[UPDATE] MCC Land receives sale licence for Sceneca Residence, project to preview in late Nov or early Jan

/ EdgeProp Singapore |

November 2, 2022 10:56 PM SGT

Sceneca Residence sales gallery and showflat at Tanah Merah Kechil Link (Photo: Samuel Isaac Chua/EdgeProp Singapore)

SINGAPORE (EDGEPROP) - On Nov 2, URA’s Controller of Housing issued MCC Land with a sale licence for Sceneca Residence, its project at Tanah Merah Kechil Link. This comes less than six months after they were given a no-sale licence on May 12.

Sceneca Residence is a 268-unit condominium development with a ground-floor commercial podium containing 19 strata-titled commercial units. The development will have a direct link to the Tanah Merah MRT Station when completed. (Find Singapore commercial properties with our commercial directory)

The remaining hurdle is for the developer to arrange for a site inspection of the sales gallery and the showflats by the Controller of Housing (COH). That process could take two to four weeks, estimates Ismail Gafoor, CEO of PropNex.

MCC Land has two windows of opportunity to launch the project: Either the first two weeks of December before the festive season or the first two weeks of January before the Lunar New Year on Jan 22, 2023, says Gafoor.

The first window of opportunity in the first two weeks of December will depend on how soon inspection by COH could be arranged, and a licence obtained. “Late December is not a good time to launch as a lot of potential buyers are likely to be out of town,” says Gafoor. “There is a pent-up demand for travel this year-end holidays since Covid.”

The next window of opportunity to launch Sceneca Residence is in the first two weeks of January. “Most people will be back from their year-end holidays,” adds Gafoor. “And it will be a good time to launch before the start of the Chinese New Year celebrations.”

SCENECA RESIDENCE SITE HOARDING - EDGEPROP SINGAPORE

Sceneca Residence will have 268 residential units and a podium with 19 strata-titled commercial units (Photo: Samuel Isaac Chua/EdgeProp Singapore)

However, it’s difficult to project when the project is likely to be launched as the developer has not made a decision just yet, notes Gafoor.

MCC Land declined to comment for this story.

Sceneca Residence will be developed jointly with Ekovest Developments and The Place Holdings. Given that Sceneca Residence is a mixed-use development integrated with an MRT station, the project is likely to be priced in line with recent launches in the Outside Central Region, or even slightly lower, reckons Gafoor.

This is because MCC Land purchased the 95,587 sq ft, 99-year leasehold site at Tanah Merah Kechil Link in a government land sale (GLS) tender two years ago.

MCC Land emerged at the top of 15 bids for the Tanah Merah Kechil Link site and paid $248.99 million for it in Nov 2020. Based on the maximum gross floor area of 267,644 sq ft, the bid price translates to $930.34 psf per lot ratio (psf ppr).

This is lower than the $784.1 million ($1,204 psf ppr) that GuocoLand paid for the 186,001 sq ft Lentor Modern site in a GLS tender in July 2021.

The 605-unit Lentor Modern located at Lentor Central is the only integrated mixed-use development at Lentor Hills estate. The development comes with a 96,000 sq ft commercial podium that includes a 10,000 sq ft childcare centre and 12,000 sq ft supermarket. It is directly linked to the Lentor MRT Station on the Thomson-East Coast Line.

Since Lentor Modern was launched on Sept 16, about 510 units (84.3%) have been sold at an average price of $2,103 psf, based on caveats lodged with URA Realis as of Nov 2. In fact, the project saw 508 units (84%) taken up on its launch day.

Just one MRT stop away from Tanah Merah is Sky Eden@Bedok, the 158-unit condominium block at Bedok Central. The residential project is a redevelopment of the former Bedok Point mall by Frasers Property. Sky Eden@Bedok is also a mixed-use development, with 12 strata-titled shops on the ground floor. The project is located within a five-minute walk to Bedok MRT Station.

Launched on Sept 7, Sky Eden@Bedok was 75% sold on the first day of launch. To date, 122 units (77.2%) have been sold at an average price of $2,103 psf, according to caveats lodged as of Nov 2.

Whether Sceneca Residence will be the project launch that will bookend the year or start the new year in 2023 remains to be seen.

Check out the latest listings near Sceneca Residence, Sky Eden@Bedok, Tanah Merah MRT Station, Bedok MRT Station

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