Buyers pay average of $880 psf for the 659 units at The Parc project
All 659 units of The Parc Condominium in West Coast Walk have been snapped up in less than a fortnight since the start of the month.
Prices for the freehold 24-storey condominium went as high as $1,040 per sq ft (psf) for several coveted high-floor units.
Overall, the apartments were sold at $880 psf on average, having risen from an average of about $820 psf at the start of sales.
Collective sale sellers of the former Westpeak condominium, on whose site The Parc now stands, got the first bite of the cherry on July 31. Other buyers joined in later.
The last unit was taken up by 6pm on Saturday, after which sales staff of the condominium’s sole marketing agent, Savills Singapore, threw a celebratory party at the show-flat.
The most common type of unit are three-bedders, ranging from 1,216 to 1,302 sq ft. There are 282 of them, or nearly 43 per cent of all homes. The condominium also has apartments as small as 667 sq ft and three penthouses at about 3,681 sq ft each in size.
Buyers were mostly Singaporeans, with foreigners making up less than 20 per cent of the purchasers, said the firm’s managing director, Mr Michael Ng.
The Singaporean buyers included young families and older people looking for retirement homes or homes for their children, he said. Foreign buyers included those from Hong Kong and Indonesia, he added.
Developed by construction and property group Chip Eng Seng and a Lehman Brothers unit, The Parc is near Clementi town centre and a short drive away from the National University of Singapore, Singapore Polytechnic, Singapore Science Park and one-north in Buona Vista.
Savills said professionals and lecturers from these places are potential tenants. The condominium features recreational facilities such as a 50m lap pool, jacuzzi and a toddlers’ pool on a relatively large site of 366,432 sq ft.
Chip Eng Seng bought Westpeak in a collective sale last April for $206.09 million, which worked out to $348 psf of potential gross floor area, inclusive of a development charge then estimated at $21.5 million.
Lehman Brothers came in for an equal share of the project last October.
Meanwhile, Chip Eng Seng soft-launched a high-end project with about 70 units in Peck Hay Road, near Cairnhill Circle, about a month ago.
It has since sold close to 50 per cent of the development - which sits on the former Venus Mansion site - at about $2,500 psf on average.
Next up for the developer will be the launch of a small, luxury condominium in Grange Road.
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