PARC CANBERRA EXECUTIVE CONDO
Here is a Review of the Parc Canberra EC. Parc Canberra is a new executive condominium that will launch for sale in early 2020. It is located at the corner of Canberra Link and Canberra Walk in Sembawang.
This Canberra Link EC one of the few executive condos within 360m or 5 minutes walk of an MRT station. In this case, to the nearest exit of the Canberra station that will open in November 2019.
Note: This is NOT an advertisement for sale.
So what are the attributes of the Parc Canberra executive condo? What are our expectations for it?
Based on previous experience, we feel that this Canberra Link EC should do well at its launch, as there is little competition island-wide, and none in the vicinity.
The last ones, Brownstone and Visionaire across the road, and Parc Life EC nearby, have long since sold out.
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.
Even that sold almost half its units within the first week. Some unit types are practically sold out. Come 2020, it is unlikely to have many choices left.
Whether Parc Canberra EC will be able to maintain its sales momentum, after the initial launch when the choicest units have been sold, is another matter. Sales might slow down if the pricing is towards the higher end of affordability.
But it is likely even then, then it could be only a matter of time to clear stocks, given the scarcity factor. Especially as the income ceiling was recently raised to $16K, thereby enlarging the pool of eligible buyers.
PARC CANBERRA LINK EC . HOW FAR AWAY
The developer, Hoi Hup Realty and Sunway Developments, intends to build a luxury executive condominium here.
At first glance, the Parc Canberra location might seem far from civilization, as represented by town. Perhaps it was at one time.
But with the advent of the MRT network, this site is actually only 9 stations from Orchard Road. That’s less than half an hour by the subway.
The project will also benefit from the new North South Corridor, a new expressway completing in 2026. It will bring commuters from Sembawang directly to the city centre.
THE PARC CANBERRA EC . SUPPORTING AMENITIES
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.
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 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.
Request for updates here.
PARC CANBERRA EC . AS AN INVESTMENT
So how does the Parc Canberra executive condo fare from an investment perspective? There are minuses and pluses.
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 breakeven is likely $950 to $1,000 PSF due to its land cost.
However this is true for all the other ECs as well, not just here and now.
Earlier ECs launched even lower, at $7xx PSF around 7 to 8 years ago. And even lower if we look further back. That didn’t stop Brownstone and Visionaire from selling out though.
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?
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 5 minutes walk to the nearest entrance of Canberra station.
Canberra station is a new station being inserted into the North-South MRT line, in between Sembawang and Yishun. It will start operating in November 2019.
That counts for quite a good deal. Sites within 5 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).
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.
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.
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.
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|Developer||Hoi Hup Realty & Sunway Development|
(Main applicant must be Singapore citizen)
|Address||Corner of Canberra Link and Canberra Walk . Sembawang . Singapore|
|Site Area||18,040.6 m² (194,189 sq ft)|
|Gross Floor Area||45,101.5 m² (485,472 sq ft)|
|Tenure||99 years leasehold|
PARC CANBERRA SHOWFLAT · VIEWING
The Parc Canberra EC showflat is not open for viewing appointments yet.
The site was awarded to Hoi Hup Realty & Sunway Developments in September 2018. Hence the preview is likely to be in January or February 2020, after the 15 month moratorium has been met.
Please drop us your contact details in the Form below if you wish to be notified on the showflat opening and e-application and balloting timeframe.
PARC CANBERRA E-APPLICATION & BOOKING
To take part in the balloting and booking exercise, you have to do the e-application first. The e-Application can only be done via the computers at the Parc Canberra EC showflat, not online.
As Parc Canberra is an executive condominium, only those who are eligible will quality to book a unit. To check your eligibility, and the grants and payment structures that apply, please see the following pages. (Opens in a new window.)
- Executive Condominium Buying Guide
- Executive Condominium Eligibility Rules
- Payment Structure for Executive Condominiums
PARC CANBERRA FLOOR PLANS
The Parc Canberra EC floor plans are not ready yet. Please drop us your contact via the Form below if you wish for the Parc Canberra condo floor plans to be emailed to you when released.
PARC CANBERRA SITE PLAN · FEATURES
The Parc Canberra executive condo occupies an L-shaped parcel of land oriented in a roughly north-east / south-west direction.
It is almost an island site. On its south-west is Canberra Link, the main road along which the red North-South MRT line runs. Across that is Visionaire EC.
The south-east of the site is bounded by Canberra Walk, a lane that joins Canberra Crescent on its north-east. From there, a new access road at the north-west of the site will be created.
The advantage of being an island site, is that Parc Canberra EC units will be some distance from surrounding developments.
And if you are looking for a more unblocked view, you might like to know that the land opposite the north-west corner of the site is zoned as educational. So likely to be no more than 6 storeys high in future.
PARC CANBERRA PRICES · UNIT TYPES
UNIT TYPES . SIZES
|Unit Description||Type||No. of
|Total Number of Units||TBA|
Floor areas stated includes any Voids, Patios, Balconies, Terraces, A/C Ledges.
PARC CANBERRA PRICE RANGES
The Parc Canberra EC pricing has not been determined yet. Just drop us your contact via the Contact Form if you wish to be notified when the indicative pricing is available.
For executive condominiums, the full price list will be unveiled about 2 days before the actual balloting and booking day.
The Parc Canberra EC site spans an area of 194,189 sq ft. It is zoned residential, with a plot ratio of 2.5. This translates to a maximum built-up floor area of 485,472 sq ft.
Hence the highest bid price of SGD$271 million by Hoi Hup Sunway for the site, will equate to a land rate of $558.22 per square foot per plot ratio (PSF PPR).
Incidentally, the tender for this land parcel in September 2018 was quite hotly contested. It drew 9 bidders, which gives an indication of how favourably the site is viewed.
Analysts have projected a break even of about $1,000 PSF PPR, after taking into account all the development costs, and the 10% balcony allowance.
So, after factoring in the developer’s margin, what will the selling price be like? Extrapolating from Piermont Grand’s similar land cost, we might be looking at an average of about $1,100 PSF. So a rough indication could be:
. 3 bedroom units perhaps from around $880K up
. 4 bedroom units perhaps from around $1.3xM up
. 5 bedroom units perhaps from around $1.5xM up
ABOUT THE DEVELOPER
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.
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.
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.
PARC CANBERRA LOCATION · FEATURES
Location. The Parc Canberra executive condo is located at the corner of Canberra Walk and Canberra Link, in Sembawang.
It sits in a part HDB / part private residential enclave. Beside it on its north-west is another EC site that was recently snapped up by MCC Land. Opposite the Canberra Link EC are the Visionaire and Brownstone ECs.
MRT Station. The Parc Canberra EC location is 360m, or 5 minutes walk, to the nearest exit of the Canberra MRT station. From there it is about half an hour’s train ride to Orchard Road station, and 40 minutes to Raffles Place in the CBD.
Shopping, Childcare, F&B, Banks, Supermarkets. The Parc Canberra Link EC location is well served in this respect.
There is the neighbourhood centre across Canberra Walk, with a food court, supermarket, shops, and childcare and tuition centres. And the new 118,000 sq ft Canberra Plaza is less than 5 minutes walk away at Canberra MRT station.
Not forgetting that Sembawang Road nearby has something of a reputation as a food haven, housed in old cafes and coffee shops with a certain rustic charm.
Alternatively, one train stop south is North Point City, the biggest new shopping mall in north Singapore, with a community club, library, and town plaza.
Leisure & Sports Facilities. The Parc Canberra EC location is diagonally opposite Admiralty Hill, the site of the Bukit Canberra Integrated Hub. Here you will find a gym with indoor and outdoor pools and sports facilities, gardens for community farming, as well as hawker centre, polyclinic, and senior care centre.
Or if you prefer something simpler, a 2 km bicycle ride up Sembawang Road will bring you to the soothing breezes of Sembawang Park and Beach.
Accessibility. The Parc Canberra location is actually more accessible than it might seem at first glance, besides the MRT line. It does take 10 minutes or so to get onto the SLE (Seletar Expressway) currently. But in future, once the North-South Expressway completes, getting onto the highway network will be much faster. It should then take no more than 25 minutes to arrive at the city centre.
- 1 to 3 Mins Walk to MRT
- 10 to 12 Mins Walk to MRT
- 13 to 15 Mins Walk to MRT
- 16 to 18 Mins Walk to MRT
- 19 to 21 Mins Walk to MRT
- 22 to 24 Mins Walk to MRT
- 25 to 27 Mins Walk to MRT
- 28 to 30 Mins Walk to MRT
- 31 to 33 Mins Walk to MRT
- 34 to 36 Mins Walk to MRT
- 37 to 39 Mins Walk to MRT
- 4 to 6 Mins Walk to MRT
- 7 to 9 Mins Walk to MRT
- Deferred Payment Scheme
- Dual Key Units
- Luxury High-End Project
- Near Park / Nature Reserve
- Near Reservoir
- Near Shopping Mall
- Near Sports Complex
- Near to City
- Normal Payment Scheme
- Payment Scheme
- Prime District
- Progressive Payment Scheme
- Proximity to Primary School
- Sale by Private Treaty
- Sea / Water Views
- Special Discounts
- Special Features
- Star Buys
- Walk to MRT
- Within 1KM of Ai Tong Primary School
- Within 1KM of Anglo Chinese Primary School (Barker Road)
- Within 1KM of Catholic High
- Within 1KM of Cedar Girls Primary School
- Within 1KM of CHIJ Primary School (Toa Payoh)
- Within 1KM of Holy Innocents Primary School
- Within 1KM of Kong Hwa Primary School
- Within 1KM of Maris Stella
- Within 1km of Methodist Girls' Primary School
- Within 1KM of Nan Chiau Primary School
- Within 1KM of Nan Hua Primary School
- Within 1KM of Nanyang Primary School
- Within 1KM of Ngee Ann Primary School
- Within 1KM of Paya Lebar Methodist Girls' Primary School
- Within 1KM of Raffles Girls Primary School
- Within 1KM of River Valley Primary School
- Within 1KM of Rosyth Primary School
- Within 1KM of Singapore Chinese Girls' Primary School
- Within 1KM of SJI Junior
- Within 1KM of St Andrews Primary School
- Within 1KM of Tao Nan Primary School