Tuesday, July 24, 2012

Over 60% of Parc Centros sold; location a strong pull


Business Times: Mon, Jul 23

PARC Centros blazed the trail in private homes sales last week.

More than 370 of the condominium project's 618 units are said to have found buyers. This means that that over 60 per cent of the 99-year leasehold project, released at a $950 psf average price last week, has been taken up.

Word on the ground is that unlike typical mass-market condo launches, it was the project's three- and four-bedders which were the fastest to move - whereas one-bedders have been selling at a slower pace.

The 16-storey condo has one to five-bedroom units in addition to penthouses. Absolute prices start from $550,000 for a one-bedroom apartment. Two bedders are priced from $750,000, while three and four bedders start from $880,000 and $1.22 million respectively.

Market watchers attribute Parc Centros' strong sales to the current popularity of Punggol, especially the project's proximity to the MRT station and future shopping facilities (at the upcoming Waterway Point mall). Most importantly, Parc Centros' $950 psf average price is considered relatively attractive compared with the Watertown condo, which was released in January achieving a median price of $1,169 psf in the initial month, quickly rising to $1,341 psf the following month. As at end-June, 943 of the Watertown's 992 homes had been sold, according to developer sales data released by the Urban Redevelopment Authority.

However, Watertown comprises mostly one and two-bedders, and typically smaller units sell at higher psf prices. Watertown and Waterway Point are being developed by a Far East Organization, Frasers Centrepoint and Sekisui House joint venture. Parc Centros is being developed by construction and property group Wee Hur Holdings.

Meanwhile at Flora Drive in the Upper Changi Road vicinity, Koh Brothers is said to have sold more than 170 units at its Parc Olympia condo project as at early yesterday evening. The project has been on the market for over a week.

Koh Brothers released 234 of the project's 486 units in two stages the previous week - 118 units on July 12 at an average price of $820 psf after a 16 per cent early-bird discount, followed by 116 units released on July 15 with the discount clipped to 15 per cent.

Parc Olympia, which will be developed next to the Japanese School, has six blocks of eight storeys and two seven-storey blocks. Meanwhile, United Industrial Corporation has begun selling its 99-year leasehold V on Shenton condo on the former UIC Building site at Shenton Way since Friday to business associates, ex-tenants and minority owners of the site and VIPs.

As at yesterday evening, 90-plus units are said to have been sold out of about 130 released on 10 levels (anywhere from the 17th to 46th floors of the 54-level project). The average price is around $2,200 psf. UIC has closed the showflat, which is at The Gateway on Beach Road, and is expected to re-open it this weekend.

  
Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
Email: marshe_inc@yahoo.com.sg
DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G)

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