Joint developers UOL Group and CapitaLand Development (CLD) said on February 23 that they sold 1,041 units—more than 87% of the total 1,193 units—during the opening weekend for ParkTown Residence in Tampines North.
Anson Lim, the general manager of residential marketing for UOL, claims that the project sold for an average of $2,360 psf. Most purchasers were investors or Singaporean housebuyers.
Two-bedroom and three-bedroom apartments at ParkTown Residence account for 949 units (83%), of the project total. With 92% taken over the weekend, these were the most sought-after unit types.
The spokesman for UOL and CLD states, “buyers were drawn 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.
Before its debut weekend, ParkTown Residence is reported to have gathered 2,367 checks. That results in a sales conversion rate of 44%, much above the average of 30% to 35% for most new project starts in past years.
Since the 1,399-unit High Park Residences sold 1,100 units over three days in July 2015, Mark Yip, CEO of Huttons Asia, notes that no mega project has sold more than 1,000 units in its opening weekend.
Since the 846-unit Emerald of Katong sold 835 units (99%), in November, ParkTown Residence has moved the most units over a launch weekend, observes Ismail Gafoor, CEO of PropNex. n < “The take-up at Park Town Residence has also exceeded that of past integrated developments,” he says.
Launched in May 2023 and noted a 71% take-up rate over its debut weekend, the most recent integrated project launch was the 732-unit The Reserve Residences. Based on concessions made as at February 23, the project is 98.2% sold at an average price of $2,484 psf.
Marcus Chu, CEO of ERA Singapore, claims that mixed-use projects combined with transportation hubs appeal to investors and homeowners since they show significant capital upside potential and great rentability.
opened in 2015, the 920-unit North Park Residences in Yishun and the 680-unit Sengkang Grand (opened in Buangkok) were the last two totally integrated projects under completion. North Park Residence’s average price, $1,809 psf, 65% more than the average resale value of a residential property in District 27. While ERA’s Chu adds, Sengkang Grand commands an average price of $2,029 psf, 25% higher than the average resale prices in District 19.
ParkTown Residence sits at Tampines Street 62. Third largest HDB town after Hougang and Woodlands is Tampines. ” Quite a number of buyers were HDB upgraders who wanted to stay in Tampines,” notes Yip of Huttons.
According to Ken Low, managing partner of SRI, the completion of ParkTown Residence in 2030 fits the planned launch of the Tampines North MRT Station on the Cross Island Line (CRL), a main artery line going East to West of Singapore.
The nearby Paya Lebar Airbase is also expected to be relocated by 2030, freeing an estimated 800ha of land for upcoming development.
Three further government land sales (GLS) plots under the URA Master Plan will be connected to the forthcoming Tampines North MRT Station. “But these new initiatives might start at more expensive rates,” notes Low.
New infrastructure upgrades by 2027, including a bicycle bridge, an underpass, and another 7.7km of cycling lanes, will also help Tampines increase the total to 40km. Between Tampines MRT Station and the regional centre’s malls, a new pedestrian path will also be developed. Announced on February 22, these additions fit the five-year vision for 2025 to 2030 published by Tampines Town Council.
