Joint developers UOL Group and CapitaLand Development (CLD) have recently announced that they sold 1,041 units or over 87% of the total 1,193 units at ParkTown Residence in Tampines North during its launch weekend on Feb. 23.
According to Anson Lim, UOL’s general manager of residential marketing, the project achieved an average price of $2,360 per square foot (psf). The majority of buyers were either Singaporean homebuyers or investors.
The two-bedroom and three-bedroom apartments were the most popular unit types, with 994 units (83%) snapped up over the weekend.
“Buyers were attracted to ParkTown Residence’s unique status as a fully integrated residential and lifestyle development, directly connected to a retail mall, the future Tampines North MRT station, a bus interchange, a green boulevard, a community club and a hawker centre,” says a spokesperson for UOL and CLD.
Prior to its launch, ParkTown Residence had already collected 2,367 cheques, translating to a sales conversion rate of 44%, which is well above the average of 30% to 35% for most new project launches in recent years.
Mark Yip, CEO of Huttons Asia, notes that the last mega project to sell more than 1,000 units in its launch weekend was the 1,399-unit High Park Residences, which sold 1,100 units over three days in July 2015.
ParkTown Residence at Tampines 62 is part of the first mixed-use development integrated with transport hub at Tampines (Source: EdgeProp Landlens)
In comparison, ParkTown Residence has moved the most units over a launch weekend since the 846-unit Emerald of Katong, which sold 835 units (99%) last November, says Ismail Gafoor, CEO of PropNex.
“The take-up at ParkTown Residence has also surpassed that of previous integrated developments,” he adds.
The most recent integrated project launch was the 732-unit The Reserve Residences, which recorded a 71% take-up rate during its launch weekend in May 2023. It is currently 98.2% sold at an average price of $2,484 psf, based on caveats lodged as of Feb 23.
Meanwhile, Marcus Chu, CEO of ERA Singapore, notes that mixed-use developments integrated with transport hubs are popular with homebuyers and investors due to their good capital upside potential and high rentability.
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The last two fully integrated developments to be completed were the 920-unit North Park Residences in Yishun (launched in 2015) and the 680-unit Sengkang Grand (launched in 2019) at Buangkok. According to ERA’s Chu, North Park Residence commands an average price of $1,809 psf, 65% higher than the average resale prices of residential units across District 27, while Sengkang Grand has an average price of $2,029 psf, 25% higher than the average resale prices in District 19.
Located at Tampines Street 62, ParkTown Residence is part of the first mixed-use development integrated with a transport hub in Tampines, the third largest HDB town in Singapore after Hougang and Woodlands. “A significant number of buyers were HDB upgraders who desired to stay in Tampines,” says Huttons’ Yip.
The completion of ParkTown Residence in 2030 will coincide with the scheduled opening of the Tampines North MRT Station on the Cross Island Line (CRL), a major arterial line running from east to west of Singapore, says Ken Low, managing partner of SRI. 2030 is also the scheduled relocation of the neighboring Paya Lebar Airbase, which will free up an estimated 800 hectares of land for future developments.
Under the URA Master Plan, three more government land sales (GLS) sites will be linked to the upcoming Tampines North MRT Station. “However, these new projects could potentially be launched at higher prices,” says Low.
In addition, Tampines will benefit from new infrastructure developments by 2027, including a cycling bridge, an underpass, and another 7.7km of cycling paths, bringing the total to 40km. There will also be a new pedestrian route between Tampines MRT Station and the malls in the regional center. These additions were recently announced on Feb 22, as part of the Tampines Town Council’s five-year masterplan for 2025 to 2030.
Read also: PARKTOWN Residence: Upscale living with seamless connectivity and exceptional convenience
“All of these will further enhance the liveability in Tampines, which already has strong attributes,” says SRI’s Low. So if you’re interested in purchasing a unit at ParkTown Residence, be sure to check for the latest listings and available units and prices. You can also use Ask Buddy to generate a price trend graph for new launch condos in District 18, compare price trends for HDB, condo, and landed properties, and explore recently launched projects.