Executive Condominium Launch at Fernvale
By Frasers Property
By Frasers Property
Here we review the Parc Greenwich EC. This is a new Sengkang executive condominium, that will be launching for sale sometime in the middle of 2021.
It is being developed by FCL Lodge Pte Ltd, a unit of Frasers Property.
Note: This is NOT an advertisement for sale.
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.
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.
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.
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.
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.
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.
However for those who drive, or who taxi around, this place is pretty convenient. It should take barely 5 minutes to travel the 1.5 KM up Yio Chu Kang Road to the CTE. From there it’s 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.
From an Investment Angle
If you are looking to buy the Parc Greenwich executive condo as an investment, here are some relevant points.
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.
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.
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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|Developer||FCL Lodge Pte Ltd (Frasers Property)|
|Status||Executive Condominium (Main applicant must be Singapore citizen)|
|Address||Fernvale Lane, Singapore|
|Site Area||17,129.9 m2 (184,386 sq ft)|
|Floor Area||47,964 m2 (516,280 sq ft)|
|Tenure||99 Year Leasehold|
Parc Greenwich EC Showflat · Viewing
The showflat opening and e-application dates are not finalised yet.
Please drop us your contact details in the Form below if you wish to be kept posted on this, or to ascertain eligibility to purchase.
E-Application & Booking
To take part in the balloting and booking of units, you need to do an e-application before that. The e-Application can only be done at the computers at the Parc Greenwich showflat once the launch starts, not online.
As Parc Greenwich 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 Greenwich Floor Plans
The floor plans for this project are not available yet. 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.
Disclaimer: Brands and models are subject to change; final choice by project consultants
Parc Greenwich Site Plan
The Parc Greenwich EC site is a mid-sized, irregular pentagon shaped parcel of land. It covers roughly 184,386 square feet, with potential built-in area of slightly over 516,280 square feet.
This is a corner plot, bounded on three sides by roads. Fernvale Lane on its north, where its main entrance will be. Sengkang West Road on its west, which leads to the TPE and Seletar Aerospace Park.
And Yio Chu Kang Road to its south, across which is the low-rise landed private residential estate of Seletar Hills. Higher floor units facing this way should be able to enjoy unblocked views for a distance, and good wind flows. However they would probably get some traffic noise as well, but fortunately Yio Chu Kang Road is not a very wide or major road.
Parc Greenwich Prices · Unit Types
UNIT TYPES . SIZES
|Unit Description||Type||No. of
|Total Number of Units||TBC|
Floor areas stated includes any Voids, Patios, Balconies, Terraces, A/C Ledges.
PARC GREENWICH EC PRICE RANGES
The Parc Greenwich 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 possibly be released before that.
Please let us know via the Contact Form if you wish to be kept updated on that.
PARC GREENWICH PRICE BACKGROUND
HDB awarded this Fernvale Lane EC site to FCL Lodge, a unit of Frasers Property, on 11 March 2020. They had topped the bidding with a tender price of SGD$286,538,000, out of seven bids submitted. Their top bid of $555 PSF PPR pipped second-placed Sing Holdings & MCC Land by just 0.5%.
The seven bids were closely bunched in a tight range of $500 to $555 PSF. According to analysts, this reflected a consensus on the pricing and demand for the site.
Head of Research for Singapore at Colliers International, Ms Tricia Song, noted that, “The top bid price is slightly above our expectation of SGD500 PSF PPR. Confidence could have been boosted by the recent stellar performance at EC projects.”
She also said, “This latest land price is relatively comparable with the last Executive Condo site tender at Canberra Link (Parc Canberra), awarded on 11 October 2019 for SGD233.89 million or SGD566 PSF PPR; and the Tampines Avenue 10 EC site (Parc Central) awarded on 22 January 2019 for SGD578 PSF PPR.”
CBRE’s Head of Research for Southeast Asia, Mr Desmond Sim, commented that the bids received for this Fernvale Lane EC site was in line with the increase in demand expected for ECs after the income ceiling was raised from $14,000 to $16,000 in September 2019.
He added, “Although no MRT station is nearby, it is still near amenities such as Greenwich V shopping mall. The site may also appeal to HDB upgraders in Sengkang and Punggol, with at least 10,000 flats in these areas reaching their five-year minimum occupation period.”
The strong bidding and close margins was also likely due to developers seeking to replenish their diminishing land banks.
Since Frasers’ land cost for this site is so close to that of recent ECs such as Parc Canberra and OLA, they might well launch Parc Greenwich EC at a similar pricing. That is, around the $1,1xx PSF range. However this could mean a smaller profit margin, given the extra costs due to Covid-19 precautionary measures on-site.
About the Developer
The Parc Greenwich executive condominium is being developed by FCL Lodge Pte Ltd, a subsidiary of Frasers Property.
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.
About the Developer (“Frasers Property” or the “Group”)
Frasers Property is a multi-national company that owns, develops, and manages a diversified, integrated 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 and 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, One Jervois, The 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.
Outside Singapore, the Group is a leading real estate player in Australia, with over 90 years of expertise and experience in property management. Over there it is involved 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.
Parc Greenwich EC Location · Features
The Parc Greenwich location is on the western edge of Sengkang HDB town, along Fernvale Lane. This sits just across Yio Chu Kang Road from Seletar Hills Estate.
- Shops, F&B, Lifestyle, Supermarkets.
Shopping facilities within walking distance of the Park Greenwich EC location are on a small neighbourhood scale. The two most prominent ones are Greenvich V, and Seletar Mall.
Greenwich V is a rustic-chic shopping hub designed around a shady central plaza. It offers quite an attractive blend of F&B options including Food Scholar, Cedele, Toast Box, Awfully Chocolate, Wine Connection, and The Coffee Bean & Tea Leaf. There is also a Cold Storage supermarket for daily grocery needs, and services such as hairdressers, a pharmacy, dental and medical clinics, and language schools.
Seletar Mall boasts a Fairprice Finest supermarket to perhaps cater to the upmarket Seletar Hills area. Other than that, it is your typical suburban mall, with the usual predictable but useful selection of shops and services, kids enrichment centres, bakeries, eateries, and fast food outlets.
- Recreational Amenities.
One of the nicest things here must be Sengkang Riverside Park, within easy cycling distance of the Park Greenwich location. This is a peaceful 21-hectare riverine park bordering Sungei Punggol, a small river that has been cleaned up and turned into a reservoir.
Amidst its calm and tranquility, one almost forgets that the plants in its artificially created wetlands, which attract a biodiversity of bird, fish, and insect life, were originally planted by hand. This park earned the ABC Waters Certification, for its integration of urban planning with protection of our water resources.
Criss-crossing the park are tracks for biking, walking or jogging, with lighting at night for evening joggers. There is even a unique Fruit Tree Trail, with 16 types of tropical fruit trees.
At the park across the river, is the Sengkang Sports and Recreation Centre, that features three pools, and a stadium.
Punggol Park Connector, running beside Sungei Punggol, leads to Punggol. One branch of the track then heads north to Punggol Beach. Another one turns east to My Waterway @ Punggol, and eventually Waterway Point mall. Joggers who make their way there can reward themselves with a long cool drink at the mall after their exertions!
Being sited within an HDB estate almost inevitably means that there is at least one primary school within a one KM radius. In this case there are two – Fernvale Primary, and Sengkang Green Primary.
While neither are branded schools, MOE’s emphasis is such that neighbourhood schools such as these are still well-equipped. Especially since both are relatively new.
Interestingly, Rosyth School is within a 2 km radius. But since even those living within 1 km of it have difficulty securing a place, that’s probably of not much use.
The Parc Greenwich location is very close to exits of both the CTE (Central Expressway), and the TPE (Tampines Expressway). That makes it convenient for those who drive, or who rely a lot on cabs. By car, it should take no more than 20 or 25 minutes to get to the CBD or Changi Airport.
But it is not within walking distance to an MRT station. One option is to take bus service 163 from Fernvale Lane, to Sengkang station on the North-East MRT line.
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