DESPITE upcoming supply, Frasers Centrepoint Limited (FCL) is not concerned about the executive condominium (EC) market, proceeding with the launch of its latest project, Parc Life, at an average price of S$770 to S$800 per square foot (psf).
"We believe there is healthy demand from HDB homeowners who have achieved the minimum occupation period (MOP) and are looking to re-invest or upgrade," said Cheang Kok Kheong, chief executive officer of development and property at FCL.
Mr Cheang added ECs are also appealing to the first-time buyers, especially young couples who are setting up their first home, because of their potential for capital appreciation after the five-year MOP.
Parc Life comes with a full suite of facilities usually available at private condominiums, including a 50-metre-long infinity pool overlooking Canberra Park, eight spa areas, gymnasium, foot reflexology corner, tennis court and even a pet pavilion for residents to groom their pets.
The EC is next to the newly revamped Canberra Park, and a mere five-minute walk to the Sembawang Integrated Hub which comprises Sembawang MRT Station, Sembawang bus interchange and the Sun Plaza mall.
The project consists of 11, 15 and 16-storey blocks, and a total of 628 units, with the same number of parking lots and an additional five handicap lots.
Units at Parc Life feature FCL's signature Verandah, Vista and Viva layouts.
Verandah units have an alfresco layout that features a seamless transition between the living room and kitchen.
The Verandah layout comes in three-bedroom units, which range in size from 980 to 1,055 sq ft, and four-bedroom units, which are 1,281 sq ft.
Vista units feature an extended living and dining area with a wide balcony.
This layout is offered in three-bedroom units, which are 1,066 sq ft, four-bedroom units, which are 1,270 sq ft, and five-bedroom units, which are 1,550 sq ft.
The three-bedroom apartments make up the majority of Parc Life's units, and the project offers only 16 five-bedroom units.
Viva units are meant to cater to the younger and smaller families, and therefore come in smaller sizes.
The two-bedroom Viva units range in size from 753 to 764 sq ft, while the three-bedroom units range in size from 926 to 1,001 sq ft.
Parc Life also offers slightly bigger three-bedroom Verandah and Vista units that come with a universal room.
Buyers can choose from three different layout options for their universal room, depending on their lifestyle needs.
FCL's Chinese competitor Qingjian Realty also recently launched its EC, The Visionaire, in the Sembawang area.
It received an enthusiastic response on the first weekend e-applications opened, with more than 400 applications being made for the 632-unit project.
The Visionaire's selling point is that its units feature smart devices that residents can remotely access via a mobile app.
However, Mr Cheang explained that the current hard-wired smart home systems do not provide flexibility and that the wireless alternative is still in a developing stage.
"In a survey we conducted, we do not see a significant demand for smart homes.
Therefore, we are focusing on providing homeowners with quality finishes and unique unit layouts while leaving them the flexibility to customise and install their own smart home system to match their lifestyles," said Mr Cheang.
E-applications for Parc Life will start on April 16 and end on April 24. Bookings will take place on April 30.
The project's expected date of Temporary Occupation Permit is in the first quarter of 2018.
This article was first published on April 14, 2016.
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