TLDR;

• Developed by Sing-Hai Yi Gold Pte Ltd, Parc Clematis is a 99-year leasehold property which sits on a site area of 633,639 sq ft. The site area is also regularly shaped, containing 400,000 sq ft of facilities which is rare in the new launches found in recent years, which adopt compact and conservative concepts. There is a total of 1468 residential units, consisting of nine blocks of 24 stories, eight 2-storey Strata Terraces and six 2-storey Bungalows.

• Homeowners are treated to a myriad of amenities available, providing them every reason not to leave the development and spend weekends to explore their condominium.

Editor’s Note

This is an updated analysis of Parc Clematis, which was launched at August-end 2019. Here, PropertyLimBrothers will be discussing only on the available units, the advantages and disadvantages of the development and our verdict. We will also include rough price quantum to base our analysis, and hopefully you will find this insightful. If you’re already planning for your next purchase, do contact PropertyLimBrothers here, to make a more informed decision.

The unit types available at this development range from one-bedders to bungalows, catering to a wide unit typology. Most of the rooms in the unit are also squarish, providing owners with the freedom on how they wish to design the rooms. Even though there are nine buildings, there is a good density spread among the blocks to ensure that there is sufficient privacy for all owners.

This project is also pet friendly, allowing owners to bring their pets to revel within the development, complete with a pet lawn and pet’s playground.

Children amenities are plentiful with three playgrounds for children for variety. Clubhouses are also available for events such their birthday parties, with a Celebration Hall with a 40-pax maximum capacity. This enables residents host private parties and even a mini wedding reception (glorified weddings are now quite a scarcity these days).

Family-friendly amenities such as the multi-purpose games room and entertainment room increases the plethora of options for their weekends. There are even six dining pavilions for homeowners to take advantage of during those culinary-inclined days.

All in all, the sheer number of amenities available at this development is bound to leave homeowners more than just boxes to tick off.

Project Details

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A wide array of facilities

Commendable unit selection

Competitive price point

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Multiple condos around
Limited units left
Internal competition with exit strategy

About the Developers

Sing-Hai Yi Group has an established track record in residential property development with a diversified portfolio in residential, commercial and retail section.

In recent years, The Vales and Citysuites have both won CONQUAS Awards from the Building and Construction Authority (BCA). At the same time, this development, Parc Clematis, has also won the Best Universal Design Development (Asia) awarded by PropertyGuru which is testament to the accessibility of this unit to the masses.

Another big name working on this project is P&T Consultants Architect & Engineers who is one of the oldest and largest international architectural engineering practice in Southeast Asia Region.

Their notable projects include The Gazania, The Lilium, Parc Clematis, 9 Penang Road, City Suites, The Vales, CityLife@Tampines and Pasir Ris One.

In more recent news, Sing-Has Yi Group actually reduced their net losses year-on-year due to the successful sales for Parc Clematis so far. We will be covering the available units later, so do read on.

Purchase and Breakeven Price

In early 2018, Sing-Hai Yi Group purchased the en bloc land at $841 million of Park West. This is after The Trilinq and Clement Canopy’s successful launches, continuing the confidence in the area. As they say, third time’s the charm, and was the third attempt at a collective sale. With rough calculations, the breakeven price comes up to $1343 psf ppr.

This includes $840.9 million plus an estimated $290.6 million in differential premium and lease upgrading premium, the price tag works out to a land cost of $850 per sq ft per plot ratio.

Facilities

With over 633,000 sqft of land space, Parc Clematis unveils a wealth of facilities that will tease even the most cynical buyer. The facilities are split into five zonal areas, of which we will delve into the more outstanding features. For more, here’s the site plan.

Relax and Relax+
Lawns, Jacuzzis and various Pavilions encourage families to bond. We think areas like these are great during the weekends, encouraging families to hang out together rather than being cooped up at home.

Balance
For pool-inclined families, you’ll be spoilt for choice with three 50m Lap Pools and accompanying Pool Decks, with pet lawns to get your four-pawed furries the needed runabout.

Active
Several clubhouses and dining pavilions are available here, with a Toddler Play Pool and Kid’s Water Play for young families. The Celebration Hall allows eventful occasions to be held. Perfect to be booked for relatives during birthdays, company events and anniversaries.

Active+
Multi-purpose Entertainment Rooms and a Games Room are featured in this zonal area, together with a Gym, Dance Studio, three playgrounds and Tennis Courts. The most outstanding facility for this condominium is a Beach Pool for residents. A Beach Pool. Honestly, the more we discuss about the planned facilities, the more we’re starting to think Parc Clematis is predicated on a residence and a community centre fusion.

Technology and Environmentally Friendly Features

Owners will be treated with the latest technologies within the built environment, with mobile phone Smart Home device control. Control your air-conditioning remotely, digital lockset and expanding on lighting, smart plugs, voice control, cameras and more.

Lifestyle services, facility booking, masterclasses, visitor registration, car plate recognition and smart intercom reduces the hassle of living in a private enclave, providing a seamless experience at Parc Clematis.

For us, offerings like these are a dealbreaker, especially if the development is new. Imagine purchasing a condo without these essentials, and having to control all of this manually? Oh, the audacity!

Accessibility and Conveniences

At first glance, Clementi MRT station appears to be far from Parc Clematis but in actual fact, one could just hop onto bus 154, 196 or 201 at the bus stop B17059 which is just outside the development, taking two stops to reach Clementi MRT.  Furthermore, the route to the Bus Stop is fully sheltered, hence one does not worry about getting caught in the weather.

From Clementi MRT station, one could easily access the North-South Line with Jurong East MRT station just one stop away in the direction towards Joo Koon and Circle Line with Buona Vista MRT station two stops away in the other direction. For homeowners using our public transport infrastructure on a daily basis, this brings a much needed convenience.  Furthermore, going to work at the Central Business District is only a few train stops in the direction of Pasir Ris. It doesn’t get any more convenient than this.

In summary, Clementi MRT station will be the main station serving the homeowners of Parc Clematis and the proximity of the station to the other train lines available in Singapore is truly a blessing not to be missed.

For homeowners whose primary mode of transportation is private transport, the entrance to the Ayer Rajah Expressway is located just down the road from the project.

Conveniences

Located at Jalan Lempeng in District 05, this development is within walking distance from Clementi MRT of a little more than 1km. There’s some shortcuts to take, or you could do a 4-minute drive or a 7-minute bus ride. At the same location, Clementi Mall contains a myriad of amenities which cater to all the needs of a modern family including food courts, supermarkets, restaurants, enrichment centres and even a library.

For families looking for weekend activities within a few bus stops from Parc Clematis, 321 Clementi contains a cinema, karaoke and arcade while West Coast Recreation Centre contains a bowling centre. In the close proximity of West Coast Recreation Centre, there is also Clementi Stadium and Clementi Sports Complex which serves to satisfy the sporting needs of the family if required.

Offices

Parc Clematis is also in the vicinity of Jurong which URA has planned to turn into a heartland Central Business District (CBD) based on the Masterplan 2019. With 160 hectares of new developable land, the Jurong Lake District is expected to be the largest commercial and regional centre outside Singapore’s city centre. It is projected to also create more than 100 thousand new jobs and be the location for the terminal station of the High Speed Rail which will bring plenty of businesses to the area.

The proximity of Parc Clematis to One-North also has to be stated given the large number of research jobs and businesses functioning there. This could provide Parc Clematis with another set of tenant pool and even potential buyers when future employees look for a house near their workplace at One-North.

The CBD consisting of Raffles Place and City Hall is just a less than 30 minutes train ride away from Clementi MRT station, bringing much convenience to homeowners who work in the CBD. With most working areas situated within an hour of the development, the location of Parc Clematis is definitely suitable for most of the working class.

Being located in a mature estate, it is no doubt that amenities near the project is not lacking. With many prime projects projected to be constructed in Jurong, Parc Clematis could stand to be a major beneficial of the growth as the location could potentially see a surge in interest.

With Parc Clematis located in between the Central Business District (CBD) and the new upcoming heartland CBD, travel time to workplaces in either of the locations is not the longest. Hence, homeowners working in industries where offices are commonly located in the CBD will be thrilled to know travel times to their offices are on the shorter end of the spectrum regardless of which CBD they are working in.

The proximity to the AYE also provides car owners easy access to the rest of the island as both the west and east are easily accessible via the AYE. For shopaholics, Orchard Road is also just a less than 15 minutes’ drive away, allowing homeowners to get their fix of shopping.

Schools

Popular primary schools such as Nan Hua Primary School and Pei Tong Primary School are within 1km of the development which may add value to the property for potential investors.

On top of the many schooling options for primary and secondary school students, post-secondary institutions such as Ngee Ann Polytechnic, Singapore Polytechnic and 4 universities (NUS, SIT, SUSS and SIM) are also in the area. International students studying in these post-secondary institutions will be constant rental opportunities for homeowners looking to rent their units. By the way, UWC is a renowned international school where expats are willing to stay nearby the institution for.

Site Plan and Units

Editor’s note: Taking into account that the current sold units are roughly 63%, we will be covering some of the available units. This is to ensure you get the latest info for pricing and available units should you be interested. If we have already piqued your interest, do contact PropertyLimBrothers here.

The top units are designed with additional high voids that vary unit to unit. The additional sqft is already incorporated into the price points and stretches from the kitchen to the living area, giving a more breathable and spacious feel to the home.

The best stacks seem to be the north facing units in Block 8F as they have unblocked views of the landed property surroundings. They are also relatively far away from the entrance of the development which reduces the noise pollution coming from vehicles entering and exiting the development. However, I would avoid stack 64 and 65 if noise pollution is a cause of concern due to the proximity of the kids pool and picnic lawn to these stacks.

The south facing stacks in Block 8D could also make a case for being the best stack as homeowners will be treated to a glimpse of southern island sea view if they buy the units on the higher levels. However, the downsides to these stacks are their proximity to the main road which have rather high traffic volumes due to it serving as the linkway to the Ayer Rajah Expressway.

Comparing between the two stacks, it would be up to individual homeowners to decide if low levels of noise pollution or a glimpse of the sea view are more important to them.

2-Bedroom

Firstly, 2BR-2, 2BR-3, 2BR-4 and 2BR-5 are extremely similar with very minor differences in the layout of the home. However, 2BR-1 and 2BR-2 differ significantly as the former has a study in place of an extra toilet. For couples looking to live in the house themselves, the study option could be preferred as they may not have a need for an extra toilet. However, for families, they may consider the extra bathroom so that would be more convenient for families to have an extra toilet instead of the study in place while couples staying alone would probably prefer the study option. The prices are also generally similar so it is up to individuals to decide which they prefer.

Another benefit of the study option would be the ability to knock down the wall and create a larger dining area which could be beneficial for families looking to invite guests.

Currently, quite a good number of 2BR-1 type layouts available as compared to 2BR-2 type which is left with a few unit options.

It is quite common to have internal-facing units with a price tag of more than $1.2 mil sold last, as more often than not, some of the surrounding factors may be overstated. But justifiably, the Beach Pool provides ample space away from the facing Blocks 8 and 8A. Additionally, it is further away from the main drop-off than other blocks.

There is still a wide selection of 2-bedder units for these two blocks.

We recommend taking a high floor from Stack 47, though about $20k more than Stack 40 peaking at $1.26X mil for the higher floor units, it is completely justifiable for its superior view to Block 8C, which directly faces Stack 8A.

There are still some higher units at Block 8E going between the $1.17X-1.20X mil price quantum for Stacks 55 and 56, but the views are no contest. Don’t forget that views do play a part when selling off the unit, so it’s good to think two steps ahead before your purchase.

3-Bedroom

For potential buyers looking at 3 bedroom types, the bigger variants seem to have a more decent layout than the compact variants. The bigger living and dining space exudes a welcoming feeling after a long day and the bigger balcony provide families with a sanctuary to build the relationships. The extra space in the living room also provides families with a proper segregation between the dining area and living area.

The extra store room could also potentially serve as the helpers’ room for families with domestic helpers or just an extra study room for the family as seen in the showflat. Furthermore, the store room comes with a washroom which could be extremely useful for maids who are staying in this room.

Most of the standard 3-bedders have been snapped up, due to its mid-range price quantum and balanced layout, leaving some units at Stack 49 for 3BR-3, stack 53’s 3BR-2 and Stack 61’s 3BR-4.

Stack 61’s balcony faces the tennis court and some of Parc Clematis’s ancillaries and has a generally West facing afternoon sun, which is why there are units still available. However, we do suggest to take a look at Stack 49, general east facing of the Beach Pool, which is going at roughly $45k+ above Stack 61’s price quantum.

Alternatively, if you’re looking for a 3-bedder at prefer to keep your overall price quantum lower, you could try opting for a lower floor. There’re some units still available at Stack 53 going at $1.41X mil.

Do note that Stack 53 has smaller square footage overall, at 861 sq ft as compared to Stack 49, at 893 sq ft, priced starting from $1.49X mil, as it doesn’t have the “L-shaped” corridor at the foyer area – which in our opinion is something one can do without unless your preference calls for a dedicated shoe cabinetry area at this corridor space. Bedroom/Living/kitchen sizes generally feel the same.

As compared to Stack 61, larger sized at 915 sq ft, main differences we see as compared to Stack 49 and 53, is it has all 3 bedrooms that fit up to a Queen sized bed accordingly to the developer’s layout whereas S49 and S53 have one bedroom that seemingly only fits up to a single bed. Prices at Stack 61 start at $1.44X mil onwards.

For homeowners looking to get a walk in wardrobe, one could consider getting a 4 bedroom apartment and converting one of the rooms into a walk in wardrobe just like what they have done in the showroom. This could free up space in the master bedroom for homeowners to put in a massage chair or even a study place where work can be completed just before bed.

By combining one of the rooms with the master bedroom, this gives the master bedroom a lot of space for the owners to play around and decide how they would like to design the place.

Block 8D’s Stack 46 still has units available, and has the 4BR-2 layout. At 1238 sq ft, it faces the Beach Pool like the 2-bedder stack we recommended. If the $2 million price quantum is within your caliber, this might be a choice for you. Alternatively, you could take a look at the 3-bedroom Premiums which includes a private lift and a foyer which is going at $100k above . And if you’re looking to rent out, you could opt for a $300-400k lesser 3-bedder dual key unit.

Comparative Analysis

Comparing the prices between the units, they are relatively the same psf-wise and follow the general trend of higher psf for higher floors and also smaller sizes of house. Hence, pricing shouldn’t form a large part of an individual’s decision criteria in this case.

Another comparison that ought to be made is with The Trilinq, a project completed in 2017 as they are both in close proximity of each other and share similar properties such as the 99-year leasehold. Hence, this allows us to use the prices of The Trilinq to predict the price a unit at Parc Clematis could fetch. In this case, The Trilinq is currently on the market for about $1615 psf which is around the same price as Parc Clematis. This suggests that the current pricing set by the developer for Parc Clematis is fair considering units at these two developments are close substitutes.

Other than the Trilinq, the asking price of other nearby projects are noticeably lower at around $1.3k psf. The lower asking price of units as such projects can be attributed to the age of the projects and distance towards the center of Clementi heartland. This can be seen from the NEWest condominium (no, it’s the name of the project) whose location are much further from Clementi MRT which makes it rather inconvenient for homeowners without a car.

Considering this, we feel that the prices at Parc Clematis are relatively decent. This is not forgetting that Parc Clematis is the largest project of them which naturally results in a larger variety and quantity of amenities. Parc Clematis truly has an amazing catalogue of amenities that lets it stand on its own pedestal. Given this, it is reasonable for the project to command a higher price than their competing projects. Hence, from a price viewpoint, this project should definitely be on the watchlist if you’re looking at Clementi Town.

Tenant Pool

Given the current economic and covid-19 situation, there has been a net outflow in expats and buyers may be slightly more price sensitive. The uncertainty over the duration of the pandemic also provides no relief to potential investors. The renting market is also likely to remain weak for the duration of the pandemic and a few years into the post-recovery as countries scramble in a bid to get their citizens vaccinated when a vaccine is finally released. With the weak rent market, renters have an edge over the owners which may result in a depressed rent which may not even be sufficient to cover the monthly mortgage payment of the unit.

Furthermore, the scale of the project is massive. With Parc Clematis being such an extraordinary large project, the competition for tenants would be fierce. This is not including the fact that there are already a large number of projects within the area which may result in a situation of excess supply of units for rent.

However, if one could find a tenant, the average rental price could be northwards of $3 psf which is indicated by The Trilinq. Considering the rental volume of The Trilinq, there could still be demand for rental units in Parc Clematis when it is completed. The prices of rental units at the Trilinq also serves as a guide considering its proximity. With that being said, as mentioned in the previous paragraph, with the scale of Parc Clematis, there could be a large downward pressure on price if there are a large proportion of homeowners looking to rent out their apartments.

Hence, homeowners looking to rent out their units upon completion of the project should reconsider and be prepared to take on the risk of not having tenants and lower rents in the short run. It would definitely be advisable to prepare for the worst case scenario as the prospects of not having tenants is rather high.

On the flip side, there are international schools and tertiary institutions as potential tenants (which you can refer to the list above). Local universities, the Buona Vista commercial nodes at Biopolis all will contribute to the future tenant pool for Parc Clematis.

That’s not including the offices spaces in the west, healthcare workers and white-collar jobs in the CBD and town area.

Exit Strategy

Parc Clematis is already at the top quantum compared to all the surrounding projects and has a massive project size. As a result, prospective buyers would be given a luxury of choice when purchasing their homes in the future. Although Parc Clematis is at the top quantum, the massive offering of facilities in the project is a massive saving grace as buyers who are heavy users of condominium facilities would be attracted and be willing to pay a premium, especially for its Beach Pool.

Furthermore, the proximity of the project to many educational institutions serve as great exit opportunities as they serve as a large potential tenant pool.

As mentioned above, Parc Clematis has massive unlocked potential compared to other recent new launches as the completion of the development of Jurong as a second CBD may be a strong tailwind for the growth in prices of the units at Parc Clematis as the project is within 20 minutes of the upcoming Jurong Business District.

However, it remains to be seen what the future growth rate in prices would be as pricing the knock-on effects of the development of Jurong remains challenging. As stated earlier, the High-Speed Rail contract has been terminated.

At the same time, potential HDB upgraders in Clementi could potentially be looking for a new home at Parc Clematis. With Clementi having HDB units which are selling at a high price, there could be many exit opportunities as sellers of these HDB units look towards upgrading to a condominium unit and wanting a location which is near their previous apartment. This is especially probable for this development as Clementi is one of the only areas where one can find HDB clusters that are near MRT stations which marks up the prices of these HDB clusters, providing those homeowners the chance to upgrade to a condominium unit.

Considering all the factors, the exit plan for this project is extremely optimistic as it is strategically located to both education institutions and future business district. On top of that, the facilities available at this project stands out among the rest, providing sellers with a unique selling point to leverage on.

Verdict

With all 204 1-bedders snapped up during its launch, this project is definitely within investors’ scopes. With unit size ranging from 1 bedrooms to bungalows, Parc Clematis is targeted at a massive audience, just like its Beach Pool. All in all, this project has a reasonable price given the attractive location and plentiful facilities. It has potential to grow, and is a development that everyone with a capacity should consider.

We thank you for reading to the end of our review. If you are still contemplating on your next purchase on Parc Clematis, or any other condo launches, do contact PropertyLimBrothers here.