PARC CANBERRA

The Parc Canberra executive condominium launched for sale on 15 February 2020, and sold 307 or around 60% of its 496 units at its launch weekend. It is located at the corner of Canberra Link and Canberra Walk in Sembawang.

Update on 15 March 2020: Parc Canberra EC has moved 345 or close to 70% of the total units. The 2nd timer quota has been lifted as well, and is is now open for sale to all eligible applicants.

This Canberra Link EC one of the few executive condos in Singapore within 450m or 6 minutes walk of an MRT station. In this case, to the nearest exit of the Canberra station that just opened in November 2019.

The developer, Hoi Hup Realty and Sunway Developments, are building a new luxury executive condominium here.

Parc Canberra EC . Location View

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Parc Canberra EC . Development Concept

Parc Canberra Executive Condo . Singapore

The design of this project takes its inspiration from Australian influences on the surrounding Sembawang / Canberra neighbourhood. This area was once a base for Anzac / allied soldiers, giving rise to a number of supporting amenities like pubs. Maybe that’s why its name echoes that of Australia’s capital, Canberra.

Hence Parc Canberra’s design tries to capture aspects of the Aussie lifestyle, drawing from its cafe culture and laidback outdoor life. Pools and pavilions, and open decks dotted around the landscaped grounds, invite residents to while away a slow and pleasant afternoon in a relaxing environment.

Rugged elements such as brick walls (like those at the Parc Canberra showflat entrance), black frames, and pitched roofs are used for communal facilities. These create a casual outback café aesthetic that is bold and yet simple, while softened by lush greenery cradling these spaces.

Parc Canberra Executive Condo . Pool & Clubhouse

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Parc Canberra Link EC . Locational Attributes

If there is one fault to be levied at Parc Canberra, it is the perception that the location is far from civilisation, as represented by town.

However with the advent of the MRT network, and the insertion of Canberra station into the major North-South MRT line, this site is in reality 9 stations from the CBD. That’s about half an hour by train.

Adding the 6 minutes or so walking time, that’s probably around 40 minutes, door to door. If you don’t mind that, this place could be worth considering.

The project will also benefit from the North South Corridor, a new expressway due to complete in 2026, about 2 to 3 years after Parc Canberra. Access to it is quite close by, 6 minutes drive via Gambas Avenue.

This 21.5km long north-south expressway will bring commuters from Sembawang directly to the city centre, while linking to other expressways like the SLE, PIE, and ECP.

Parc Canberra Location Map . Click to Enlarge

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The Parc Canberra EC . Supporting Attributes

Nearer home, Parc Canberra EC is quite well served by amenities. There is the new 118,000 sq ft three-storey Canberra Plaza next to Canberra MRT station.

Canberra Plaza near Parc Canberra Executive Condo

Across Canberra Walk, we have a neighbourhood centre with some shops, a supermarket, food court, and enrichment, education and childcare centres.

And there is the upcoming 12 hectare Sembawang Integrated Hub, Bukit Canberra, diagonally across Canberra Link. It sits on Admiralty Hill, designed around the conserved former Admiralty House, that will lend a note of history and character to the precinct.

Bukit Canberra Integrated Hub opposite Parc Canberra EC . Click to Expand

Bukit Canberra will contribute indoor and outdoor sports facilities, a hawker centre, a senior care centre, a polyclinic, lifestyle amenities, and green spaces for community farming. It will also offer a big ActiveSG gym with outdoor and indoor pools.

Bukit Canberra Therapeutic Gardens near the Canberra Link EC

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Parc Canberra Link EC . Expectations

Going by previous experience, this Canberra Link EC could possibly do quite well at its launch, as there is little competition island-wide, and none in the vicinity at the moment.

The last ones nearby, Brownstone and Visionaire across the road, and Parc Life EC, have long since sold out. The next upcoming Canberra EC will only launch in 2021.

EC stocks are limited, while there is still healthy interest from the “sandwiched class”. The only EC with any units left, is Piermont Grand in Punggol, that launched for booking in July 2019.

Piermont Grand has sold 55% of its units as of end 2019. Some unit types, like its 3 bedroom deluxe, are fully sold out.

Whether Parc Canberra EC will be able to maintain its sales momentum after the initial launch, once the choicest units have been sold, is another matter. Sales might slow down if the pricing is towards the higher end of affordability. However this is a trait that is common to all the ECs.

And it is likely even then, that it could be only a matter of time to clear stocks, given the scarcity factor. Especially as the income ceiling has been raised to $16K, thereby enlarging the pool of eligible buyers.

Sunken Garden at Bukit Canberra Opposite the Parc Canberra EC

Parc Canberra EC . As An Investment

So how does the Parc Canberra executive condo fare from an investment perspective? There are minuses and pluses.

PRICING

On the one hand, it will be the most expensive to date of all the executive condominiums in the neighbourhood. Visionaire and Brownstone sold at $8xx to $9xx PSF about 4 years ago.

Parc Canberra may possibly launch at around $1,0xx to $1,1xx PSF by the most optimistic reckoning. Since its breakeven is possibly $950 to $1,000 PSF based on its land cost.

However this is true for all the current batch of ECs as well.

Earlier ECs launched even lower, at $7xx PSF around 7 to 8 years ago. And even lower if we look further back. Despite that, Brownstone and Visionaire sold out.

Unfortunately we can’t go back to those times. Even when owners there sell after their MOP, it won’t be at those original prices anymore. They will want market prices at semi-privatised condo rates by then.

It’s the way the market works as time goes on.

So is it still worth buying Parc Canberra at these prices? Will there be upside potential still?

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PROXIMITY TO MRT STATION

One advantage is that, of all the EC launches in the 2018 to 2020 batch, this Canberra Link EC is the closest to an MRT station. About 6 minutes walk to the nearest Canberra station entrance.

Canberra station is a new station that was recently inserted into the North-South MRT line, in between Sembawang and Yishun. It started operating in November 2019.

Canberra MRT Station . 6 minutes walk from Parc Canberra Executive Condo

That counts for quite a good deal. Sites within 6 minutes walk from an MRT station are not usually given to ECs.

For private condominiums, such plum sites may command a price premium of 15% to 20% over less convenient sites. This is seen in the resale market too.

However, the price differential in EC launches is much less in this respect. For example, the upcoming EC at Tampines Avenue 10 that is far from any MRT station, will likely launch at above $1,000 PSF too. Not much lower than the pricing here.

Which means Parc Canberra EC could enjoy greater upside potential when it re-sells on the private market, after the MOP (Minimum Occupation Period).

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PARC CANBERRA IS AN EXECUTIVE CONDOMINIUM

Executive condominiums typically launch at 15% to 20% cheaper than similarly located new private condos, all other things being equal. And first time buyers are eligible for a housing grant of up to $30,000.

Which is why, of all the property segments, executive condos have historically achieved the greatest capital appreciation.

Though moving in line with the general market, they are partly insulated from the cooling measures as ABSD charges do not apply. ECs hence enjoy greater gains as they move to bridge the gap with prices of private condos from the 5th year onwards, after the MOP.

This is as true today as it was 5 years ago. While new EC prices have risen, so have those of private condominiums. So there is still a price gap in favour of this Parc Canberra EC.

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FUTURE POTENTIAL . AN ECONOMIC HUB

A lot of the growth story in Singapore is tied to the URA master plan for economic centres. Parc Canberra could benefit from this too.

Sembawang falls within a decentralised hub, the North Coast Innovation Corridor. Other hubs are the Jurong Lake District and Greater Southern Waterfront. And while there aren’t any ECs in those others, both Parc Canberra EC and Piermont Grand EC are in this one.

Parc Canberra Singapore . The North Coast Innovation Corridor

So what is the North Coast Innovation Corridor about?

• The economic corridor of the North of Singapore, running from Woodlands to Punggol.
• Slated to be a major source of jobs in the north and north-eastern parts of the island.
• Spans the Woodlands Regional Centre, the redevelopment of Sembawang Shipyard, the Seletar Regional Centre, and the Punggol Creative Cluster.
• Business parks, commercial, educational, retail, residential, and lifestyle components.
• Will offer live-work-play options to residents.
• Sembawang Shipyard will relocate to Tuas by 2024. This frees up waterfront land along the Sembawang coastline, with potential for sandy beaches and waterfront living.

New Canberra Link EC . Commercial & Employment Centres Close to Home

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Query or Request, if Any

Please drop us your contact via the Form below if you wish for the full set of Parc Canberra condo floor plans to be emailed to you.

Here are 3 example floor plans out of the 12 floor plan layouts in the project.

Parc Canberra Floor Plan . 3BR Type C2

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Parc Canberra Showflat Types are C6-G (947 sq ft 3 bedder) & E1-PH (1722 sq ft 5 bedder).

Parc Canberra EC Floor Plan . 3BR Utility Yard Type C6

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Parc Canberra Floor Plans . 5BR Type E1

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Parc Canberra Unit Types . Diagrammatic Chart

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FEATURES OF THE UNITS

Emphasis of the layouts is on functionality, and maximising usable and liveable spaces. All the master bedrooms will fit a king-sized bed.

Another aspect is that the top floor, penthouse units, will come with double volume living and dining areas.

The building facades will feature glass curtain walls, that give a modernistic sleek high-end look, and makes for easier cleaning and maintenance.

Fittings will similarly be higher end, than the norm previously for ECs. With brands like Bosch, Nespresso, Hansgrohe, and Duravit. Air-con from Mitsubishi.

(Standard Disclaimer: Brands and models subject to change.)

SMART Home Features
. 1 x Gateway with PT Camera
. 1 x Air-con control
. Smart Voice Assistant
. 1 x Yale digital Biometric Lockset for main entrance

(These features can be controlled remotely via an app, provided the homeowner has subscribed to their own internet service.)

Parc Canberra executive condominium is being developed by Hoi Hup Sunway, a consortium of Hoi Hup Realty and Sunway Developments Pte Ltd. Both are established reputable developers, with decades of collective experience on the local Singapore property scene.

They are also jointly responsible for the 628-unit Rivercove Residences EC in Sengkang, that sold out within a short time of its launch in 2018.

Other projects that they have developed together in Singapore include The Peak @ Toa Payoh, Miltonia Residences, Vacanza @ East, Sea Esta, Arc EC @ Tampines. And City View @ Boon Keng, HDB flats that are now commanding million dollar prices on the resale market.

Miltonia Residences by Hoi Hup Sunway . Developer for the Parc Canberra EC

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About Hoi Hup Realty Pte Ltd

Hoi Hup Realty was founded in Singapore in 1983. It is a niche property player with a diversity of successfully completed projects under its belt.

These include mixed-use commercial developments, private condominiums, executive condos, cluster housing, and landed housing.

To-date, Hoi Hup has contributed over 7,300 homes to the local housing stock.

In the process, Hoi Hup’s staff and management have accumulated invaluable experience and knowledge. These will help it continue its pursuit for a high level of quality in its future projects.

In recognition of its standards of building quality, Hoi Hup has won over 25 building awards and accolades, such as the BCI Asia Top 10 Developers Award in 2012, 2013, 2017 and 2018.

Among its developments are Sophia Hills @ Mount Sophia, Residences @ Killiney, Shelford23, Whitley Residences, De Royale, Suites @ Cairnhill, The Ford @ Holland, Waterford Residence, Foresta @ Mount Faber, and the 33 storey mixed-use Royal Square at Novena.

Sophia Hills by Hoi Hup . Developer for Parc Canberra Executive Condominium

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About Sunway Developments Pte Ltd

Sunway Developments is a wholly-owned subsidiary of the Sunway Group, a Malaysian MNC.

The core businesses of the conglomerate are property development, real estate REITs, design & construction of mega-projects (such as Sunway City), building materials, hospitality, information technology, education, and leisure.

Sunway has been recognised by international bodies such as IFAWPCA and FIABCI for their work.