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Continue Reading ⋅ 28 July 2021
Project Name: Parc Greenwich EC
Developer: FCL Lodge Pte Ltd (subsidiary of Frasers Property)
Project address: Fernvale Lane
Type: Executive Condo
No. of units: 496
No. of blocks: Nine
No. of storeys: 14
Tenure: 99 years
District: 28
Projected TOP: Q1 2024
Parking lots + handicap lots: 496 residential carpark lots
Nearest MRT: Sengkang MRT station (North-East Line), Fernvale LRT station
Plot Ratio: 2.8
Site Area: 201,286 sq ft
Project Details
Parc Greenwich executive condo (EC) is an upcoming 496-unit, 99-year leasehold development located in District 28.
Developed by FCL Lodge Pte Ltd, Parc Greenwich EC is set to become the newest EC development in the North-Eastern region of Singapore. The project consists of nine, 14-storey blocks that sit on a massive land area (201,286 sq ft) that is equivalent to about the size of 3.5 full-sized football fields.
Parc Greenwich EC: Developer
Parc Greenwich EC is an executive condo development by FCL Lodge, which is a subsidiary of Frasers Property.
Frasers Property is a local developer that has completed more than 21,000 residential homes in Singapore. They won multiple accolades as a residential property developer for some of their outstanding residential developments like:
- RiverTrees Residences – Residential (High-Rise Category) at FIABCI World Prix D’Excellence Awards 2018
- Waterfront Collection (Waterfront Gold, Waterfront Waves, Waterfront Key) – World Silver Winner (Residential Mid-Rise Category) at FIABCI World Prix D’Excellence Awards 2017
- Riviere – BCA Green Mark Gold Plus Award
They are also a well-known shopping mall and office developer with office and business space properties such as:
- Alexandra Technopark
- Frasers Tower – Best Office Development, Best Office Architectural Design, Best Mixed Use Development, Best Commercial Green Development at PropertyGuru Asia Property Awards 2019
- Causeway Point
- Changi City
Location
Parc Greenwich EC is located in the middle of District 28, which puts it in between Yio Chu Kang and Sengkang.
Whilst there aren’t any prestigious schools in the vicinity, the good news is that Fernvale Primary School and Sengkang Green Primary School are two nearby schools in the area (within 2 km).
It’s also not within walking distance to an MRT station; the bus journey to the nearest MRT station, Sengkang MRT, will take you about 20 minutes. Thankfully, Fernvale LRT station is just 10 minutes by foot, which is about four stops away from Sengkang MRT station.
On the other hand, there are several convenient amenities nearby; Seletar Mall is within 1km while there are also a couple of supermarkets around Parc Greenwich EC, which makes it convenient for you to grab your daily necessities.
And if you enjoy being surrounded by greenery, you will appreciate the pockets of green spaces around Parc Greenwich EC. Sengkang Riverside Park is also within 2 km from Parc Greenwich EC.
Parc Greenwich EC: Accessibility
The closest MRT stations are Yio Chu Kang MRT and Sengkang MRT. Of the two, Yio Chu Kang MRT on the North-South Line (NSL) is closer, about 2.9km away. Sengkang MRT is 3km from the development.
You can take bus 86 to Yio Chu Kang MRT (11 stops away). The station is also 11 stops away from Raffles Place MRT in the CBD. According to Google Maps, the total journey will take you approximately 52 minutes.
Meanwhile, you can also travel to the CBD via Sengkang MRT on the North-East Line (NEL), which is about 3km from the development. Thankfully, the area is served by Fernvale LRT station (1.3 km away). It takes about 10 minutes by foot but you could also take buses 50 and 163 which would take about 15 mins.
Fernvale LRT station is just four stops away from Sengkang MRT. To get to Raffles Place, you would need to alight at Clarke Quay MRT and then take a short walk to Raffles Place. If you prefer less walking, you can also switch to the NSL at Dhoby Ghaut MRT and then end your journey at Raffles Place MRT.
Because of the changing of trains at interchanges, this route takes slightly longer time (64 minutes) than the NSL route.
For those who drive, your daily commute to the CBD is more straightforward. After you exit Yio Chu Kang Road, you can take the Central Expressway (CTE), which will bring you all the way into the CBD via Chinatown. Getting to the CBD will take about 20 minutes.
Parc Greenwich EC: Nearby shopping malls
- Seletar Mall (0.8 km)
- Buangkok Square Mall (1.5 km)
Parc Greenwich EC: Nearby supermarkets
- Cold Storage @ Greenwich V (0.2 km)
- FairPrice @ Jalan Kayu (0.4 km)
- Cold Storage @ Fernvale Link (1.2 km)
- Prime Supermarket @ Buangkok Square Mall (1.5 km)
- Giant Supermarket @ Buangkok Crescent (1.5 km)
Parc Greenwich EC: Nearby hawker centres
- Ci Yuan Hawker Centre (2.0 km)
Parc Greenwich EC: Nearby schools (within 2km radius)
- Fernvale Primary School (0.5 km)
- Sengkang Green Primary School (1.5 km)
- Hougang Secondary School (1.9 km)
Parc Greenwich EC: Nearby amenities
- Jalan Selaseh Park (0.5 km)
- Neram Park (0.6 km)
- Buangkok Sports Park (1.3 km)
- Sengkang Riverside Park (1.9 km)
Analysis
Parc Greenwich EC: Price
The land for Parc Greenwich EC was bought by the developer through a public tender. During the tender, FCL Lodge won the bid with the highest bid of $286.54 million. This translates to a price of $555 psf per plot ratio.
Below is the average PSF price of nearby condos compare to Parc Greenwich EC in the last 12 months:
- Sengkang Grand Residences: $1,538 to $2,667
- The Greenwich: $1,068 to $1,394
- The Topiary: $929 to $1,311
- Cabana: $908 to $1,730
- Serenity Park: $1,087
- Rivercove Residences EC: $844 to $1,182
- Esparina Residences: $1,045 to $1,172
- Flora View: $1,135 to $1,468
- The Quartz: $717 to $1,036
- The Luxurie: $1,078 to $1,438
Source: PropertyGuru
Parc Greenwich EC: D28 URA Master Plan
According to the District 28 URA Master Plan, the development planning for the area is pretty much cast in stone. The only variable is the reserve site (yellow) diagonally across Parc Greenwich EC.
One thing to note about the URA Master Plan is the plot of business space beside Parc Greenwich EC. This will be the upcoming Sengkang West Industrial Park.
According to URA, the land is slated for use for clean industry, light industry, general industry, warehouse, public utilities and telecommunication uses and other public installations. There might also be some special industries like manufacture of industrial machinery, shipbuilding and repairing, but only allowed in specific areas.
In the short term, residents at Parc Greenwich EC might have to deal with the dust and noise as the Sengkang West Industrial Park gets built. In the long run, the Sengkang West Industrial Park, together with the Seletar Aerospace Park, can be a potential source of tenant pool.
As Sengkang continues to grow as a new town, the government is putting in resources to support new families. One of the highlight developments is the new large childcare centres that will provide families with access to quality and affordable childcare services. Two of these childcare centres will be next to Parc Greenwich EC.
The other highlight development around Parc Greenwich EC is the Round Island Route (RIR). The RIR is a continuous stretch of park connector that loops around Singapore with a length of 150km. It will connect to the existing Park Connector Network, existing natural, cultural, historical and recreational sites.
Source: NParks
60km has already been completed for the first phase of the RIR that is connecting Sengkang Riverside Park and Gardens by the Bay. By the end of 2021, another 60 km of paths between Gardens by the Bay and Rower’s Bay (part of The Rail Corridor) will be further connected.
Punggol Digital District (PDD) is also a major development in the North-East of Singapore that buyers of Parc Greenwich EC should know of. PDD will house both Singapore Institute of Technology (SIT)’s campus and JTC’s Business Park spaces to create Singapore’s first truly smart district.
For the uninitiated, PDD will be the home to key growth industries of the digital economy like cybersecurity and digital technology while also providing a shared community space for social and recreational activities. In short, it will be Singapore’s own Silicon Valley, which will translate to a larger pool of tenants (and likely with greater disposable income) on top of the potential tenants from Seletar West industrial Park. Not just that, it also adds a number of retail and community spaces within the reach of Parc Greenwich EC residents.
Summary
Parc Greenwich EC presents a buying opportunity into the condo market for those who are looking for a soon-to-be private property in District 28. This is especially for those who are looking for a unit as a gateway to enjoy the benefits of the upcoming PDD.
Though Parc Greenwich EC does come with some trade-offs in terms of location and convenience, we think that this will likely be offset by the more affordable prices of ECs. With rising private condo prices, Parc Greenwich EC does provide a more affordable entry into the condo market for aspiring Singaporeans. When the development of PDD is complete, it will coincide nicely with the privatisation of Parc Greenwich EC (around 10 years’ time). This can potentially lead to some nice appreciation for Parc Greenwich EC down the road.
Checkout ECs for sale on PropertyGuru. Or read our reviews of other condo projects here.
