journo
04-11-22, 10:09
MCC Land has received a sale licence for Sceneca Residence, which will go on sale in late November or early January
2 November 2022
The URA's Controller of Housing granted MCC Land a sale licence for Sceneca Residence, its project at Tanah Merah Kechil Link, on November 2. This comes just over six months after they were granted a no-sale permit on May 12.
MCC Land will also collaborate with The Place Holdings and Ekovest to create the Tanah Merah mixed-use project.
Sceneca Residence is a 268-unit condominium complex that includes a ground-floor commercial podium with 19 strata-titled commercial spaces. When finished, the complex will have a direct connectivity to the Tanah Merah MRT Station.
The developer must still arrange for a site inspection of the sales gallery and showflats by the Controller of Housing (COH). According to Ismail Gafoor, CEO of PropNex, the procedure could take two to four weeks.
According to Gafoor, MCC Land has two launch windows: the first two weeks of December before the holiday season or the first two weeks of January before the Lunar New Year on January 22, 2023.
The first window of opportunity in the first two weeks of December will be determined by how quickly a COH inspection can be scheduled and a licence obtained. "Late December is not a good time to launch because many potential purchasers will be out of town," Gafoor explains. "Since Covid, there has been a pent-up demand for travel throughout the year-end vacations."
The next launch window for Sceneca Residence is in the first two weeks of January. "Most individuals would have returned from their year-end holidays," Gafoor adds. "And it will be a fantastic moment to launch before the Chinese New Year celebrations begin."
However, because the developer has not yet made a choice, it is difficult to predict when the project would be launched, according to Gafoor.
MCC Land refused to comment for this article.
The Sceneca Residence will be built in collaboration with Ekovest Developments and The Place Holdings. Given that Sceneca Residence is a mixed-use building connected with an MRT station, Gafoor believes the project will be priced in line with recent releases in the Outside Central Region, if not slightly lower.
This is due to MCC Land winning a government land sale (GLS) tender two years ago and purchasing the 95,587 sq ft, 99-year leasehold site at Tanah Merah Kechil Link.
MCC Land won the Tanah Merah Kechil Link property out of 15 bidders and paid $248.99 million for it in November 2020. The bid price corresponds to $930.34 psf per lot ratio based on the maximum gross floor size of 267,644 sq ft (psf ppr).
This is less than the $784.1 million ($1,204 psf ppr) GuocoLand paid in a GLS procurement in July 2021 for the 186,001 sq ft Lentor Modern site.
The 605-unit Lentor Modern in Lentor Central is the estate's only integrated mixed-use development. The project features a 96,000-square-foot commercial podium with a 10,000-square-foot daycare centre and a 12,000-square-foot supermarket. It is directly connected to the Thomson-East Coast Line's Lentor MRT Station.
Since the debut of Lentor Modern on September 16, about 510 units (84.3%) have been sold at an average price of $2,103 psf, according to caveats lodged with URA Realis as of November 2. In reality, 508 units (84%) were taken up on the project's first day.
Sky Eden@Bedok, a 158-unit condominium complex in Bedok Central, located only one MRT stop away from Tanah Merah. Frasers Property's residential project is a renovation of the former Bedok Point mall. Sky Eden@Bedok is a mixed-use building that includes 12 strata-titled stores on the ground floor. The project is a five-minute walk from Bedok MRT Station.
Sky Eden@Bedok, which opened on September 7, was 75% sold on the first day. According to caveats lodged as of November 2, 122 units (77.2%) have been sold to date at an average price of $2,103 psf.
It remains to be seen whether Sceneca Residence will be the project launch that will close the year or begin the new year in 2023.
2 November 2022
The URA's Controller of Housing granted MCC Land a sale licence for Sceneca Residence, its project at Tanah Merah Kechil Link, on November 2. This comes just over six months after they were granted a no-sale permit on May 12.
MCC Land will also collaborate with The Place Holdings and Ekovest to create the Tanah Merah mixed-use project.
Sceneca Residence is a 268-unit condominium complex that includes a ground-floor commercial podium with 19 strata-titled commercial spaces. When finished, the complex will have a direct connectivity to the Tanah Merah MRT Station.
The developer must still arrange for a site inspection of the sales gallery and showflats by the Controller of Housing (COH). According to Ismail Gafoor, CEO of PropNex, the procedure could take two to four weeks.
According to Gafoor, MCC Land has two launch windows: the first two weeks of December before the holiday season or the first two weeks of January before the Lunar New Year on January 22, 2023.
The first window of opportunity in the first two weeks of December will be determined by how quickly a COH inspection can be scheduled and a licence obtained. "Late December is not a good time to launch because many potential purchasers will be out of town," Gafoor explains. "Since Covid, there has been a pent-up demand for travel throughout the year-end vacations."
The next launch window for Sceneca Residence is in the first two weeks of January. "Most individuals would have returned from their year-end holidays," Gafoor adds. "And it will be a fantastic moment to launch before the Chinese New Year celebrations begin."
However, because the developer has not yet made a choice, it is difficult to predict when the project would be launched, according to Gafoor.
MCC Land refused to comment for this article.
The Sceneca Residence will be built in collaboration with Ekovest Developments and The Place Holdings. Given that Sceneca Residence is a mixed-use building connected with an MRT station, Gafoor believes the project will be priced in line with recent releases in the Outside Central Region, if not slightly lower.
This is due to MCC Land winning a government land sale (GLS) tender two years ago and purchasing the 95,587 sq ft, 99-year leasehold site at Tanah Merah Kechil Link.
MCC Land won the Tanah Merah Kechil Link property out of 15 bidders and paid $248.99 million for it in November 2020. The bid price corresponds to $930.34 psf per lot ratio based on the maximum gross floor size of 267,644 sq ft (psf ppr).
This is less than the $784.1 million ($1,204 psf ppr) GuocoLand paid in a GLS procurement in July 2021 for the 186,001 sq ft Lentor Modern site.
The 605-unit Lentor Modern in Lentor Central is the estate's only integrated mixed-use development. The project features a 96,000-square-foot commercial podium with a 10,000-square-foot daycare centre and a 12,000-square-foot supermarket. It is directly connected to the Thomson-East Coast Line's Lentor MRT Station.
Since the debut of Lentor Modern on September 16, about 510 units (84.3%) have been sold at an average price of $2,103 psf, according to caveats lodged with URA Realis as of November 2. In reality, 508 units (84%) were taken up on the project's first day.
Sky Eden@Bedok, a 158-unit condominium complex in Bedok Central, located only one MRT stop away from Tanah Merah. Frasers Property's residential project is a renovation of the former Bedok Point mall. Sky Eden@Bedok is a mixed-use building that includes 12 strata-titled stores on the ground floor. The project is a five-minute walk from Bedok MRT Station.
Sky Eden@Bedok, which opened on September 7, was 75% sold on the first day. According to caveats lodged as of November 2, 122 units (77.2%) have been sold to date at an average price of $2,103 psf.
It remains to be seen whether Sceneca Residence will be the project launch that will close the year or begin the new year in 2023.