After the launch of Provence in May 2021, a new EC Parc Greenwich at Sengkang is launching. Due to current escalating Covid-19 cases, the launch is likely shifted to early September 2021. You may like to connect with me for any update of the Showflat Preview during 26 Aug – 6 Sept 2021 via https://property.mindnwealthbuilder.com/parc-greenwich/
As we know, new Executive Condominium (EC) is a hybrid between public and private housing. This is where one can enjoy the facilities of what a private condominium have but come with similar HDB housing rules like 5 years minimum occupation period (MOP) and a more restrictive Mortgage Servicing Ratio (MSR). The greatest benefit will be the price advantage and saving when once purchased an EC. As what Mr Khaw Boon Wan in Jan 2013 mentioned when he was Minister of National Development, “EC is like offering you a Lexus at Corolla price”.
If you fit the criteria of purchasing an new EC, buying one is no brainer as it offered you the following:
- Upgrading with lifestyle of owning a private condominium
- Lower risk investment with higher return compare to buying other private condo property
- Up to $30K CPF grant eligibility with subsidised market rate during purchase
The following is a snapshot of new EC (highlighted in Green) and Condo breakeven and launched prices in recent years for comparison.
Before you decided the EC, do check out the Developer track record, design layout, location, amenity and price comparison to nearby EC. Then you move on to verify your eligibility and financial commitment. This is important that you have no issue securing the unit and price you can purchase. For upgrading from subsidised/ new HDB flat, buyer need to prepare payback a HDB resale levy when they sell their HDB flat.
Also buyer need to take note of the MSR (maximun 30% of household salary) imposed when buying an EC. This is not the same as TDSR (up to 60% of household salary) imposed when buying private properties. A MSR loan table base on the household income below has been tabled for your consideration.
Once you are eligible for the new EC purchase, it is right that you seek out a new EC launching in the market to take advantage of first mover price advantage according to the location you want. There aren’t many new EC launching every year and units are likely to sell fast in the current growing market as per Q12021 statistics.
Support factors for EC in today market
- Affordable Pricing
- Low Interest Rate
- Underlying Demand and Limited EC supply
- Singapore Strong Fundamentals
- Overall rising in property prices recently due to increase in construction costs in this prolonged Covid-19 period
To give you a gauge the price of new and resale private private property compare to new EC transacted from Year 2011 to Year 2021 below. Clearly there is a price gap which is favourable to new EC buyer worth consideration.
We also did a comparison of EC Ola launched in Mar 2020 and the new Parc Greenwich taken from Edgeprop. The land price $psf ppr is very close and with the escalating construction cost to be provisioned, it should be sold around the price of EC Ola as the developer may need to price competitively against EC Ola.
So is the new 496 units EC Parc Greenwich good buy for you? The e-Application period is now postpone till after 6 Sept 2021 with booking date likely on the following weekend of 11 September 2021. If you need more reasons, you may note the additional key values of Parc Greenwich are:
- Opposite Landed Enclave (Low Density)
- Walking distance to Greenwich Village with supermarket and amenities and minutes drive to Seletar Mall
- Minutes drive to nature parks & country club
- Livable 2BR to 5BR premium, ranging from 786 to 1679 sf
Price Release & Ballot Tickets Drop: TBC (likely in Sep 2021)
The e-Application can only be done at the Greenwich show-room by appointment! If you are keen, do connect with me for the latest price list , layout and finance evaluation to determine the budget that suit your desired unit.
Or if you believe a new EC Parc Greenwich is a good buy but want to do comparison further. You may like to check out on EC OLA with a earlier TOP date in Year 2024 with update from my OLA site too. Do note it is not fully sold though the balance is shrinking month by month.