Over the weekend of Feb. 23, ParkTown Residence in Tampines North saw a successful launch, with developers UOL Group and CapitaLand Development (CLD) selling 1,041 units out of a total of 1,193 units, making up over 87% of the units available.
Anson Lim, UOL’s general manager of residential marketing, reported that the project had an average price of $2,360 psf, with the majority of buyers being Singaporean homebuyers or investors.
The development consists mainly of two and three-bedroom apartments, comprising 994 units or 83% of the project. These were the most sought-after units, with 92% of them sold over the weekend.
“Buyers were attracted to ParkTown Residence’s unique offering as a fully integrated residential and lifestyle development, connected to a retail mall, the future Tampines North MRT station, a bus interchange, a green boulevard, a community club, and a hawker centre,” said a spokesperson for UOL and CLD.
Before its launch, ParkTown Residence received 2,367 cheques, resulting in a sales conversion rate of 44%, which is well above the average of 30% to 35% for most new project launches in recent years.
Huttons Asia CEO Mark Yip noted that the last time a mega project sold more than 1,000 units in its launch weekend was in July 2015 with the 1,399-unit High Park Residences, which sold 1,100 units over three days.
ParkTown Residence at Tampines 62 is part of the first mixed-use development integrated with transport hub at Tampines (Source: EdgeProp Landlens)
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This record was only surpassed recently by the 846-unit Emerald of Katong, which sold 835 units (99%) last November, according to Ismail Gafoor, CEO of PropNex.
“The take-up rate at ParkTown Residence has also exceeded that of previous integrated developments,” he added.
The most recent integrated project launch was the 732-unit The Reserve Residences, launched in May 2023, with a 71% take-up rate during its launch weekend. As of Feb 23, the project is 98.2% sold at an average price of $2,484 psf, based on caveats lodged.
ERA Singapore CEO Marcus Chu noted that mixed-use developments integrated with transport hubs are popular among homebuyers and investors due to their high rentability and potential for capital appreciation.
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 Chu, the average price of North Park Residence is $1,809 psf, a 65% increase from the average resale prices of residential units in District 27. On the other hand, Sengkang Grand commands an average price of $2,029 psf, which is 25% higher than the average resale prices in District 19.
ParkTown Residence is situated on Tampines Street 62, in the third largest HDB town after Hougang and Woodlands. “A significant number of buyers were HDB upgraders who wanted to live in Tampines,” shared Huttons’ Yip.
According to SRI managing partner Ken Low, ParkTown Residence’s completion in 2030 coincides with the scheduled opening of the Tampines North MRT Station on the Cross Island Line (CRL), a major transportation line running from east to west Singapore. 2030 also marks the relocation of the neighboring Paya Lebar Airbase, freeing up an estimated 800ha 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,” added Low.
By 2027, Tampines will also benefit from new infrastructure developments, 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 announced on Feb 22 as part of the Tampines Town Council’s five-year masterplan for 2025 to 2030.
“All these will enhance the livability of Tampines, which already has strong attributes,” said Low.