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DEAL WATCH: Parc Centros unit for sale at $1.08 mil

angela.teo@bizedge.com

On the market is a three-bedroom, 990 sq ft unit at Parc Centros that has an asking price of $1.08 million ($1,091 psf). The unit is owned by a Singaporean, according to Connie Lew, associate director at OrangeTee, who is jointly marketing the unit with Ronnie Ong, associate executive director at OrangeTee.

Lew says the fourth-floor unit is tenanted at a monthly rent of $2,400 until end-July 2018. “The tenant has been residing at the unit since Parc Centros received its Temporary Occupation Permit in 2016,” she adds.

The rent achieved by the unit was comparable to that garnered by similar-sized units at Parc Centros in 2H2017, according to rental caveats lodged with URA as at Jan 8. URA caveat data showed that 11 three-bedroom units of between 900 and 1,000 sq ft were leased at Parc Centros from July to November 2017 for $2,250 to $2,600 a month.

 

Exterior of three of eight blocks at Parc Centros

The three-bedroom unit at Parc Centros is tenanted at $2,400 a month until end-July 2018, says OrangeTee’s Lew (Credit: Albert Chua/The Edge Singapore)

 

Lew points out that the orientation of the units in Parc Centros has an effect on the asking price. “This unit has a south-facing balcony that opens up to views of greenery and is windy throughout the year,” she says.

Within walking distance of Parc Centros is Waterway Point mall, the retail component of mixed-use development Watertown. Waterway Point is a four-storey building with a net lettable area of 370,824 sq ft and is directly connected to the Punggol MRT station. The mall houses FairPrice Finest, a 1,500-seat Shaw Theatres as well as F&B offerings such as Cedele Bakery Kitchen, Din Tai Fung and the stalls within Cookhouse by Koufu.

“Demand for three-bedroom units at Parc Centros has picked up since the 992-unit residential component at the nearby Watertown was completed in September 2017,” says Ong. “The price for a three-bedroom unit at Watertown is higher than that at Parc Centros, and the amenities available to the residents of Watertown are just a short walk away from Parc Centros,” he adds.

Jointly developed by Wee Hur Holdings and ZACD Group, the 618-unit Parc Centros comprises eight 16-storey blocks. Launched in July 2012, the condominium was fully sold by end-November the same year, according to developer sales data on URA’s website.

Parc Centros is located at the intersection of Punggol Place and Punggol Central and near F&B outlets at seafront dining destination The Punggol Settlement and Coney Island, a popular spot for cycling and nature enthusiasts as well as bird-watching aficionados.

 

Agent Contact Details: Connie Lew (OrangeTee.com Pte Ltd) | R012269Z | 8666 3332; Ronnie Ong (OrangeTee.com Pte Ltd) | R013258Z | 9761 8976

 

Tables: Recent transactions at Parc Centros, Recent rental contracts for 900 to 1,000 sq ft units at Parc Centros

Source: URA, EdgeProp

 

This article appeared in EdgeProp Pullout, Issue 813 (Jan 15, 2018).

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