The much-awaited Parc Central Residences (Executive Condominium) is finally here! Or is it? With the COVID-19 pandemic still among us, will the launch be further delayed, or are there many upgraders ready to spend?
This post is by no means stating the actual selling price of Parc Central Residences. We wish to compare the prices of existing ECs and condos in the vicinity, as well as the estimated costs of Parc Central to determining an indicative selling price.
Before that, here is some information that we do know so far.
Project Name: Parc Central Residences
Address: Tampines Ave 10
Site Area: 24,934 sqm
Plot Ratio: 2.8
TOP: Est. 3rd Quarter 2023
Tenure: 99-Year Leasehold
No. of blocks/stories: 11/16
No. of Units: 700
Unit mix: 3,4,5 bedrooms
No. of Car park lots: 700
Architect: ADDP Architects LLP
Developer: Hoi Hup Sunway Tampines JV Pte Ltd (Hoi Hup Realty and Sunway Group)
Amenities:
It is about 1.4km from Tampines MRT Station, and the nearest supermarket is about 6min walk away at Blk 872C Tampines Street 86. Bus stops are about 150m away with most buses getting to the Interchange. For your daily recreation, take a 1.4km walk to Bedok Reservoir Park.
Currently, there are about 62 units remaining at The Tapestry which is less than 500m away from Parc Central Residences. The average sold PSF at The Tapestry is S$ 1,357. Unlike the Parc Central Residences, The Tapestry is of condominium status and not an EC.
Further down Tampines Ave 10, there is Arc at Tampines which was completed in 2014, and the current average sold PSF is S$ 930. This is also developed by Hoi Hup Realty.
As for Parc Central Residences, its land sales price was S$ 434.45m, which works out to about S$ 578 psf ppr (per square foot per plot ratio). With an estimated construction cost of S$ 350 and a profit margin of 30%, ie. S$ 278, the total estimated launch price could be looking at S$ 1,206 psf.
However, taking into account the current sentiments and future uncertain COVID-19 impact, the developer MAY take a conservative approach in terms of its profit margin and even perhaps introduced discounts to entice buyers. A 20% and 25% profit margin will result in an estimated launch price of S$ 1,113 psf and S$ 1,160 psf respectively. Moreover, Parc Central Residences consist of larger units compared to Tapestry, thus affordability will be a key consideration for buyers.
What do you think? Will it still be an attractive home option if the released price turns out to be higher than expected? Or will the developer reward first-movers with generous discounts to spur buyers’ confidence? Share your views with us!