Parc Imperial is selling a double penthouse for $1.78 million

Read this post: Luke Billiau is hired by JLL to lead capital markets in Australia and New Zealand

A duplex penthouse located at Parc Imperial located in District 5 is listed on the block during Edmund Tie’s upcoming auction in June. The property is also open to private treaty negotiations. The owner’s sale, which is 1,195 sq ft property has an estimated price at $1.78 million, which translates to $1,490 per square foot of floor area.

As per the property listing, the property is to be sold with an existing lease set to expire in the month of December 2024. The lower level is comprised of an open-plan living and dining space with a balcony adjacent as well as a kitchenette, a household shelter and a powder room. The upper floor houses the master bedroom that is en-suite with an open-air balcony, as well as two additional bedrooms with ensuites.

Parc Imperial is an affordable condo with freehold situated on Pasir Panjang Road. The 138-unit development was completed in the year 2010 through Local developer Fragrance Group. It is located 200m away from Haw Par Villa MRT Station along the Circle Line. The main road connection within the area is via roads like the West Coast Highway and Pasir Panjang Road.

Three new developments have come up at least three new developments have sprung up in The Pasir Panjang area close to Parc Imperial. In April of 2018, The Verandah Residences by Oxley Holdings went live to a booming sales opening and buyers snapped up the 129 apartments (76%). The 170-unit development located on Pasir Panjang Road had been completely sold in June by Oxley Holdings, followed up on the Veranda Residences’s popularity with its 250 units Kent Ridge Hill Residences located on South Buona Vista Road. On the day it was launched on 10 November the project sold 110 homes (44%). The project had 99% sold by the end of July, 2018, with an average of $1,950 per square foot.

The latest new development of the neighborhood is 270-unit freehold property Terra Hill. This condominium is situated at Yew Siang Road off Pasir Panjang Road was officially launched in February of this year and buyers bought more than 102 units (38%) over the first weekend of the sales launch and set an average price of around $2,650 per sq ft.

Despite the numerous new developments, Parc Imperial commands a acceptable average price for sale of $1,766 per square foot, from a list of resale restrictions during the last twelve months. One unit has sold this year – an area of 398 square feet, one-bedroom apartment that sold for $735,000 ($1,845 per square foot) on the 27th of April.

Based on resale caveats that were filed over the last 5 years, the highest-priced property that been sold on the property Parc Imperial has been a 1,948 square foot 3-bedroom duplex penthouse. It was auctioned off at $1.95 million ($1,001 per square foot) on December 20, 2021. It was followed by selling a 2,304 square foot penthouse in a duplex at $1.78 million ($773 per square foot) in October of 2020.

A look-up of rental information at Parc Imperial, a development by EdgeProp Singapore shows that the condominium is rented at an average of $7.35 per month. (pm). This is quite high when compared to other developments in the vicinity, such as the Orient located at Pasir Panjang Road ($5.38 per month, pm), Horizon Residences located at Pasir Panjang Hill ($4.63 per month, pm) as well as The Peak @ Balmeg located on Balmeg Hill ($4.03 psf pm).

Pasir Panjang is close to the well-established Mapletree Business City located at Pasir Panjang Road, Alexandra Technopark located at Alexandra Road, the National University of Singapore and the business district that is one-north.

There is also The Southern Ridges, a 10km park that links Mount Faber Park, Telok Blangah Hill Park, HortPark, Kent Ridge Park, Labrador Nature Reserve and Henderson Waves which is a pedestrian bridge crossing Henderson Road. The park will also be on the entrance of the planned Greater Southern Waterfront, which extends over 30km of southern coast from Gardens by the Bay East to Pasir Panjang and will include the housing of both private and public.