Frasers Property’s Parc Greenwich EC sells 65 percent of units in launch weekend

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Frasers Property’s Parc Greenwich executive condominium (EC) launch, which was jointly developed with CSC Land Group, sold 322 units, or 65 percent of the total 496 units, in its launch weekend, the property developer said in a filing to SGX Monday.

“We are encouraged by the strong response for our latest residential development, Parc Greenwich, which is District 28’s first EC launch since 2013. Homebuyers are attracted to the project’s comprehensive suite of facilities as well as high-quality attributes and fittings more commonly found in top-end private condominiums,” Lorraine Shiow, acting chief operating officer for residential (Singapore) at Frasers Property Singapore, said in the statement.

“The development’s proximity to next-generation, vibrant commercial, digital and industrial hubs in Singapore’s northeast region is highly valued by homebuyers,” she added.

An EC is a hybrid type of public-private housing in Singapore, offering amenities similar to condominiums, but with lower pricing because the land is subsidised; the properties are subject to some of the same restrictions as public housing.

The Parc Greenwich will have nine residential towers of 14 storeys each; unit sizes range from two bedroom to five bedrooms, and penthouse units are also available, the statement said. Pricing started from S$895,000 for a two-bedroom unit, while S$1.7 million was the starting level for five-bedroom units, Frasers Property said, adding the average sales price was around S$1,200 a square foot.

All two-bedroom and five-bedroom units were fully sold, and second-time buyers acquired 148 units, the full 30 percent quota that can be allocated to them, Frasers Property said.

The development, which is accessible from the Sengkang MRT station via the Fernavale Light Rail Transit, is expected to achieve its temporary occupation permit (TOP) in 2024, the statement said.