Sing Holdings, Wee Hur to launch Parc Botannia in Sengkang next weekend
SING Holdings and Wee Hur Holdings will launch Parc Botannia, their new residential project along Fernvale Street in Sengkang, on Nov 11.
Even as other developers are holding back on launching their projects in anticipation of further price growth next year, Lee Sze Hao, chief executive officer of Sing Holdings, said that he believes in launching now when the sentiment is good, on the back of an improved economic showing.
The 70:30 joint venture between Sing Holdings and Wee Hur had clinched the site in a state tender in September last year, beating 13 others to submit the top bid at S$287.1 million.
Parc Botannia, when completed, will offer a range of one to five-bedroom apartments with sizes spanning 431 sq ft to 1,679 sq ft. Selling prices will average S$1,280 per sq ft.
By unit type, one-bedders will start from S$548,000; two-bedders from S$738,000; three-bedders from S$1.04 million; four-bedders from S$1.3 million; and five-bedders from S$1.6 million.
The condominium development will comprise four 22-storey towers with a total of 735 units. Sitting on a land area of 17,196 sq m, the 99-year leasehold project will be located next to the Thanggam LRT station, which is a few stops away from the Sengkang MRT station.
Nearby recreational facilities include an aviation-themed playground at The Oval @ Seletar Aerospace Park, an animal resort off Seletar West Farmway 5, Seletar Country Club, Sengkang Sports Centre and Sengkang Riverside Park. The development is also near the famous food street at Jalan Kayu, Seletar Mall, Greenwich V and Compass One.
The condominium is nature-themed, flanked by Lorong Tanggam Park to its north-west and an upcoming 9,547 sq m park to its south. In addition, a cluster of 32 black-and-white colonial bungalows at the former Seletar airbase will be transformed into a hip foodie enclave and lifestyle hub with restaurants, cafes, spas and sports facilities.
Condominium facilities include various themed gardens and a community garden, a 50 m lap pool, jacuzzi, tennis court, a floating BBQ pavilion and a fitness clubhouse with a jogging track.
Mr Lee said that he is confident about the launch, given that it is the only project to be launched in the vicinity currently. The last launch in the area was High Park Residences more than two years ago by Chip Eng Seng. All its nearly 1,400 units have been sold, as are units at other nearby projects such as Rivertrees Residences, Riverbank @ Fernvale and H2O Residences nearby.
There is another executive condominium project, Anchorvale by Hoi Hup Realty and Sunway Developments, yet to launch in the neighbourhood.
Mr Lee said that Sing Holdings has no more unbuilt land bank and outstanding developments with unsold units. To replenish its land bank, the developer is exploring government land sales sites and collective sale sites.
Sing Holdings has taken part in one state tender (for Serangoon North Avenue 1) and two en bloc sale sites this year - to little success.
Both avenues have been equally competitive in pricing, Mr Lee noted, and the aggressive bidding has intensified from just one or two projects initially to an islandwide phenomenon now.
Asked if current tender prices are a concern and how developers can still protect their margins when they launch, he replied: "That is the risk that every developer has to manage. It is a real risk that if the developer bids too high, it may not be able to sell at the price it wants to sell ...
"We will continue bidding, and we will tender up to a point where we are comfortable and confident. Beyond that, we have to let it be - it's too bad. Different developers have different views on the market."
Parc Botannia's sales gallery and show suites at the junction of Fernvale Road and Sengkang West Way is open daily from 10 am to 7 pm for public previews.
Sing Holdings closed half a Singapore cent lower at S$0.49, while Wee Hur ended one Singapore cent lower at S$0.28 on Thursday.
