PROVENCE RESIDENCE EC
New Canberra Link EC . 7 Mins Walk to MRT Station
Here we present a review of Provence Residence EC. This is a new executive condominium, that will launch for sale in 2021.
It is being developed by MCC Land Singapore at Canberra Crescent, next door to Parc Canberra, an EC that launched for sale in February 2020 and was 86% sold by end 2020.
Note: This is NOT an advertisement for sale.
Parc Canberra has the advantage of being the nearest EC to an MRT station in the current batch of executive condominiums. Provence Residences EC, being about 7 minutes walk to Canberra station, will be the second nearest.
Provence Residence EC . Location
This Canberra Link EC is located in the Sembawang district, which is sometimes perceived as being far from the city centre, and perhaps inconvenient. Though that perception has likely grown less in recent years, as evidenced by the good sales at Parc Canberra.
The reality is that with Singapore being so small, no place is really far from anywhere. In fact, with Canberra MRT station being 14 stops to Raffles Place on the North-South line, travel time into the city should be just around 40 minutes by train. Taking into account walking time to and from the station, perhaps 50 minutes or so.
So train time to the CBD isn’t a lot more than from Clementi, or Tampines, or Punggol, or even Upper Bukit Timah.
Residents who intend to drive would probably find the North South Corridor more useful. This is a new 21.5km long expressway connecting the northern region and Sembawang directly to the city centre, and linking to other expressways like the PIE, SLE, and ECP.
It is slated for completion by 2026, a year or two after Provence Residence EC does, and should take away some of the congestion from the CTE then. Access to it is quite close by, 6 minutes drive away via Gambas Avenue.
The Provence EC . Support Structures
The area around this project now offers increasingly more supporting amenities. The nearest is a neighbourhood centre across Canberra Walk, with a mini-mart, shops, hawker centre, and child-enrichment and childcare outlets.
Slightly further away, beside Canberra MRT station, is the new three-storey Canberra Plaza, with 118,000 square feet of commercial space. It houses an NTUC Fairprice supermarket, lifestyle shops such as Daiso, bakeries, food courts, fast food outlets, cafes, restaurants and coffee joints like Starbucks, medical clinics, and an entire level of enrichment centres that include ballet, language, and music schools.
In addition there is the 12 hectare Sembawang Integrated Hub, Bukit Canberra, currently under construction. This sits on Admiralty Hill, just diagonally across the traffic junction from our site. It is designed around the former Admiralty House, a conservation building of historical significance that adds character and focus to the project.
Bukit Canberra is a low-rise development comprising a cluster of amenities scattered amidst landscaped grounds. These include a food court, outdoor and indoor sports facilities, a big ActiveSG gym with indoor and outdoor pools, polyclinic, senior care centre, various lifestyle amenities, and even land set aside for community farming.
Being low-rise, and in conjunction with Montreal Green Park across Canberra Link road, it means that units at Provence Residence looking this way will likely get unblocked views.
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Provence Executive Condo . Expectations
Going by sales at Parc Canberra next door, this new EC should do reasonably well at its launch too. Besides the units left at Parc Canberra, there is no competition nearby, as the previous ECs around here sold out long ago.
Even island-wide, there not many other EC launches as well. And those that are, like at Sengkang, Punggol, and Tampines, are further away from an MRT station.
But all these still enjoy ongoing interest from the “sandwiched class”, as EC stocks are limited.
The land cost for this new Canberra Link EC is just slightly more than that for Parc Canberra. However with rising construction costs, there is a possibility that either prices will have to be slightly higher, or developer margins will have to be cut.
An Investment Perspective
If you are looking at Provence EC from an investment angle, here are some factors to mull over.
AFFORDABILITY & CAPITAL GAINS
Executive condos are built and sold by private developers, but typically at 15% to 20% cheaper than for comparable new private condominiums. First time buyers may also be able to get a housing grant of up to $30,000.
Which makes them relatively risk-free, since they enjoy a sort of built-in ‘buffer’ from price drops.
Given their lower entry prices, ECs can enjoy greater Return on Investment (ROI) as well, when sold after their MOP. This is because prices of resale ECs do trend towards those of private condos nearby.
Which is why of all the property asset classes, ECs have historically reaped the largest capital gains, compared to private condominiums and HDB flats, both new and resale.
This trend looks set to continue. Even though new EC prices have risen, hovering at around $1,1xx PSF nowadays, so have prices of private condominiums.
One can hardly get a new private launch at anything below $1,34xx PSF these days, with the norm being more like above $1,5xx PSF for anything walkable to an MRT station. So the price gap still persists.
In addition, new executive condominiums are partially insulated from the cooling measures. For instance, ABSD fees do not apply. And unlike for private property, buyers can get up to 75% financing even if they have an existing home loan.
On the flip side however, financing for ECs is restricted by the more stringent 30% MSR (Mortgage Servicing Ratio). This is half that allowed for private property purchases. It is an admirably prudent approach, but makes getting sufficient loans for larger units difficult, given the income ceiling applicable.
Despite their lower prices, ECs like Provence Residence are often practically indistinguishable from suburban private condominiums in terms of fittings and finishes.
In fact, more often than not, they come with as many facilities, sometimes more, than their private neighbours.
Unlike private condos however, the unit mix in ECs usually does not include one bedders. And very few even feature two bedders.
The reason is that they are meant to cater to owner-occupier buyers, since they can’t be resold or rented out during the five-year MOP (Minimum Occupation Period).
Hence the design and rooms tend to be more spacious and family-friendly. Which is good for those who dislike very dense living, or shoebox-sized units.
PROXIMITY TO MRT STATION
Provence Residences is one of the five executive condos with units currently available for sale. All of them have different attributes, that appeal to different buyers.
Where this particular EC is concerned, it shares one advantage with Parc Canberra. Both are less than 10 minutes walk from an MRT station, with Provence EC being around 7 minutes walk from Canberra station.
Canberra station is a relatively new station on the North-South line, inserted in between Yishun and Sembawang. It only started operations in November 2019.
This is actually quite a positive factor in favour of this EC.
For private condos, such locations can command a price premium of 10% to 15% over those not walkable to a station. This is reflected in the resale market as well.
However, the differential in prices of new EC launches in this respect is much less. For instance, Parc Central EC at Tampines Avenue 10, away from any MRT station, will sell at a similar price, as the land costs are very close.
So Provence Residence EC could possibly enjoy a larger gain once it can start selling on the private market.
FUTURE POTENTIAL . ECONOMIC HUBS IN SINGAPORE
Much of the growth in Singapore is linked to the URA master plan, and economic clusters identified therein.
Sembawang falls within the North Coast Innovation Corridor, one of such a decentralised cluster. Other hubs include the Greater Southern Waterfront and Jurong Lake District. Those don’t have any ECs in them, but both Provence Residences EC and Parc Canberra are in this one.
What is the North Coast Innovation Corridor?
- It will be a new economic corridor in North Singapore, spanning from Punggol to Woodlands.
- Intended to be the major source of jobs for the north-eastern and northern sectors of the island.
- Covers the Punggol Creative Cluster, the Seletar Regional Centre, redevelopment of Sembawang Shipyard and its vicinity, and the Woodlands Regional Centre.
- Will comprise residential, commercial, educational, retail, and business parks, and lifestyle components.
- Will offer residents work-live-play options.
- Sembawang Shipyard is slated to relocate to Tuas by 2024. This will free up land along the coast there, with potential for waterfront living and beaches like at the East Coast.
These will form employment centres and potential tenant pools or buyers, for Provence EC owners after their five-year MOP.
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|Developer||MCC Land Singapore Pte Ltd|
(Main applicant must be Singapore citizen)
|Address||23 Canberra Crescent Singapore 757078
25 Canberra Crescent Singapore 757079
27 Canberra Crescent Singapore 757080
29 Canberra Crescent Singapore 757081
31 Canberra Crescent Singapore 756929
33 Canberra Crescent Singapore 756930
35 Canberra Crescent Singapore 756931
37 Canberra Crescent Singapore 756932
39 Canberra Crescent Singapore 756933
|Site Area||16,690 m² (179,651 sq ft)|
|Floor Area||38,387 m² (413,197 sq ft)|
|Tenure||99 Year Leasehold|
Provence EC Showflat · Viewing
The Provence Residence 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 Provence showflat, not online.
As Provence 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
Provence Residences Floor Plans
The Provence EC 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.
Provence Residences Site Plan
The Provence Residence EC occupies an irregular-shape land parcel.
It sits at the corner of Canberra Link and Sembawang Road, on its west and north-west. Across these roads are Montreal Park, a neighbourhood patch of green, and Bukit Canberra, the amenities hub on its landscaped grounds. So views in this direction would be relatively unblocked, from even the mid levels.
To the north-east of the site is a parcel of land zoned for a school, which would likely be low-rise. So higher floor apartments facing this way could get unblocked views as well.
To the south-east of the site is Parc Canberra, which is roughly the same height. Units here will face the blocks across, but this will be the quietest side.
This Canberra Link EC site spans over 179,000 square feet of land, with possible built-in floor space of around 413,000 square feet. Access is via a new cul-de-sac road, Canberra Crescent.
Provence 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.
PROVENCE EC PRICE RANGES
The Provence Residence price list will likely be released about two days before the booking day, as is the typical practice for ECs. But indicative pricing could likely be released before that.
Please let us know via the Contact Form if you wish to be kept updated on that.
PROVENCE RESIDENCE PRICE BACKGROUND
The bids for this Canberra Link EC site came in at above analysts’ expectations, with eight bidders tendering for it. Apparently developers expected continued strong demand for executive condominiums, especially for this site given its proximity to an MRT station.
MCC Land topped the tender with a bid of SGD$233.89 million. This was just narrowly 0.2% higher than the second-placed CDL/TID joint venture.
It equates to a land cost of $566 per square foot per plot ratio (PSF PPR), close to those of the previous four ECs.
For ease of comparison, the land cost for Parc Central EC was $578 PSF, while Piermont Grand EC came in at $583 PSF, and those of OLA EC and Parc Canberra cost $577 PSF and $559 PSF respectively.
After factoring in all the development and marketing, regulatory, and financing costs, the breakeven for this Canberra Link EC could be around $1,0xx PSF.
And extrapolating from the prices of units at the other ECs, we could possibly expect a similar launch price of about $1,1xx PSF here too.
About the Developer
The Provence Residence executive condo is being developed by MCC Land, part of the MCC Group.
ABOUT THE MCC GROUP
The MCC, or Metallurgical Corporation of China Limited Group is China’s biggest manufacturer of steel structures, and therefore a major driving force behind China’s steel and iron industry . It is also one of its pioneering large-scale enterprises.
With business operations spanning over 90 countries, MCC is one of the largest metallurgical contracting companies in the world as well.
The company is currently listed on both the Hong Kong and Shanghai Stock Exchanges, with assets of more than 60 billion yuan (USD$7.7 billion) across its 70 subsidiaries, either in partnership, or wholly owned.
With its continuous drive for innovation, the Group has amassed 54 State Science and Technology Prizes, 667 national industry quality awards, over 16,241 patents, and 54 State Science and Technology Prizes.
MCC is ranked at the 290th position currently in the Fortune Global 500 index, and 10th under the Engineering News Record’s (ENR) Top 250 Global Contractors index of 2015.
ABOUT MCC SINGAPORE
MCC Singapore is a wholly owned subsidiary of the MCC Group, and is its South East Asian regional headquarters.
It comprises five core business areas, namely, real estate development, construction, civil engineering and infrastructure, and special steel structure projects. These are handled by the respective companies: MCC Land (Singapore) Limited, China Jingye Construction Engineering (Singapore) Private Limited, China Jingye Engineering Corporation Limited (Singapore Branch), and MCC Bina Sdn Bhd.
MCC Singapore has accomplished much in recent times, in fields such as real estate development, large-scale integrated entertainment parks, project management and public infrastructure projects, and specialised structural steel works.
In recognition of these achievements, it has been conferred the “Top 10 Successful Chinese enterprises entering ASEAN” award, for three consecutive years by the China Asean Business Council (CABC).
ABOUT MCC LAND (SINGAPORE) LTD
MCC Land (Singapore) Limited has been actively engaged in Singapore’s real estate market since its incorporation in 2010. It has developed five projects, managed another five projects, and co-developed two more projects.
Completed ones include Queen’s Peak at Queenstown MRT station, the Poiz Residences + Centre at Potong Pasir MRT station, Canberra Residences and the Nautical in Sembawang (close to where Provence Residence will be), and the Santorini and the Alps Residences, both in Tampines.
MCC Land has a fair bit of experience in developing executive condominiums too. The ones under its belt include Northwave and Forestville in Woodlands, Sea Horizon in Pasir Ris, and One Canberra and the Canopy in Sembawang.
The company has been ranked among Singapore’s top 10 real estate developers for three years consecutively, and has won an “Asia’s Top Influential Brands” award.
Over the last few years, MCC Singapore has expanded its operations to countries such India, Indonesia, and Malaysia. For instance, MCC Bina Sdn Bhd was established in 2012 as the Group’s gateway to Southeast Asia, and currently undertakes large-scale projects in Malaysia.
Provence EC Location · Features
Location. The Provence Residence location off Canberra Crescent, bounded by Canberra Link and Sembawang Road, lies within the Sembawang district.
It sits in a partially HDB / partially private residential enclave. To its south-west and south-east are other executive condos like Parc Canberra, and Visionaire and Brownstone across Canberra Link, with landed and private housing beyond that. While to its north and east is an HDB estate.
MRT Station. The Provence Residences EC location is 560m, or 7 minutes walk, from the nearest entrance to Canberra MRT station. From this station, half an hour’s train ride or so ought to take residents to Orchard Road. To Raffles Place and the CBD, add another 10 minutes, a total of 40 minutes ride.
Shopping, Childcare, F&B, Banks, Supermarkets. The Provence Residence location, being in a fairly mature estate, is well provided for, where shopping for food and daily necessities are concerned.
There are the neighbourhood shops a short walk away at Canberra Street and Canberra Walk. These include a Sheng Siong mini-market, hawker stalls, and tuition and childcare centres.
We also have a fairly large mall opening soon, the 118,000 square feet Canberra Plaza beside Canberra MRT station. This will house a full range of outlets, including a Fairprice supermarket, and lots of F&B and retail shops, as well as child enrichment centres.
Sembawang Road nearby also has a reputation for good food, housed in old coffeeshops and cafes with a laid back charm.
Then for one-stop shopping and clothes and gadgets, there is North Point City one train stop down from Canberra station. This is the biggest mall in the north of Singapore, recently opened. It comes with a library, community club, and even a town plaza.
Sports & Leisure Amenities. The Provence Residence location is just across the junction from Admiralty Hill, the site of the Bukit Canberra Integrated Hub. This clusters together a number of community, sports and leisure facilities. Like a swimming complex with outdoor and indoor pools, gym and fitness studios, an indoor sports hall, hawker centre, senior care centre, a polyclinic, and a community farm and fruit orchard.
Or if you prefer going back to basics, 2 km up Sembawang Road is Sembawang Park and Beach, with its rustic charm and soothing breezes.
Accessibility. The Provence EC location is really more accessible than it appears at first glance. An MRT ride to Orchard Road takes around half an hour.
For drivers, it currently takes around half an hour to get to Raffles Place and the CBD via the SLE and CTE, off-peak. However once the North-South Corridor completes, getting on the expressway network should be faster as the rampway onto it is nearer. Total travel time off-peak then should not be more than 25 minutes.
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