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SingHaiyi's Parc Clematis condo to open for booking on Aug 31

SingHaiyi's Parc Clematis condo to open for booking on Aug 31.

The development consists of 1,468 units including 18 landed homes; prices start from about S$1,550 psf

PROPERTY developer SingHaiyi Group's 99-year leasehold Parc Clematis will be open for booking on Aug 31. The public preview will be held on Saturday, Aug 17.

Located at the former Park West residential site, the development consists of 1,468 units including 18 landed homes, and is said to be the developer's largest project to date.

Pricing for landed units is not available but the project has nine 24-storey tower blocks with prices starting from about S$1,550 per square foot (psf) for a one-bedroom unit, S$1,540 psf for a two-bedder, and S$1,530 psf for a three bedder.

The development occupies a land area of 633,000 square feet (sq ft) with a plot ratio of 2.1. Unit sizes range from 452 sq ft for a one-bedroom and 2,669 sq ft for the largest five-bedroom penthouse. Twelve terrace units start from 2,659 sq ft and six bungalow units are 3,832 sq ft each.

SingHaiyi bought the former Park West residential site in Clementi for S$840.9 million in an en bloc sale last year. The sale price translates to a land cost of S$850 per sq ft per plot ratio after factoring in an estimated S$290.6 million in differential premium and lease upgrading premium.

Other than having communal facilities like clubhouses and multi-purpose entertainment and game rooms, the condo is alsoto train stations and shopping malls. The closest MRT station is Clementi, a nine-minute walk away via an upcoming sheltered walkway.

Gregory Sim, deputy chief executive officer of SingHaiyi, said he is encouraged by responses from previous property launches. "I think there is always a demand especially for Parc Clematis since there has not been new launches in this area for the past three and a half years," he said.

The lack of recent launches may result in pent-up demand, according to ERA Realty head of research and consultancy Nicholas Mak.

"Clementi is a mature town with many amenities and it may be popular among families because of its close proximity to schools. The huge HDB population in the area may also see some people looking to upgrade," said Mr Mak.

CBRE head of research at South-east Asia, Desmond Sim, said that while some success is expected due to the underlying demand for individuals who have a preference for its location in Clementi, it is unlikely to be a complete sell-out based on current economic conditions.

"Looming economic woes make buyers more cautious. They are also spoilt for choice so we won't expect people to flock to projects," he said.

He cited launches in the vicinity that still have unsold units. These include Twin Vew, which with an average sales price of S$1,399 psf, still has 65 out of 520 units unsold, while Kent Ridge Hill Residences with an average price of S$1,700 psf has 356 out of 548 units unsold.

CBRE's Mr Sim also pointed out that most of the successful units sold recently are priced below S$1.5 million as "price quantum has been a key driver of demand", suggesting that the demand pool for larger units will be smaller.

But Mr Mak said he does not foresee an oversupply of landed homes in Parc Clematis as they only take up 18 of the total units available.

"There are people who like to own landed units for the privacy and size of the houses, while still enjoying the facilities that a condo has," he said.

Parc Clematis is expected to be completed in the third quarter of 2023.

Source: https://www.businesstimes.com.sg/real-estate/singhaiyis-parc-clematis-condo-to-open-for-booking-on-aug-31-0

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