Based on the recent land bids for Parc Canberra executive condominium (EC) found in Canberra Link, there is a total of 9 bids. The leading tender is valued at $271 million which is from Sunway Developments and Hoi Hup Realty. The EC marketing is trending upwards at a steady rate though some analysts might be concern about the land price for Parc Canberra EC.
CBRE’s head of research in Singapore as well as Southeast Asia, Desmond Sim, stated that the EC market is attracting healthy interest. He added that this property segment that’s suitable for the “sandwiched” class of home buyers still remains limited in terms of stock. This is because as of the second quarter of 2018, there were less than twenty units which were not sold.
Parc Canberra EC Price at Canberra Link
Parc Canberra EC Site was first launched for sale on June 28. The site has a gross area of 45,101 sq-m and an area of 18040 sq-m. Overall, this site has received a significant number of bids. However, it still can’t outdo the number of bids which the EC at Sumang Walk received. Tay Huey Ying who is the head of research and consultancy at JLL Singapore observed that by the time the tender was closing in February 2018, a total of 17 bids had been submitted.
Parc Canberra EC Land Bid Price
It’s worth noting that the amount received for Canberra EC Link Site is lower than that received for Sumang Walk EC. Using the amount received from the top bid, the Canberra EC Price is $558 per square feet per plot ratio which is around 4.3% lower than the amount received for Suman Walk EC site. Well, Tay noted that this could be possibly because the developers had probably taken into account the extra 5% for non-remittable ABSD.
Breakeven for Parc Canberra EC by Hoi Hup Realty
The breakeven price for the Canberra Link EC could be between $950 & $1000 per square feet. This is according to estimates that were done by Tay. She further speculates that this could easily lead to higher selling prices when compared to the previous EC project which was launched in April 2018 along Anchorvale Lane at Rivercover Residences. Tay added that based on the caveats lodged, this property had an average selling price of $976 per square feet.
In terms of average EC price, the Sembawang area has improved. Note that the last EC in Sembawang which was sold through public tender received two bids only and that was back in 2014. According to Knight Frank who is Lee Nai Jia’s senior director & head of research in Singapore, the average price of this site was simply 4353 per square feet per plot ratio.