Frasers Property's Parc Greenwich sells 65% of units at launch weekend

Published Mon, Sep 13, 2021 · 04:39 PM

FRASERS Property's executive condominium (EC) Parc Greenwich moved about 65 per cent or 322 of its 496 units over its launch weekend on Sept 11 and 12.

Prices started from S$895,000 for the two-bedroom units, S$1.05 million for the three-bedroom units, S$1.2 million for the three-bedroom-plus-study units, S$1.38 million for the four-bedroom units and S$1.7 million for the five-bedroom units.

The apartments were sold at an average price of about S$1,200 per square foot, developers Frasers Property and CSC Land said in a joint release on Monday.

All the two-bedroom and five-bedroom apartments were said to be fully snapped up, while the three-bedroom apartments sold 220 of its 370 units and the four-bedroom apartments sold 74 of the 98 units.

The EC also sold 148 units or the full 30 per cent allocated quota to second-time home buyers. First-time buyers took up 174 of the 322 units sold. (See amendment note)

Lee Nai Jia, deputy director of the Institute of Real Estate and Urban Studies (IREUS) at the National University of Singapore said: "Buyers are likely attracted to the EC because they are priced lower than the new private developments on sale. This trend is expected to continue until next year, provided no government intervention in the residential markets."

A NEWSLETTER FOR YOU
Tuesday, 12 pm
Property Insights

Get an exclusive analysis of real estate and property news in Singapore and beyond.

"The performance of EC not only displays the robust underlying demand in the OCR (outside of central region) segment, but it also shows that the prospective buyers are in a stronger financial position than in 2015 in purchasing the EC.  Besides the buoyant HDB resale market supporting the upgraders, I suspect that many buyers also have help from the parents or intergenerational transfers when purchasing the units," he added.

Lorraine Shiow, acting chief operating officer of Singapore residential at Frasers Property, said that home buyers were mainly attracted to the EC's wide array of facilities.

"Parc Greenwich also appeals to young families who can look forward to a plethora of dining, recreational and retail amenities as well as transportation nodes in the neighbourhood." she added.

A 10-minute walk from Fernvale Light Rapid Transit (LRT) station, the project comprises nine residential towers of 14 storeys each, a public park and a low-rise landed enclave.

Amendment note: An earlier version of this article had stated that there were 332 units sold, when in fact there was 322.

KEYWORDS IN THIS ARTICLE

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

Property

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here