Special Feature: Parc Greenwich EC
By PropNex Research and editorial
Sengkang, once a new town in the making is now a full-fledged vibrant housing estate, with a wide range of amenities and residential developments. An upcoming Executive Condominium (EC) launch, Parc Greenwich EC in Fernvale Lane will see more households moving into the estate, further enlivening the area.
Parc Greenwich EC – a public-private housing hybrid - which comprises 500 units should appeal to a sizable group of owner-occupiers, including those who are upgrading from public housing flats. The 99-year leasehold site was acquired by FCL Lodge Pte Ltd, a subsidiary of Frasers Property, for $286.5 million, translating to $555 psf per plot ratio.
Although Parc Greenwich EC in District 28 is located farther from the city centre, it enjoys good transport connectivity, being near the Fernvale LRT station. Amid the more serene living environment, residents also have fuss-free access to modern conveniences since there are numerous amenities such as shopping malls, a hospital, and schools within the vicinity.
Whenever a new EC project is being put on the market, it tends to generate quite a bit of excitement. That is because ECs are seen as an entry point into the private housing market for many Singaporeans. The government unveiled the concept of ECs in 1995 to cater to the aspirations of Singaporeans to own affordable a private residential property.
In order to acquire an EC, a set of eligibility criteria has to be fulfilled. Hence, ECs are commonly thought of as a ‘Singaporean privilege’. Applicants purchasing an EC, have to form a family nucleus, with a household income not exceeding $16,000. One of the buyers must be a Singapore citizen under the Public, Fiancé/Fiancée and Orphans Scheme. However, if they are applying under the Joint Singles Scheme, all applicants must be Singapore citizens.
There has been a dwindling supply of EC units launched in the past few years, as the government monitors the supply of these units, taking into consideration factors such as take-up rate of new EC units and the current market sentiments.
In order to calibrate the supply, developers of EC sale sites from the GLS programme are only allowed to launch units for sale 15 months from the date of award of the sites or after the physical completion of foundation works, whichever is earlier. Given the tighter availability of ECs and their affordability, such units are usually in hot demand.
Data showed that there is a substantial average price gap of about 38% between ECs and mass market private condos in the Outside Central Region (OCR) in 2020. This makes ECs a good option for the budget conscious or buyers who wish to take a more prudent approach to their property purchase. In addition, families looking for a spacious home at a more palatable price will also find ECs an attractive proposition as the lower psf pricing translates to a more manageable overall quantum.
Parc Greenwich EC is set to offer comfy homes that are ideally situated in a tranquil environment.
With the Greenwich V mall just a 4-minute walk from the development, future residents of this EC will find it very convenient to go on a grocery trip to procure daily necessities. The mall has a range of offerings including the Cold Storage supermarket, enrichment centres for kids, a clinic, a food court, and other dining options.
Meanwhile, the nearby Seletar Mall has a different mix of stores for those looking for more retail therapy. Among its F&B tenants are Burger King, McDonald's, Swensen's, Texas Chicken, Hawkerman, Din Tai Fung, Hai Di Lao Hot Pot and Song Fa Bak Kut Teh. In addition, there are also the NTUC Fairprice Finest supermarket, Harvey Norman, Challenger, Popular Bookstore, Uniqlo, and Watsons.
Just a few LRT stops away is the Compass One mall in Sengkang - residents will be spoilt for choice with this many retail options available. If that is not enough; avid shoppers can look forward to an upcoming new mall near Buangkok MRT station - the Sengkang Grand Mall is slated to open towards the end of 2023, bringing more lifestyle, entertainment, and dining options to the heartland.
Apart from retail offerings, families with school-going children would be delighted to know that there are a variety of schools available in the vicinity. Some of the schools nearby are Hougang Primary School, Sengkang Green Primary School, Fernvale Primary School, Anchor Green Primary School, and Yio Chu Kang Primary School. Additionally, for the folks living an active and healthy lifestyle, there is the Punggol Park Connector, beside Sungei Punggol, that leads to Punggol.
Fun and recreation aside, Parc Greenwich EC is also located near the 320-hectare Seletar Aerospace Park, which plays an instrumental role in Singapore’s push to be a global aviation hub. It is home to a buzzing aerospace industry and a dining oasis. The Oval @ Seletar Aerospace Park, a lifestyle enclave is where one can find cosy cafes, restaurants and shops as well as attend bazaars and carnivals.
For wellness and healthcare needs, the Sengkang Polyclinic and Sengkang General Hospital are also a short drive from the EC development.
Future residents of Parc Greenwich EC will enjoy smooth access to various parts of Singapore via the Fernvale LRT, which takes them to the Sengkang MRT station on the North-East Line as well as the Sengkang bus interchange. From the Sengkang MRT station, it is a straight train ride to numerous places of interest including Little India, Dhoby Ghaut, Clarke Quay, Chinatown, and Harbourfront.
In addition, the EC is being developed by Frasers Property Singapore, a reputable developer known for its expertise and quality projects. Among its residential developments are Riviere, Seaside Residences, Esparina Residences EC, and Martin Place Residences, to name a few. Apart from private homes, Frasers Property Singapore also has a portfolio of shopping malls and commercial properties.
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