The newest Parc Greenwich executive condominium had strong sales on its opening weekend, indicating that buyers’ enthusiasm in the property market hasn’t waned.
As of Sunday (Sept 12), 322 of the 496 apartments offered have been sold at an average price of $1,200 per square foot (psf), according to developer Frasers Property Singapore.
Parc Greenwich, a 99-year leasehold development co-developed with CSC Land Group, is situated on Fernvale Lane on Yio Chu Kang Road and is expected to get a temporary occupancy permit in 2024.
The development consists of nine 14-story apartment buildings. It has units ranging in size from two to five bedrooms, as well as penthouse units with high ceilings.
A two-bedroom apartment costs $895,000, a three-bedroom unit costs $1.05 million, a four-bedroom unit costs $1.38 million, and a five-bedroom unit costs $1.7 million.
According to Frasers, 174 of the 322 properties sold were to first-time home purchasers.
Meanwhile, second-time purchasers snap up 148 apartments, taking up the whole 30% quota of a development’s total number of units that may be given to second-time buyers at launch under existing rules. One month following the launch, the limit for second-time purchasers will be lifted.
Parc Greenwich is a 10-minute walk from Fernvale LRT station and is close to the North Coast Innovation Corridor, which extends from Woodlands to Punggol and Seletar, and includes the planned Punggol Digital District.
The overwhelming reaction has encouraged Ms Lorraine Shiow, acting chief operating officer of residential (Singapore) at Frasers Property Singapore.
“The project’s complete suite of amenities, as well as high-quality characteristics and fittings more typically seen in top-end private condos,” she added, adding that the wellness-themed building also appeals to young families.