PARC GREENWICH

Executive Condominium Launch at Fernvale
Home in an Urban Village. Modern. Vibrant. Idyllic.
By Frasers Property

Welcome to the Parc Greenwich EC. This is a new Sengkang executive condominium, that is launching for sale July 2021.

It is being developed by FCL Lodge Pte Ltd, a unit of Frasers Property.

Parc Greenwich EC is conceptualised to offer a modern and vibrant lifestyle. It has numerous facilities, grouped in recreational zones, to cater to a variety of interests among family members. The interior layouts are designed to be both flexible and practical, to suit the needs of growing families too.

Parc Greenwich EC . Home in an Urban Village

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Parc Greenwich EC . Design Theme & Concept

Located opposite Seletar Hills and within a short drive of Serangoon Gardens, the concept of Parc Greenwich is of a home in a vibrant urban village, that emphasises wellness, family, and nature.

With two clubhouses including a 3-storey Wellness Club, and eight recreational zones, there is always something to look forward to, every day of the week.

BBQ Pavilion and Function Lawn

The resort-style gardens and lush landscaping, like at the Central Garden and Spa Garden, set a holiday mood that is conducive to relaxation and soothes. Unwind with your favourite drink, and let the stresses of the day melt away. Or grow your own organic greens in the Herbs Garden or Community Farm.

Herb and Community Gardens from Farm to Table

The other theme running through this project is that of flexibility. Thought and innovative design has gone into anticipating future lifestyle needs.

For example, the three-storey Wellness Club is specially designed as one of Parc Greenwich’s unique features. A high-ceiling Village Hall inside provides a flexible, multi-purpose space for all sorts of events. From hosting social activities like celebrations, parties or seminars, to fitness or recreational activities like dance, yoga, or badminton.

Parc Greenwich EC . Spa Garden and Wellness Club for Resort Lifestyle

The units themselves offer flexibility too, to adapt to changing needs through different stages in life. Specific walls can be removed to provide for flexible layouts. You can combine rooms into bigger ones, or reconfigure spaces. Create a hobby or entertainment room, or a home office, or walk-in wardrobe, or reading nook. A future-ready home, with many possibilities.

There is a wide selection of practical unit types to choose from, all equipped with smart home features.

Parc Greenwich Smart Home Ready

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Register to view showflat or for e-Application, or to request info / updates.

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Context of the Neighbourhood . Sengkang & Seletar Hills Estate

The Parc Greenwich executive condo is located at Fernvale Lane, which sits on the western edge of Sengkang. Actually it is literally sandwiched between Sengkang estate to its north-east, and Seletar Hills estate on its south.

The Parc Greenwich EC Location . View of Neighbourhood

Sengkang is, of course, a predominantly HDB estate. It is mainly populated by HDB flats, and served by a full complement of amenities. Such as schools dotted around the estate, with every flat being near at least one or two. With its own hospital complex, and several neighbourhood malls, food centres, supermarkets, and community facilities.

In the Midst of a Vibrant Neighbourhood

Park Connector and Riverine Park

There is even a river-reservoir, Sungei Punggol, 20 minutes walk away. A path runs alongside that, leading to one of the biggest parks around, the 21-hectare Sengkang Riverside Park.

This estate boasts quite a few executive condominiums as well, that appear fairly popular with residents. In fact, there is one, The Topiary along Fernvale Lane just two doors away from Parc Greenwich EC. Topiary EC sold out several years ago.

Across Yio Chu Kang Road to the south, is the sprawling, long established landed enclave of Seletar Hills. The houses here do not go above three storeys. Even the odd apartment block is typically not more than five storeys high. This estate with its low-rise homes, wide leafy avenues, and undulating terrain, has a serene quality that is hard to find in urban Singapore.

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Amenities around Parc Greenwich Executive Condo

Directly across Yio Chu Kang Road from Parc Greenwich EC, is Greenwich V, Seletar Hills’ own little neighbourhood mall.

Seemingly taking its cue from its surroundings, Greenwich V is a relaxed but chic place with a cosy village-like feel. It is designed as a lifestyle and retail hub, with casual outdoor spaces and alfresco dining, boutiques, and a supermarket.

Food and LifeStyle Options in Neighbourhood

Slightly further away, about 10 minutes walk up Fernvale Lane north-east from the site, is The Seletar Mall. This is a bigger shopping centre, with a Fairprice Finest supermarket as its anchor tenant this time. Apart from that, there are the usual shops, opticians, clinics, fashion, salons, and F&B outlets from restaurants to fast food.

So it would appear that residents of this Sengkang EC are quite well served where shopping for daily necessities and food is concerned.

Parc Greenwich Location Map . Source: URA

The main drawback of the Parc Greenwich site is that it is not within walking distance of an MRT station. The nearest thing approaching that is Fernvale station on the LRT line, about 12 minutes walk away. Fernvale station is 4 stations from Sengkang LRT / MRT interchange station on the North-East purple line.

Hence Frasers will be providing at least one year of free shuttle service to the nearest LRT/MRT station. The residents can then decide upon taking over the MCST after that, whether to carry on with the shuttle service.

However for those who drive, or who taxi around, this place is pretty convenient. It takes roughly 5 minutes to travel the 1.5 KM up Yio Chu Kang Road to the CTE. From there it is a 15 minute ride off-peak to the CBD.

Or similarly the short distance to the TPE via Sengkang West Road. Once on the expressway, it takes about 15 minutes as well to get to Changi Airport, or Changi Business Park.

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From an Investment Angle

If you are looking to buy the Parc Greenwich executive condo as an investment, here are some relevant points.

Affordability

New executive condominiums in Singapore are built and sold by private developers. But they enjoy a price advantage of being 15% to 20% cheaper than similar new private condos.

Besides that, first time purchasers may be able to get a housing grant of up to SGD$30,000.

There is also no ABSD levy on those who currently own a HDB flat. And buyers may be able to obtain the maximum 75% loan for the new home, even if they still have a housing loan outstanding.

On the flip side however, the Mortgage Servicing Ratio (MSR) is only 30%, half that allowed for private property purchases. While this makes for greater financial prudence, it makes it hard to get sufficient loan as well. Which can result in the ironical situation of being able to buy a much more expensive private home, but not a cheaper EC unit.

However this loan restriction does not apply to ECs that are sold after their MOP (Minimum Occupation Period). It becomes no different from a private property and the higher TDSR limit of 60% applies then. This is important as it allows resale buyers to obtain a higher loan vs income, and thus pay the first-hand owners a higher price.

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Value

Despite their lower price tags, executive condos usually come with as complete a range of facilities as private condominiums. In fact, they are often indistinguishable from private ones in this respect.

Except that the unit mix of ECs usually doesn’t include one bedders. And some don’t even have two bedders either, or if they do, these form a small proportion.

The reason is that they cater mainly to families, since they must be owner-occupied during the first five MOP years. Bedrooms tend to be bigger and living areas are more spacious. As such, this should appeal to buyers looking for more family-friendly layouts.

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Potential for Next Generation Growth

Capital Appreciation

Given their lower entry prices, executive condominiums generally enjoy a higher Return on Investment (ROI) when they are sold after the MOP, compared to a similar private condo.

This also makes them in a sense, somewhat “risk-free”. Their 15 to 20% lower pricing vs similar private property acts as a built-in buffer against any price drops.

Records show that EC prices do tend to close the gap with those of neighbouring private condos over time. There is usually one jump after the MOP, when units can be sold to PRs or Singaporeans. Then another jump at the 10th year, when they can be sold to foreigners as well.

Not surprisingly perhaps, ECs have historically achieved the highest capital gains out of all the property asset classes.

Owners can also rent-out their units after the MOP. And unlike for HDB flats, they can de-couple in order to buy a second property without paying ABSD, if they like.

Potential tenants for the Park Greenwich EC might come from the Seletar Aerospace Hub across the TPE. Or perhaps, in later years, from the the sites across Sengkang West Road, that are zoned for Business 2.

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Register to view showflat or for e-Application, or to request info / updates.

Below are sample draft floor plans. Please drop us a line via the Contact Form if you would like us to email you the full set of Parc Greenwich floor plans once ready.

One advantage this project offers is the ability to reconfigure bedroom wall positions if you wish. Unlike many new launches that use PPVC construction, this one is designed such that columns are pushed out (thus saving some internal space too).

The bedroom walls themselves are non-structural, and you can remove them or change their positions (but at your own time and cost).

Parc Greenwich Executive Condo Flexi-Wall Design

Fittings & Finishes
. Kitchen appliances from BOSCH
. Bathroom fittings from Bravat, Gerberit, and Hansgrohe

Disclaimer: Brands and models are subject to change; final choice by project consultants

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EXAMPLE FLOOR PLANS

A lot of thought has gone into the design of the units. Some of that can be seen in the touches and features highlighted here.

Parc Greenwich Floor Plan . Draft 2 Bedroom Type B1

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Parc Greenwich EC Floor Plan . Draft 3 Bedroom Type C1

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Parc Greenwich Floor Plans . Draft 3 Bedroom Premium Type C3

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Parc Greenwich EC Floor Plans . Draft 5 Bedroom Premium Type E1

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Parc Greenwich Executive Condo . 50M Oasis Pool

The Parc Greenwich executive condominium is being developed by Fernvale Lane Pte Ltd, a joint venture of Frasers Property and the CSC Land Group.

Frasers Property has its roots in Frasers Centrepoint, with a history going back almost 40 years. It is one of the most established and reputable real estate companies in Singapore.

This will mark Frasers’ first EC in five years, after Parc Life EC in Sembawang, that launched for sale in 2016.

But Frasers is no stranger to executive condominium development. They were responsible for Esparina (opposite Sengkang Grand), that was a resounding success, and is today one of the most profitable ECs. They also developed Twin Waterfalls EC in Punggol.

But like the other more established property players, Frasers does tend to focus more on private property development, rather than EC development. When they do venture into this segment however, the quality they bring over is unmistakable.

Soleil by Frasers Property . Developer for Park Greenwich EC

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Frasers Property (or “The Group”)

Frasers Property is a multi-national company that develops and manages an integrated but diversified portfolio of properties globally. The Group is headquartered in Singapore, and listed on the Main Board of the Singapore Stock Exchange.

Its assets total approximately SGD$38.7 billion as at 30th September 2020. These range from retail, to residential, industrial & logistics, and commercial space and business parks in Europe, Australia, Southeast Asia, and China.

Besides that, its hospitality arm operates and/or owns hotels and serviced apartments in more than 70 cities and 20 countries across Asia, Africa, Australia, Europe, and the Middle East.

Locally, Frasers ranks among our top private developers, and is also one of our biggest mall operators. It oversees a portfolio of 11 business & office properties, and 12 shopping centres in Singapore, and has built over 18,000 homes here.

Some of these homes are in developments like St Thomas Suites, Soleil @ Sinaran, The Azure, Martin Place Residences, 8 @ Mt Sophia, Camelot @ Tanjong Rhu, Esparina EC, One Jervois, Raintree, Flamingo Valley, the Waterfront series (Gold, Key, Isle, Waves), and integrated developments like Watertown, North Park Residences, and the upcoming Rivière at Robertson Quay.

Riviere by Frasers Property

8 at Mt Sophia by Frasers . Developer for Parc Greenwich Executive Condominium

Outside Singapore, the Group is a leading real estate player in Australia, with over 90 years of expertise & experience in property management. It is involved there in the development of residential land, apartments and houses, commercial, retail and industrial property, and real estate ownership, investment, and management.

It is also involved in real estate development in China, Vietnam, and Thailand. And among its overseas work are complex mixed-use / integrated developments like the award-winning Central Park in Sydney, and One Bangkok in Thailand.

CSC Land Group (Singapore) or the “Group”

CSC Land Group (Singapore) is a property developer under the aegis of the China State Construction Engineering Corporation (CSCEC) group.

CSCEC is the largest engineering contractor in the world, and ranked 23rd among the top Global Fortune 500 enterprises in 2018. Its business operations span the globe, in over 100 countries that include the United Kingdom, US, Australia, besides Hong Kong and China.

CSCEC’s businesses span property investment and development, and design, construction, and engineering. In 2018, its annual contract value was more than USD$400 billion. This expertise has been extended to Singapore since 1992, in the vehicle of China Construction Development Co Pte Ltd (CCDC).

CCDC has been involved in the construction of many of the educational, commercial, and infrastructure projects in Singapore. It has also built residential developments like Soleil @ Sinaran, Silversea, Azure @ Sentosa Cove, Cyan, Duchess Residences, Boulevard Vue, and several HDB projects.

Parc Greenwich EC Developer Track Record

To date, CCDC is of the most awarded A1 builders in Singapore. It has garnered over 119 accolades and awards as proof of its commitment to quality work.

CSC Land Group, the development arm that is jointly developing Parc Greenwich executive condo, believes in crafting homes that are both functional and of high value, by anticipating the needs of its customers.

It recently sold out Twin VEW at West Coast, for which it is both developer and contractor. The showflat for this project was certainly impressive in its workmanship.

Twin VEW by CSC Land Group