Parc Canberra EC Review

9 December 2019

Parc Canberra Executive Condominium Review

Latest Update! With the circuit breaker, most showflats are closed, but you can still view the Parc Canberra showflat via a 3D showflat tour

Here’s link to the 3D Showflat Tour at Parc Canberra.

The experience is quite surreal – you can roam around the empty showflat, see the project model and also check out the 2 showunits.

These are the showunits:

3BR+Utility+Yard Ground Floor unit (Type C6-G)

As can be seen from the Parc Canberra Balance Units Chart, type C6 units are still available

5BR Penthouse (Type E1-PH)
As for the 5BR units, there is only 1 stack – Stack 27, and these were sold out very quickly right from the launch of this project.

 

Latest Update! Parc Canberra Showflat is open from 31 Jan to 10 Feb. 

eApplications will close on the 10 Feb, so if you’d like to apply for a chance to ballot for this EC, you’d definitely want to drop by the showflat.

Parc Canberra EC Showflat Directions

If you are looking for a review of the upcoming Parc Canberra EC, we’ve got some great information in store for you.

Parc Canberra is the newest executive condominium that is slated for launch in Q1 2020. It is situated at the intersection of Canberra Link and Canberra Walk.

Parc Canberra EC is an exciting launch for a number of reasons.

First, it is the newest EC launch in the northern region of Singapore for the past 3 years, so there is some demand expected to be building up for it. The most recent ECs around the area include Northwave, Brownstone, Visionaire and Parc Life, which have all sold very well. Their transaction prices gives us a good idea for Parc Canberra pricing.

Second, it is the first EC to be so close to an MRT station at launch. The Parc Canberra Executive Condo is only 350m away from Canberra MRT station, which opened on November 2019.

Third, there is a transformation in the northern region which will benefit the residents greatly. Some of the transformations include Bukit Canberra, a $1.5 billion sports and community hub covering 12 hectares. There is also the North South Corridor, an integrated transport corridor to be completed in 2026 that will greatly reduce travelling time from the north to city centre. You can refer to the Canberra URA Master Plan, and Woodlands Regional Centre for more details.

Fourth, Parc Canberra is the first EC to be launched immediately following the revision in EC Eligibility Conditions. The income ceiling for ECs was raised to $16,000 in September 2019, and along with CPF Housing Grants for ECs, has made ECs more affordable for a lot of people.

Parc Canberra eBrochure Download (Latest Update!)

We’ve found the latest updated eBrochure with the Site Plan and Floor Plans.

To download a copy for yourself, check out this link.

 

Parc Canberra EC Developer

The developer of Parc Canberra is Hoi Hup Realty and Sunway Developments, which have formed a consortium Hoi Hup Sunway.

This consortium has created a number of successful projects, including Rivercove Residences at Anchorvale Lane, Miltonia Residences at Miltonia Close and the popular DBSS The Peak at Toa Payoh.

The reputation and past track record of the developer is important because it has an impact on property prices.

Hoi Hup Realty Pte Ltd

Hoi Hup Realty Pte Ltd is a well-established property developer based in Singapore.

Under Hoi Hup Group of companies, their portfolio sports developments like Residences @ Killiney, Shelford23, Suites @ Cairnhill, Charlton Villas, De Royale and more.

Most notably, Hoi Hup was the developer for the very popular Hundred Palms EC, which sold out all 531 units on booking day, within 7 hours.

Whether Parc Canberra will follow in the footsteps of Hundred Palms EC remains to be seen; however, we are nonetheless watching this launch very closely.

Sunway Developments Ptd Ltd

Sunway Developments Pte Ltd is a wholly subsidiary of Sunway Concrete Products (S) Pte Ltd, a Sunway Group company. They are in partnership with global investors such as Government Investment Corporation of Singapore (GIC), Malaysian Provident Fund (EPF), Kuwait Finance House (KFH) and Goldman Sachs, Sunway Reit is also the largest Malaysia Reit in terms of asset size as well as free float.

Sunway is also one of Singapore’s leading concrete precasters in Singapore. The company has projects in both public and private sectors, and has worked on several Design & Build Projects such as lkea @ Tampines and The Meadows at Punggol, Design-Build-Sell-Scheme on R&D exercise to implement innovative products such as prefabricated toilet systems and lift upgrading to cater to the needs of the ever-changing market.

Parc Canberra EC Location

Parc Canberra is located just 350m away from the newly opened Canberra Station.

It is situated in a wonderful location, as it is also right beside Canberra Plaza, and well within travelling distance to Sun Plaza at Sembawang, and Northpoint City at Yishun.

This means that residents are well served with a wide range of amenities well within walking and comfortable travelling distance for dining, entertainment and shopping.

Parc Canberra Project Details

Some important details about Parc Canberra:

  • Developer: Hoi Hup Sunway Canberra Pte Ltd
  • Address: Canberra Link
  • District: D27 Sembawang, Yishun
  • Land Tenure: 99 years leasehold
  • Expected TOP: Q3 2022
  • Site Area: 194,187 sqft
  • Total number of units: 496
  • Unit Mix: 3-5 bedroom (with 1 unit 2-bedroom)

Parc Canberra Site Plan

Parc Canberra Showflat

The Parc Canberra showflat is located right beside Sembawang MRT station.

If you exit the train station and walk towards Sun Plaza, the showflat is just on the left. At this point in writing, the showflat remains under construction, but we are told that it will open on 31 Jan 2020. Check back here for more information if you are keen to know when it is opened.

Parc Canberra Floor Plans

The Floor Plans for Parc Canberra has been released, check out this link to download: Parc Canberra eBrochure Download.

Parc Canberra Pricing

The launch price of this development is perhaps the most pertinent question for our readers. At this point, the pricing has not been finalised as yet, and we understand that it will tentatively be priced from $1,000 to $1,200 psf.

Let’s do a deeper analysis of the pricing.

First, the Canberra Link EC Site that Parc Canberra sits on received 9 bids in all, with Hoi Hup Realty and Sunway Developments being awarded, for their bid price of $271 million, translating to $558 psf ppr (per square foot per plot ratio).

Taking into account other costs, such as construction and marketing, the breakeven cost for the developer is $931 psf ppr.

Now, in case you are thinking whether Parc Canberra is overpriced, we’ve got more information for you.

There is a plot of land just beside the Parc Canberra site that was sold on 11 October 2019. This is the Canberra Link plot, sold to MCC Land.

Our eagle-eyed readers will notice a few important things about this new site.

It is smaller than Parc Canberra (coming in at 16,690sqm compared with 18,040sqm), yet its bid price is higher at $566psf, which then translates to a higher breakeven cost at $941, compared with Parc Canberra’s $931.

This underpins the trend in the property landscape – property prices will get more and more expensive.

Next, the other ECs around Parc Canberra are already approaching the $1,000psf mark, with Parc Life reaching $1,080 psf in the last 12 months.

Bukit Canberra

One of the most important developments in the area is Bukit Canberra. It is a 12 hectare space first announced in 2016, and will provide amenities such as a hawker centre, indoor and outdoor sport facilities, a polyclinic, a senior care centre, green spaces for community farming and lifestyle related amenities for the community. It is located about five minutes from Sembawang MRT station, and just opposite Parc Canberra.

Bukit Canberra will also see the largest ActiveSG gym with indoor and outdoor pools. There will also be 3km of running trails as well as a fruit orchard and healthcare options such as a polyclinic and senior care centre.

It is expected to be fully operational by September 2021.

Schools near Parc Canberra

If you are a parent considering if Parc Canberra will be the ideal location for your family, it is near to a number of good schools, including primary and secondary schools:

  • Sembawang Primary School
  • Wellington Primary School
  • Endeavour Primary School
  • Canberra Primary School
  • Canberra Secondary School

Conclusion

Given all the above information, we think Parc Canberra is worth looking out for, mostly because it is the first EC launch right after the increase in EC income ceiling, from $14,000 to $16,000. This means that a lot of households who previously weren’t eligible are now eligible, and there will definitely be demand to tap on the potential of ECs.

Being the first EC in 2020, it is the launch that developers will have their eyes on, because it will set the benchmark for the market’s appetite for psf. If Parc Canberra can indeed clear the market at $1,100psf, this gives subsequent developers more reason to adjust their pricing upwards.

Next, Sembawang is undergoing a transformation, with Bukit Canberra, Canberra Plaza, and the North-South Corridor coming into play within the next few years, which will give the area a greatly needed revitalisation.

If you were in the market for an EC, this is the time to act.

Cheers!

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