Parc Greenwich EC New Launch Condo Review – A Modern Home in an Urban Village

TL;DR Nestled in the serene and tranquil environment at the heart of Singapore’s 28th District, Parc Greenwich is an upscale executive condominium development. It is set to be highly sought-after by buyers looking for comfortable homes in an urban village.

The Development 

Parc Greenwich is a modern home in an urban village. Offering a vibrant and idyllic lifestyle, Parc Greenwich has dedicated recreational zones, with a multitude of facilities to cultivate wellness for the whole family. It is a luxurious Executive Condominium with 496 units ranging from 2-bedroom + study to 5-bedroom units, developed by Frasers Property Singapore. Yes, Frasers Property, it is one of the leading real estate players in Singapore!

It is located on Fernvale Lane, opposite the idyllic Seletar Hills. The concept of Parc Greenwich is of a home in a vibrant urban village that emphasises wellness, family, and nature.

Parc Greenwich EC also enjoys rather beautiful views of the neighborhood. That means residents do not just live in a peaceful neighbourhood, they also enjoy the tranquillity.

Name anything you can think of, and it’s within the vicinity of Parc Greenwich executive condo. Many amenities are within walking distance. It is a short distance walk from the Fernvale LRT and has amenities such as shopping malls, hospitals, and schools within the vicinity. The area also enjoys excellent connectivity, allowing Parc Greenwich residents to access the city within a short ride.

When it comes to accessibility, there’s nothing to worry about for Parc Greenwich residents, especially in this locale. Everything you need in terms of facilities is near your home. Multinational companies such as G.E. Aviation and Rolls-Royce are set up right next to this development. Also, other developments here like the Seletar Aerospace Park and Seletar Airport will provide employment opportunities in the area.

Considering Parc Greenwich’s proximity to amenities and facilities and URA’s future developments in the north-east region, Parc Greenwich is expected to receive a high demand. Besides, being a property developed by the reputable Frasers Property means the development will likely to enjoy huge success.

Developer Profile and Track Record

Parc Greenwich Executive Condominium is developed by international renowned real estate developer Fraser Property. Having several sell-out projects over the past few years, the launch of the Parc Greenwich EC certainly excites buyers across Singapore.

Frasers Property is a multinational company that develops, owns and manages a diverse, integrated portfolio of properties. Listed on the Main Board of the Singapore Exchange Securities Trading Limited and headquartered in Singapore, the Group has total assets of approximately S$39.2 billion as at 31 March 2021.

Their assets range from residential, retail, commercial & business parks, to industrial & logistics in Southeast Asia, Australia, Europe and China. Their well-established hospitality business owns and operates serviced apartments and hotels in over 70 cities and 20 countries across Asia, Australia, Europe, the Middle East and Africa.

Frasers Property Singapore has developed over 21,000 homes and oversees a portfolio of 14 shopping malls and seven office, business space and business park properties.

Some of the Recent Projects developed by Frasers Property

Seaside Residences

Seaside Residences is situated in district 15 of Singapore and right next to Siglap MRT on the Thomson East-Coast Line. The property enjoys clear views of the sea and the beautiful 15 km coastline. The neighborhood offers residents plenty of options when it comes to shopping and dining facilities.

Rivière

Rivière is a 455-unit iconic residential development right next to the Singapore River. It is situated in a tranquil part of Robertson Quay. Riviere is the ultimate destination for city life in a private and exclusive enclave. Havelock MRT station and the Great World MRT station are within the vicinity of Riviere. It’s a great place in a prime riverfront location offering luxurious living with everything within reach.

8 Mount Sophia

8 Mount Sophia sits on elevated land and the spectacular and peaceful Mount Sofia close to Orchard Road and Selegie Road. It is a walking distance from great shopping destinations like Plaza Singapura Mall. 8 @ Mount Sophia residents enjoy quick access to salons, cafes, boutiques, banks, supermarkets, schools, restaurants, and other essential amenities. It is also just a stroll away from the Dhoby Ghaut MRT Station and conveniently accessible through East Coast Parkway (ECP). Bus services here are excellent for smooth connectivity to the CBD in a short ride.

Project Bid Price, Tender Results, Breakeven Price of Developer, Maintenance Fee

HDB has awarded the Parc Greenwich EC site to Frasers Property Ltd, offered under the Government Land Sales program.

Frasers Property unit FCL Lodge won the tender after submitting the highest bid of $286.5 million, translating to about $555 psf ppr. Coming close was a bid from a consortium between MCC Land (Singapore) and Sing Holdings Residential. They submitted a bid of $285.1 million equivalent to $552 psf ppr. Out of the 7 bidders, a bid from a partnership led by Evia Real Estate came last at around $500 psf ppr. The breakeven cost is $950 psf. After factor in a profit margin of 15 per cert, the estimated selling price will be around $1,093psf.

Parc Greenwich site covers about 1.87 hectares or 17,129.9 sqm with a maximum GFA of 47,964 sqm. When completed, the development is expected to house around 496 modern housing units and is expected to stand at 14 storeys high.  Also, the Architect for this project is ADDP Architects LLP.

District and Area Price Review

How did Seletar become so attractive for capital growth and appreciation? It was mainly due to the government’s plan for the North region. Seletar contains the new SGD60 million Seletar Aerospace Park which spans 140 hectares. The Seletar Master Plan as laid out by the Singapore government has measures to transform Seletar into a regional hub alongside Jurong East, Woodlands and Tampines.

In the Seletar and Fernvale area, you would see plenty of new flats. When these Housing Development Board flats turn 5 years of age, the home owners are likely to upgrade and continue staying in a condominium in the same area. Hence, we see a huge demand for private housing in the area which has since boosted the price and profits in the area.

District 28 offers a magnitude of unique lifestyle and recreational options not found anywhere else in Singapore. The lush greenery is also coupled with the convenience and relatively close proximity to the town area.

Pricing Analysis : Parc Greenwich vs New ECs

Now that we’ve looked at the price trend in District 28 and the area, how does Parc Greenwich fare against its new launch peers?

We will be comparing Parc Greenwich with Ola, which is in the same vicinity, and Piermont Grand, which is a little further away.

There is no new EC in District 28, but we include these new ECs that are found nearby in District 19, Sengkang – Ola and Piermont Grand for the purpose of comparative studies. Generally, the EC is priced 15-20% lower than a comparable private condo.

In the area, there are several new condos such as Ola, Piermont Grand. If we were to compare the current selling price at the OLA EC and Piermont Grand, prices are quite comparable given that Parc Greenwich is new plus its positioning as a premium development project. It is developed by the Frasers Property, one of Singapore’s top property companies with three core businesses focused on residential, commercial and hospitality.

Units in nearby existing 99-year EC recently transacted at lower price, such as the 548-unit OLA EC at S$1,144 psf on average, and the 820-unit Piermont Grand EC at S$1,110 on average.

When the Parc Greenwich is launched, we could expect to see prices of S$1,100 psf and above. Coupled with the lower price on a dollar foot basis, it does make sense for some to purchase ECs in the market since they are getting a larger unit while paying a much lower absolute dollar amount.

Price Performance

In comparison, Ola EC are holding up fairly well, and the price has risen to 1,201psf recently (up from the peak of $1,134 psf when it was first launched in March 2020).  We have also seen some pretty decent growth in the prices of Piermont Grand EC as well.

Parc Greenwich EC vs nearby Resale Comparables

Price Performance

Parc Greenwich EC nearby comparables include Rivercove Residences, The Topiary and Lush Acres. The Topiary attained its Temporary Occupation Permit in 2016 and has reached its minimum occupancy period in 2021. As we look at the price performance chart, there has been a gradual increment in the price leading up to its eventual MOP with a flurry of transactions, selling at $1,043psf on average.  As it was launched at approximately $800 psf, this would mean a whooping 30 percent growth that The Topiary homeowners can expect.

The top few profitable transactions in The Topiary reaped more than $300,000 to $400,000 in profits over the 8 years period. The Topiary is the first Executive Condominium to be launched in Sengkang that is also located at Fernvale Lane in District 28.

Now, let us take a look at the nearby Lush Acres, which launched in 2016. It was launched at about $800 psf and is currently transacting at $1006psf. That is also another 26% appreciation over a period of 7 years. Units at Lush Acres performed comparatively well, averaging an attractive annualised growth of 3.5% year on year. Lastly, Rivercove Residences’s healthy sales performance saw nearly 80 per cent of its 628 units sold at an average price of $965 psf for the executive condominium (EC)’s first ballot and booking exercise once it was first launched in early 2018. Currently, the price has spiked even higher to $1,200psf, averaging an attractive annualised growth of 4.2% year on year.

Considering the indicative price of $1,100 psf, Parc Greenwich EC does provide one of the lowest price entry into the market based on our latest research. Positioned as a premium luxury property developed by one of Singapore’s leading real estate players, this could also mean that the prices for this EC could head north down the road.

Overall Price Comparison

Location Analysis

Located in Sengkang Fernvale Enclave, Parc Greenwich Executive Condominium is just situated across Greenwich V Shopping Centre and is located in an exclusive enclave. Parc Greenwich is approximately 900 m away from Fernvale LRT Station and The Seletar Mall. Nearby Shopping Centre also includes Hougang One and Fernvale Point. The LRT services provide a seamless link to the Sengkang Train Station and Sengkang Bus Interchange at Sengkang Town Centre. This integrated public transport system provides future residents of Parc Greenwich with a more efficient way of commuting within the estate and to downtown for both work and leisure.

Staying close to schools means less early morning battles, reduced transport expenses, and peace of mind knowing that your kids are safe. Besides, today’s kids are no longer excited with the long commutes to school.

Schools within 1km of Parc Greenwich include Fernvale Primary School and Sengkang Green Primary School. Within 2km there is Anchor Green Primary School, Fern Green Primary School, Hougang Primary School and Rosyth School.

For those who drive, major expressways like the Seletar Expressway, Central Expressway, and Tampines Expressway are easily accessible allowing residents to link to other parts of Singapore seamlessly.

Site Plan Analysis & Stack Analysis

Parc Greenwich EC has a North-South orientation. This means that you will get the maximum natural lighting into your abode. Parc Greenwich residences will have choices for units that are not only pool facing, but also offer views of the landed properties. These units can be found in Stack 11,12,15,16. The beautiful landscape of this development is also surrounded by abundant greenery.

Parc Greenwich EC has units ranging from two- to five-bedroom. We will navigate the floor plans sequentially starting from a two-bedroom unit and ending with the penthouse unit in the following section.

All units come with quality bathroom fittings from Geberit and Hansgrohe, sanitary ware from Bravat and Kitchen appliances from Bosch. When it comes to flooring, porcelain tiles are provided for in the living room, dining area, kitchen, yard and bathroom. It is vinyl plank for bedrooms.

Unit Distribution

Also, Parc Greenwich EC offers 3-bedrooms that make up the majority of the unit mix, accounting for 75% of total units.

The buildings are also designed and built in such a way that it maximises ventilation and natural lighting. The architecture also creates spaces for fresh air to flow into the units, whereas large windows offer residents views of the outdoor greenery. Within the rooms themselves, the RC ledge functions as both sun-shading and rain protection. This means that instead of constantly closed windows, residents have a means of leaving such windows slightly ajar all year round. This allows a natural air flow through the building.

RC ledge that functions as sun-shading/rain protection.

Additionally, the wide selection of practical unit types that you can choose from, is all equipped with smart home features.

Parc Greenwich Smart Home Ready

Unit Layout/Floor Plan

2-Bedroom floor plan

The layout of this particular unit is pretty standard for 2-bedroom units in today’s new developments. The main entrance leads to the dining area. One feature we like about this layout is that the kitchen is fully enclosed and there are 2 bathrooms. For those who prefer privacy, they may choose this floorplan as they have a personal bathroom of their own. Also, the walls in the bedroom 2 and master bedroom are removable so there will be ample space for the living area if you like.

There is little wasted space except for the foyer area at the entrance and the household shelter. For a 786 square feet unit with 2 bathrooms and a balcony, we must say the space is fairly utilised.

3-Bedroom Premium floor plan

This is practical and well-considered layouts for a 3 bedroom Premium unit. The 3 bedroom units are classic homes that offer a large living area and decent-sized bedrooms that introduce an abundance of light, so the interior spaces feel bright and airy. In this layout, the master bedroom and living area does seem slightly bigger as compared to the 2-bedroom unit. This one here is 1,001 square feet for the 3-bedroom premium unit.

5 Bedroom premium Floor Plan

This one here is 1,464 square feet – the 5-bedroom premium unit at the Parc Greenwich.

The layout is generally what you’d expect, but we are not the biggest fan of 4 of the bedrooms being laid out in a row while the 2 common bathrooms are right next to each other.

It would have been better to have one of the bathrooms between two bedrooms instead.  On first glance, the living room is not spacious for a 5 bedroom unit.

For those that love a bit of outdoor space, the balcony here is pretty big, so you can have seating and even refurbish it to become a dining space. Do note that the balcony is accessible via the enclosed kitchen. This direct access from the kitchen seems to be unique in this layout especially in today’s new residential developments.

Upcoming Development

Here are some of the things residents in the region will benefit from the masterplan.

The North-East Region of Singapore was once predominantly an industrial region. This area has been revitalised thanks to the URA Master Plan. This part of Singapore is now densely populated and home to bustling new towns, busy commercial parks, waterfront living and abundant greenery.

Today’s North-East region is a blend of the old and new towns, from the heritage towns of Ang Mo Kio and Hougang to modern towns of Sengkang, Serangoon, Fernvale, and Punggol. The area has witnessed lots of transformation with new MRTs, Malls, and other urban amenities while embracing its rustic charm.

According to the District 28 URA Master Plan, the development planning for the area is pretty much cast in stone. The only variable component is the reserve site which is situated diagonally across Parc Greenwich EC. One thing to note about the URA Master Plan is the plot of business space beside Parc Greenwich EC. This will be the upcoming Sengkang West Industrial Park. Hence, we predict that the development of Sengkang West Industrial Park, together with the Seletar Aerospace Park, can provide a potential source of tenant pool.

The masterplan will bring jobs close to homes for residents in this area. Upcoming developments in Lorong Halus Industrial Estate, Sengkang West Industrial Park, and Punggol Digital Districts means more options for North-East residents.

Creating New Recreational Opportunities

North-East brings you close to nature with its coastlines, canals, wetlands, and reservoirs. Residents living here can look forward to more options to escape the city life. They will be near the future Punggol Promenade Waterfront Walk, Punggol Waterway Park, and the eateries at Punggol Settlement. Outdoor experiences will be more improved, allowing residents to jog, stroll or cycle around Sengkang Riverside Park. They will also have easy access to the nature park on Coney Island.

The Development of Round Island Route

The other highlight development around Parc Greenwich EC is the Round Island Route. It will connect to the existing Park Connector Network, existing natural, cultural, historical and recreational sites. 60km has already been completed for the first phase of the RIR that is connecting Sengkang Riverside Park and Gardens by the Bay. By the end of 2021, another 60 km of paths between Gardens by the Bay and Rower’s Bay will be further connected.

The Launch of the Punggol Digital District 

Punggol Digital District is also a major development in the North-East of Singapore that buyers of Parc Greenwich EC should know. It brings together the Singapore Institute of Technology’s campus and JTC’s Business Park spaces to create Singapore’s first truly smart district.

It is essentially a smart district as Singapore takes steps towards being a Smart Nation. Punggol Digital District will be the showcase of how integrated master planning and technology can help transform the area into a community recreation area and enterprise district, fostering a growing business and lifestyle ecosystem that attracts talent and enables innovation. This will translate to a larger pool of tenants.

Facilities

There are 8 Recreation Zone with a total of 52 wellness facilities. It come with a 3 storey high Wellness Club, 1st level has multi-purpose hall which can be used for badminton court, function space and even a dance studio. Gym and Fitness Deck are located on 2nd-storey. Gym is overlooking at pool and lush landscape whereas fitness deck is facing park.

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 after work. The resort-style gardens and lush landscaping, like at the Central Garden and Spa Garden, set a holiday mood that is conducive to relaxation. There is also the Evergreen Garden where you can grow your own organic greens!

Amenities

One of the biggest perks of being a Parc Greenwich resident is the plethora of amenities nearby. Fernvale features great shopping destinations. Seletar Mall and Greenwich V are among the main entertainment and retail centers.

Other outstanding amenities in the area include Seletar Aerospace Park and Sengkang Sports and Recreation Centre. The industrial park is a major attraction and also home to trendy F&B businesses. Residents love the park for its beautiful green spaces and family-friendly facilities.

The entire Sengkang is revamped into a bustling town with many developments from residential, industrial, retail to commercial, and more are to come. Fernvale is at the centre of this thrilling neighborhood and is blossoming in many ways. You’ll find anything from essential amenities to recreational centers and enhanced connectivity.

Fernvale will continue to grow as new developments are launched in the area. It is an urban residential area with contemporary vibes, making it a high on demand town among families looking to invest in areas with great potential.

Our Take

We believe Parc Greenwich EC offers a buying opportunity into the condo market for those who are looking for a soon-to-be private property in District 28. This is especially for those who are looking for a unit as a gateway to enjoy the benefits of the upcoming Punggol Digital District.

Surrounded by greenery and low-rise residential housings, Parc Greenwich boasts of exclusivity and vibrance in the area. Albeit Parc Greenwich EC does come with some trade-offs in terms of location and convenience, we think that this will likely be offset by the more affordable pricing of EC in this area.

With rising private condo prices, Parc Greenwich EC does provide one of the lowest price entry into the condo market. By the time when the development of Punggol Digital District is completed, it will coincide with the privatisation of Parc Greenwich EC which is in 10 years’ time. This could potentially mean that the prices for the projects in the area could head north down the road.  We hope you find our latest review useful. Stay tuned for our next PLB latest research and featured insights! For those who are interested in finding out more or would like to start planning for your property portfolio, you may contact our PropertyLimBrothers team.