The South and South-West sides are also where the main attraction of Parc Greenwich lies - with the land area being for landed homes, this means an unblocked view that is not in danger of changing anytime soon.
To the West is a patch of land marked for B2 industrial development and to the North West, a small cluster of industrial/commercial buildings.
About B2 Land:
B2 Land is used or intended to be used for clean industry, light industry, general industry, warehouse, public utilities and telecommunication uses and other public installations. Special industries such as manufacture of industrial machinery, shipbuilding and repairing, may be allowed in selected areas subject to evaluation by the relevant authority and the competent authority.
An overview of Parc Greenwich and the surrounding land and condominium projects. The Topiary is an EC that TOP-ed in 2016, and the remaining are condominium projects.
View towards the North. Potential buyers looking for good views need to be aware that to the immediate north is a new BTO project, Fernvale Dew.
View towards the South. The Greenwich is a low-rise condominium project, and further South are zones for landed homes. Buyers for stacks facing the south side (and at the 6th floor and above) will have unblocked views for a long while.
In the immediate vicinity of Parc Greenwich (within about a 500m radius), lies 2 other condominium projects and 1 EC project, with The Topiary EC being the newest, having TOP-ed in 2016.
Price trends of the 4 condominium projects within the area. Being an EC, Parc Greenwich is still able to cut within the price range of resale condominiums, which gives it more headroom for upside potential.
Of the recorded transactions at The Topiary EC, 151 have been profitable and only 1 has been unprofitable.
Recent sellers have netted $300k to $500k in profit.
The residential units at Parc Greenwich are distributed as follows:
Parc Greenwich is one of the rarer ECs in the market that offers a 2 Bedder option, with the other EC with 2 bedders being Ola.
The 2 bedder units are only in 1 stack (Stack 11) and they are positioned at the southern most of the development, which means they will have some of the best views in the project.
The layout of the Parc Greenwich development is in a North-South orientation, which is good news for buyers wanting to avoid the west sun.
However, Stacks 25, 28, 21, 24, 13 and 16 will have the wall of their master room facing the west sun, which isn't much of a problem unless you mind the walls being a little warm towards the evening.
Stacks that are south facing will definitely have the best views, especially Stacks 11, 12, 15, 16, which have the best views of the whole development, and also enjoy the most privacy. If you are aiming for these stacks, you do need to look at levels 6 and above, in order to clear the landed house area opposite.
Stacks 7 and 3 are also quite ideal, as they will face the upcoming park, which means lots of green spaces and people watching.
With the development being North South orientated, there is no worry of any units facing the west sun. Stacks that are south facing are the most ideal, since the northern area will see the construction of a new BTO project.
Let's examine what makes the Room Layouts special.
The 2 bedder units at Parc Greenwich are in the dumb-bell configuration (it is called dumbbell because the rooms flank the living area on either side). This makes for a better (and more efficient) use of space because there is no need for a corridor leading to the rooms, which will take up space.
The kitchen is fully equipped, and can fit a washer/dryer under the counter as well.
The home shelter doubles up as a storage space.
For the remaining units that have the more traditional type of corridor design, a special feature that is present here is that walls between the rooms can be hacked down and the rooms combined to form larger rooms.
This is evident from the floorplans: the thicker, shaded sections of the walls are structural and these are towards the ends of the rooms, at the windows.
The thinner sections of the walls (highlighted in the red boxes at the following diagram) can be hacked down.
In fact, the convenience of removing the walls and combining rooms is highlighted right at the showflat itself.
There are quite a few amenities around the Parc Greenwich area which future residents will welcome.
Directly opposite the development to the south is Greenwich V, a low rise shopping mall with shops such as Cedele, Coffee Bean and a supermarket Cold Storage that would meet every day needs.
Further towards the North East, about a 10 min walk away is Seletar Mall, with a wider selection of shops including Din Tai Fung, a cinema, Harvey Norman, and FairPrice Finest.
To the north past the patch of reserved land is Fernvale Square, with an ActiveSG Gym.
Parc Greenwich is located quite a bit of ways from the MRT Station, in fact it takes about 10-15 minutes to walk to Fernvale LRT Station, which is just beside Seletar Mall.
Fernvale LRT is part of the Sengkang LRT network, and from Fernvale, it is a further 4 stops to Sengkang MRT, via Layar, Tongkang, and Renjong stations before reaching Sengkang MRT.
If you are looking for new launch projects near to an MRT Station, this list would be helpful, projects can be sorted by distance to MRT:
Based on the MOE Website, these are the Primary Schools that are within the vicinity of Parc Greenwich:
For more information on schools, refer to these 2 lists:
Taking in account the above qualities about the project, Parc Greenwich is definitely worthy to look out for.
If you are looking for a development near to the MRT, Parc Greenwich may not be the one for you, since it takes quite a distance to the station.
However, if you are looking for an EC with good price potential and headroom for growth, Parc Greenwich is launched in an area where price performance has been proven, and with a psf that cuts below resale condo prices, there is potential for further growth.
For more information, refer to the Parc Greenwich website here: