PARC CENTRAL RESIDENCES
Upcoming Executive Condominium Launch in Tampines
Here we review the Parc Central Residences EC. This is a new executive condominium, that will launch for sale in either late 2020 or early 2021.
It is being developed by a joint venture of Hoi Hup Realty Pte Ltd and Sunway Developments Pte Ltd.
Note: This is NOT an advertisement for sale.
Parc Central Residence EC is located in Tampines Town, that is prized for being a big regional centre. As such, there is a full range of amenities in the neighbourhood.
This project will be the first executive condominium launch in the east of Singapore since 2012. Its design concept is of a New York Central Park inspired sanctuary. With a football field-sized landscape featuring an 80m lake pool, elevated gym, and NYC steakhouse style gourmet dining.
Finishes will be towards the higher end range for ECs, with fittings from Bosch and Hansgrohe for instance.
Context of the Neighbourhood
As Singapore’s first generation, and one of its main regional hubs, Tampines has been modelled into a full-fledged commercial centre.
It continues to thrive and grow as a focus of business activity in the eastern area. Further, under URA’s Master Plan, Tampines remains on course for expansion and improvements.
This will see the development of even more facilities to meet the needs of Tampines residents, and incidentally those of Parc Central Residences as well.
In fact, Tampines is already one of the most popular housing estates, given its position between the CBD and Changi Airport. It is pretty self-contained too. There are a number of good-sized malls with eateries and supermarkets, community library, office buildings, sports and swimming complexes, retail park, schools, and ease of access via roads or the MRT.
Amenities around Parc Central Residences EC
Tampines is more than just a focus of business, or a residential estate. It is well supplied with educational institutes up to tertiary level, and international schools too.
Such as the United World College of South East Asia (East Campus) across Tampines Avenue 5, and Temasek Polytechnic about 15 minutes walk down the road.
There are also a couple of nature parks in the immediate vicinity within walking distance. The park connector running past the site leads to Bedok Reservoir Park, with Tampines Quarry Park across Tampines Avenue 10.
The Parc Central executive condo will benefit from its proximity to Changi Airport as well. Quite apart from the convenience for those catching flights. The airport terminals are a destination in themselves, with their multitude of dining and retail options, not the least of these being JEWEL.
An Investment Perspective
If you are looking at the Parc Central Residence EC from an investment angle, here are some aspects to consider.
Executive condominiums are built and sold by private developers, but at a pricing 15% to 20% below that of comparable new private condominiums.
In addition, first time buyers are eligible for a CPF housing grant of up to $30,000.
And there is no ABSD requirement for those who currently hold an existing HDB flat. They may also get a full loan for the new purchase even if they have an existing loan.
On the flip side, the Mortgage Servicing Ratio (MSR) is set at only 30%, half that of private property purchases. While this is a very prudent approach, it makes it hard to get enough loan for larger units, if the household income is not very high.
Despite the lower pricing, ECs like Parc Central Residences come with the full range of facilities. More often than not, they are practically indistinguishable from private condominiums.
Except for one aspect. Unlike private condos, almost all ECs do not have one bedroom units. And usually only a very low proportion of 2 bedroom units.
That is because they are built to cater to end-users, since all the units must be owner-occupied within the Minimum Occupation Period (MOP).
So they tend to be more spacious and occupier-friendly, with an emphasis on facilities.
Given the lower entry price, ECs typically enjoy higher Return on Investment (ROI) when they are sold after the MOP, compared to a similar private condo.
It also makes them relatively risk-free in a sense, as they have a sort of built-in ‘buffer’ against price drops.
Studies have shown that eventually, executive condominiums move closer towards prices of private condos in the vicinity. Hence of all the property classes, ECs have historically achieved the largest gains.
If instead of selling and taking profits you choose to rent out this property, there are employment centres in the area, for potential tenant pools.
Places such as the Tampines Regional Hub itself, or Changi Business Park, or Changi Airport, or staff from the international schools.
Register interest for details here.
|Name||Parc Central Residences|
|Developer||Hoi Hup Sunway Tampines J.V. Pte Ltd
(JV of Hoi Hup Realty Pte Ltd & Sunway Developments Pte Ltd)
(Main applicant must be Singapore citizen)
|Address||Tampines Avenue 10|
|Site Area||24,933.7 m² (268,386 sq ft)|
|Floor Area||69,815 m² (751,481 sq ft)|
|Tenure||99 Year Leasehold|
|No. of Blocks||11|
|No. of Storeys||16|
|No. of Units||700|
|Unit Types||3 Bedrooms, 4 Bedrooms, 5 Bedrooms|
Parc Central EC Showflat · Viewing
The Parc Central Residences showflat is not ready for viewing yet. Please send us a line via the Contact Form if you wish to be kept updated on the showflat opening timeframe.
E-Application & Booking of Units
To take part in the balloting and booking of units, you need to do the e-application before that. The e-Application can only be done at the computers at the Parc Central showflat, not online.
As Parc Central Residences is an executive condominium, only those who qualify will be able to book a unit. To check if you are eligible, and what payment structures and grants apply, please refer to the following guides. (Opens in a new window.)
- Executive Condominium Buying Guide
- Executive Condominium Eligibility Rules
- Payment Structure for Executive Condominiums
Parc Central Residences Floor Plans
The Parc Central floor plans are not ready yet. Please drop us a line via the Contact Form if you would like us to email you the floor plans once available.
Parc Central Residences Site Plan
The Parc Central Residence EC site is a mid-sized, longish parcel of land. It spans over 260,000 square feet, with potential built-up area of around 750,000 square feet.
It is the first of a row of condominiums lining Tampines Avenue 10 just south of its junction with Tampines Avenue 5, and across from the United World College.
South of the Parc Central EC, we have The Alps Residences next door. Followed by Tapestry, then Santorini, and finally Q Bay Residences. All these form a private residential enclave here, together with Arc @ Tampines, an EC that launched several years ago.
The west of the site borders Tampines Avenue 10 which is a fairly busy road. The part facing east, fronting Tampines Street 86 where the main entrance will be, is the quieter side.
Parc Central Residences 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 CENTRAL EC PRICE RANGES
The Parc Central Residences price list will likely be released about two days before the booking day, as is the general practice for most ECs. But the indicative pricing will likely be released before that.
Please let us know via the Contact Form if you wish to be kept updated on that.
PARC CENTRAL RESIDENCES PRICE BACKGROUND
Hoi Hup Realty and Sunway Developments submitted the highest bid of SGD$434.45 million to clinch this EC site, from a field of seven bidders. Their winning bid was only 0.7% higher than the second highest bid.
This works out to a land cost of $578 per square foot per plot ratio (PSF PPR), close to those of the previous three EC winning tenders. As a matter of interest, the land for OLA EC cost $576 PSF, Piermont Grand was $583 PSF, Parc Canberra was $558 PSF.
The robust bidding for the Parc Central EC parcel reflects the scarcity of EC development sites in mature housing estates in general, and in Tampines in particular. In fact, the last time an executive condo was launched in Tampines, was CityLife six years ago.
After taking into account all the development and related financing and marketing costs, we are probably looking at a break even in the region of $1,0xx PSF.
And if launch prices of Piermont Grand and Parc Canberra are anything to go by, we could see a similar selling price of around $1,1xx PSF here as well.
About the Developer
The Parc Central Residence executive condominium is being developed by a partnership of Hoi Hup Realty with Sunway Developments Pte Ltd, a subsidiary of Malaysian group Sunway Bhd.
Both are reputable and established developers, with several decades of collective experience in the local property market.
Before this they had previously launched the 628-unit Rivercove Residences EC in Sengkang in 2018, as well as Parc Canberra EC in Sembawang very recently in February 2020.
Rivercove sold out within a short time, while Parc Canberra moved over 60% of its units on its launch weekend alone.
They have also collaborated on other projects in Singapore as well. Such as Sea Esta, Miltonia Residences, The Peak @ Toa Payoh, Vacanza @ East, and Arc executive condo in Tampines.
About Hoi Hup Realty Pte Ltd
Hoi Hup Realty was established in 1983 in Singapore. It is a home-grown niche property player that has completed a variety of projects.
These range from private and executive condominiums to mixed-use commercial developments, as well as both landed and cluster housing.
At last count, Hoi Hup had built over 7,300 residences in Singapore.
Through all that, Hoi Hup’s management and staff have accrued a wealth of experience and knowledge that will stand them in good stead in delivering quality products in future.
In recognition of its build quality standards, Hoi Hup has won more than 25 building accolades and awards. Including the BCI Asia Top 10 Developers Awards in 2012, 2013, 2017 and 2018.
Some of its projects are Residences @ Killiney, The Ford @ Holland, Sophia Hills @ Mount Sophia, Suites @ Cairnhill, Whitley Residences, Shelford23, De Royale, Waterford Residence, Foresta @ Mount Faber, and the 33-storey mixed-use commercial Royal Square at Novena.
About Sunway Developments Pte Ltd
Sunway Developments is a fully-owned subsidiary of the Sunway Group, a Malaysian MNC.
The core businesses of Sunway Group are property development, design and construction of mega-projects (such as Sunway City), real estate REITs, hospitality, building materials, leisure, information technology and education.
Sunway has won awards from international bodies such as FIABCI and IFAWPCA for their work.
Parc Central Location · Features
Location. The Parc Central Residence location is in Tampines town, along Tampines Avenue 10, but accessed from Tampines Street 86.
Shops, F&B, Supermarkets, Lifestyle, Libraries, Banks. Being one of the largest regional centres, Tampines is a self-contained township with a full suite of supporting amenities and more. Ranging from shopping malls to even office blocks.
And Singapore’s first-ever integrated community and lifestyle building, Our Tampines Hub. This huge complex houses a stadium, six swimming pools, a library, a big playground, shops, foodcourt and eateries, and government agencies.
In addition there are a number of fair-sized malls at the town centre. Like Century Square, Tampines Mall, Tampines One.
Nearer at hand to the Parc Central EC location, up Tampines Avenue 10, is Tampines Retail Mall. This currently comprises IKEA Tampines, Giant Hypermart, and Courts Megastore.
For something different, there are the shops at Changi Airport. In particular the newly opened Project Jewel, touted as an exciting “world-class, signature lifestyle destination”.
Recreational Amenities. The park connector beside the Parc Central Residence location leads to Bedok Reservoir Park nearby. This park is popular among joggers, and fitness and water sports enthusiasts. Attracts picnickers, cyclists, and inline skaters as well.
Converted from a sand quarry originally, the park surrounds the 88-hectare Bedok Reservoir. Makes for a great place to hold all sorts of water activities, including kayaking and fishing. It is, surprisingly for such an urban neighbourhood, a great sanctuary for bird watching too.
Educational Institutions. This area is well served by schools and academic institutes. We have the United World College of South East Asia next door, and Temasek Polytechnic down the road. We also have Poi Ching and St Hilda’s Primary schools within a 1 KM radius.
And several other primary and secondary schools scattered around Tampines. Further afield there is the Singapore University of Technology and Design (SUTD) at Changi.
Connectivity. The Parc Central Residences location is very close to the start of the Bartley Viaduct, and enjoys easy access to both the Tampines and Pan-Island expressways as well.
But it is not within walking distance of an MRT station. So residents will have to take a bus to the town centre, from where they can catch a train on the East-West line, or Downtown line.
However this place is within 15 minutes drive to Changi International Airport.
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