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Thread: Sceneca Residence (D16, 99 year leasehold, MCC Land)

  1. #1
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    Default Sceneca Residence (D16, 99 year leasehold, MCC Land)

    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 [email protected], 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 [email protected] 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 [email protected], 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. #2
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    Aug 2020
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    Default Re: Sceneca Residence (D16, 99 year leasehold, MCC Land)

    Sceneca Residence sells 60% of 268 units on launch day at average S$2,072 psf

    Jan 15, 2023


    The largest unit in Sceneca Residence, a 2,756 sq ft four-bedroom penthouse said to be priced in the region of S$5 million, was also sold on launch day.
    PHOTO: SCENECA RESIDENCES


    THIS year’s first new residential launch Sceneca Residence met with firm demand on its first day of sales. Househunters bought up 60 per cent or 160 units of the 268-unit project in eastern Singapore, with units transacted at an average of S$2,072 per square foot (psf) on Saturday (Jan 14), said joint developers MCC Singapore, Ekovest Development and The Place Holdings.

    The bulk of the 99-year-leasehold units sold – 75 per cent – consisted of one and two-bedroom units. Prices started from S$958,000 for a one-bedroom unit and from S$1.33 million for a two-bedder.

    The largest unit in Sceneca Residence, a 2,756 sq ft four-bedroom penthouse, was also sold on launch day. BT understands that the penthouse was sold at between S$5 million and S$6 million. The project has three other penthouses of 2,400 sq ft each.

    All 48 one-bedroom units, ranging from 463 sq ft to 538 sq ft in size, were sold on Saturday. Huttons chief executive officer Mark Yip noted that the two-bedroom units, from 678 sq ft to 883 sq ft, sold out as well “as the quantum is at an attractive entry point for HDB upgraders”.

    Three-bedroom units, ranging from 904 sq ft to 1,367 sq ft, started at about S$1.77 million and 1,518 sq ft four-bedders were priced from about S$2.99 million.

    Some 88.5 per cent of the project’s buyers were Singaporeans, and 11.5 per cent permanent residents and foreigners.

    “The project is likely the first major private residential launch (excluding executive condominiums) after the implementation of the latest round of cooling measures on Sep 30, 2022, and we do observe that homebuyers are more conscientious and deliberate in their buying decisions,” said Tan Zhiyong, chief executive officer, MCC Singapore in a statement released on Sunday.

    Marcus Chu, chief executive officer, ERA Realty Network, pointed to the Tanah Merah project’s direct access to an MRT station and an integrated retail mall as factors in its favour.

    In addition, its location near places of employment such as the Changi Business Park, the air logistics area and Changi Airport “would increase the rental demand for the residential units in this project”, said Chu.

    The sales performance of Sceneca Residence was within expectations, according to Wong Siew Ying, head of research and content, PropNex Realty. She noted that the result was also commendable with the launch so close to Chinese New Year, when market activity tends to be slower.

    “Furthermore, its average pricing of $S2,072 psf is also competitive and relatively on par with recent outside central region (OCR) launch prices,” said Wong.

    Wong anticipates healthy interest in upcoming launches as well. More than 10,000 new units could be launched this year, with some five to six projects slated to be marketed in the first quarter.

    “Most of the existing OCR launches on the market have sold a majority of their units, leaving fewer suitable options for buyers. We expect market activity could pick up after the Chinese New Year festivities,” she added.

    https://www.businesstimes.com.sg/pro...rage-s2072-psf

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