On February 23, UOL Group and CapitaLand Development (CLD) jointly announced that during the launch weekend of ParkTown Residence in Tampines North, 1,041 units were sold, accounting for over 87% of the total 1,193 units available for sale. According to Anson Lim, UOL’s General Manager of Residential Marketing, the average price achieved was $2,360 psf. The majority of buyers were either Singaporean homebuyers or investors.Two-bedroom and three-bedroom apartments make up 994 units (83%) of ParkTown Residence, which were the most popular unit types with 92% snapped up during the weekend.A spokesperson for UOL and CLD says, “Buyers were attracted to the unique status of ParkTown Residence as a fully integrated residential and lifestyle development, with direct connectivity to a retail mall, future Tampines North MRT station, bus interchange, green boulevard, community club and hawker centre.”The project received 2,367 cheques before its launch, resulting in a conversion rate of 44%, which is significantly higher than the average of 30% to 35% for most new project launches in recent years.Huttons Asia CEO Mark Yip stated that since the launch of the 1,399-unit High Park Residences in July 2015, no mega projects have sold more than 1,000 units during its launch weekend.In terms of sales performance during launch weekend, ParkTown Residence at Tampines 62’s 846-unit Emerald of Katong sold 835 units (99%) last November, surpassing the most units sold since then.ParkTown Residence’s take-up rate has also exceeded that of previous integrated developments, says Ismail Gafoor, CEO of PropNex.The most recent launch of an integrated development was the 732-unit The Reserve Residences in May 2023, which saw a 71% take-up rate during its launch weekend. As of Feb 23, the project has been 98.2% sold at an average price of $2,484 psf based on lodged caveats.Marcus Chu, CEO of ERA Singapore, states that mixed-use developments integrated with transport hubs are popular among homebuyers and investors due to their potential for capital appreciation and high rentability. The most recent fully integrated projects to be completed are 920-unit North Park Residences in Yishun (launched in 2015) and 680-unit Sengkang Grand (launched in 2019) in Buangkok. The average price of North Park Residences is $1,809 psf, which is 65% higher than the average resale prices of residential units in District 27. Meanwhile, Sengkang Grand commands an average price of $2,029 psf, 25% higher than the average resale prices in District 19.Low states that ParkTown Residence’s location on Tampines Street 62 is part of the first mixed-use development integrated with a transport hub at Tampines (Source: EdgeProp Landlens).Tampines is the third-largest HDB town after Hougang and Woodlands. Huttons’ Yip attributed the high number of HDB upgraders to the appeal of living in Tampines.ParkTown Residence is scheduled to be completed in 2030, coinciding with the opening of the Tampines North MRT Station on the Cross Island Line (CRL), a major arterial line that runs from east to west Singapore, according to Ken Low, managing partner of SRI.The scheduled relocation of the neighboring Paya Lebar Airbase, which would free up an estimated 800ha of land for future developments, is also set to occur in 2030. Low stated that under the URA Master Plan, three additional government land sales (GLS) sites will be connected to the upcoming Tampines North MRT Station. However, Low suggests that these new projects may be launched at higher prices.Tampines will benefit from new infrastructure developments by 2027, such as a cycling bridge, an underpass, and an additional 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 enhancements were unveiled on Feb 22 as part of Tampines Town Council’s five-year masterplan for 2025 to 2030.Low states, “All these improvements will improve Tampines’ liveability, which already has strong attributes.” Check out the latest listings for Parktown Residence properties.Search for Parktown Residence propertiesGet the latest prices and availability for PARKTOWN ResidenceCompare prices of ParkTown Residence with other new launch condosRead also:Sim Lian to preview Aurelle of Tampines on Feb 22 at prices from $1,651 psfPARKTOWN Residence: Upscale living with seamless connectivity and exceptional convenienceParkTown Residence preview turnout tops 10,000
On February 23, the developers UOL Group and CapitaLand Development (CLD) announced that they had sold 1,041 units during the launch weekend of ParkTown Residence in Tampines North, accounting for over 87% of the total 1,193 units. Anson Lim, UOL’s General Manager of Residential Marketing, revealed that the project achieved an average price of $2,360 psf, with most buyers being either Singaporean homebuyers or investors.
The project mainly consisted of two-bedroom and three-bedroom apartments, making up 994 units (83%). These were the most popular types, with 92% being snapped up during the launch weekend. “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,” said a spokesperson for UOL and CLD.
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Before the launch weekend, ParkTown Residence had collected 2,367 cheques, resulting in a sales conversion rate of 44%, which is significantly higher than the average of 30% to 35% for most new project launches in recent years. Huttons Asia CEO Mark Yip noted that no mega projects have sold more than 1,000 units during their launch weekend since the 1,399-unit High Park Residences, which sold 1,100 units over three days in July 2015.
ParkTown Residence at Tampines 62 has seen the highest number of units sold during a launch weekend since the 846-unit Emerald of Katong, which sold 835 units (99%) last November, according to Ismail Gafoor, CEO of PropNex. “The take-up at ParkTown Residence has also surpassed that of previous integrated developments,” he added.
The most recent integrated project launch was the 732-unit The Reserve Residences, which saw a 71% take-up rate during its launch weekend in May 2023. As of February 23, the project has been 98.2% sold at an average price of $2,484 psf, based on lodged caveats. ERA Singapore CEO Marcus Chu stated that mixed-use developments integrated with transport hubs have gained popularity among homebuyers and investors due to their potential for capital appreciation and high rentability.
According to Chu, the most recent fully integrated projects to be completed are the 920-unit North Park Residences in Yishun (launched in 2015) and the 680-unit Sengkang Grand (launched in 2019) in Buangkok. North Park Residence commands an average price of $1,809 psf, which is 65% higher than the average resale prices of residential units in District 27, while Sengkang Grand has an average price of $2,029 psf, 25% higher than the average resale prices in District 19.
ParkTown Residence is situated at Tampines Street 62, the third largest HDB town after Hougang and Woodlands. “Quite a number of buyers were HDB upgraders who desired to stay in Tampines,” said Huttons’ Yip. The project is scheduled to be completed in 2030, coinciding with the opening of the Tampines North MRT Station on the Cross Island Line (CRL), a major arterial line running from east to west of Singapore, according to Ken Low, managing partner of SRI.
Furthermore, the neighboring Paya Lebar Airbase is also scheduled for relocation in 2030, which will free up an estimated 800ha of land for future developments. Under the URA Master Plan, three additional government land sales (GLS) sites will be connected to the upcoming Tampines North MRT Station. “However, these new projects could potentially be launched at higher prices,” said Low.
Tampines will also benefit from new infrastructure developments by 2027, including a cycling bridge, an underpass, and an additional 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 enhancements were announced on February 22 as part of the Tampines Town Council’s five-year masterplan for 2025 to 2030. “All these will enhance the liveability in Tampines, which already has strong attributes,” added Low.