SingHaiyi's Parc Clematis condo to open for booking on Aug 31

PROPERTY developer SingHaiyi Group's 99-year leasehold Parc Clematis will open for booking on Aug 31. The public preview will be held on Saturday, Aug 17.

Located at the former Park West residential site, the development consists of 1,468 units,(see amendment note) including close to 20 landed homes, and is said to be the developer's largest project to date.

Pricing for the landed units is not available but the project boasts nine 24-storey tower blocks with prices starting from about S$1,550 per square foot (psf) for a one-bedroom unit, S$1,540 psf for a two-bedroom unit, and S$1,530 psf for a three-bedroom unit.

The development occupies a land area of 633,000 square feet (sq ft) with a plot ratio of 2.1. Unit sizes range from 452 sq ft for a one-bedroom and 2,669 sq ft for the largest five-bedroom penthouse. The 12 terrace units start from 2,659 sq ft and the six bungalow units are 3,832 sq ft each.

SingHaiyi bought the former Park West residential site in Clementi for S$840.9 million in an en bloc sale last year. The sale price translates to a land cost of S$850 per sq ft per plot ratio after factoring in an estimated S$290.6 million in differential premium and lease upgrading premium.

Other than having communal facilities like clubhouses and multi-purpose entertainment and game rooms, the condo is also in close proximity to train stations and shopping malls. The closest MRT station is Clementi, which is a nine-minute walk away via an upcoming sheltered walkway.

Deputy chief executive officer of SingHaiyi, Gregory Sim, said that he is encouraged by responses from previous property launches. "I think there is always a demand especially for Parc Clematis since there have not been new launches in this area for the past three and a half years," he said.(see amendment note)

ERA Realty head of research and consultancy Nicholas Mak expects the development to be well-received because of its location.

"Clementi is a mature town with many amenities and it may be popular among families because of its close proximity to schools. The huge HDB population in the area may also see some people looking to upgrade," said Mr Mak.

CBRE's head of research at South-east Asia Desmond Sim said that while some success is expected due to the underlying demand for individuals who have a preference for its location in Clementi, it is unlikely to be a complete sell-out.

"Looming economic woes make buyers more cautious. They are also spoilt for choice so we don't expect people to flood to projects," he said.

He cited recent launches in the vicinity that still have unsold units. Twin Vew with an average sales price of S$1,399 psf still has 65 out of 520 units left unsold, while Kent Ridge Hill Residences with an average price of S$1,700 psf has 356 out of 548 units unsold.

CBRE's Mr Sim also pointed out that most of the units sold recently are priced below S$1.5 million as "price quantum has been a key driver of demand", suggesting that the demand pool for larger units will be smaller.

But Mr Mak said that he does not foresee an oversupply of landed homes in Parc Clematis as they only take up 18 of the total units available.

"There are people who like to own landed units for the privacy and size of the houses, while still enjoying the facilities that a condo has," he said.

Parc Clematis is expected to be completed in the third quarter of 2023.

Amendment note: An earlier version of this story incorrectly said that Parc Clematis is the first launch in Clementi in four years. SingHaiyi Group has since corrected itself and said that it is in fact the first launch in three and a half years. The article above has been revised to reflect this.

This article also incorrectly stated that the development consists of 1,498 units. It is in fact 1,468 units. The article above has been revised to reflect this.