ParkTown Residence: First integrated development in Tampines to launch at prices from $2,135 psf
By Cecilia Chow
/ EdgeProp Singapore |
Artist's impression of the 1,193-unit ParkTown Residence, which sits on top of the commercial podium and integrated transport hub (Source: UOL/CapitaLand Development)
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CapitaLand Development has partnered with UOL Group and Singapore Land Group for the first time to develop ParkTown, a mega-development in Tampines North. “It is the first fully integrated development in Tampines and will become a new landmark in the regional centre,” says Anson Lim, UOL’s general manager for residential marketing.
He adds that it will also be the largest of the nine mixed-use developments seamlessly integrated with a transport hub, incorporating both a bus interchange and an MRT station.
The project sits on a 545,314 sq ft, 99-year leasehold site, which the joint venture partners acquired for $1.206 billion, or $885 psf per plot ratio (ppr), through a government land tender in July 2023. The site has a gross floor area of over 1.36 million sq ft.
Get the latest details on available units and prices for PARKTOWN Residence
Anson Lim, UOL general manager of residential marketing (left) and Lisa Lam, CapitaLand Development (Singapore) head of marketing and sales for residential (Photo: Samuel Isaac Chua/EdgeProp Singapore)
ParkTown will host a 146,390 sq ft retail mall with up to 120 stores, including cafés, restaurants, services, enrichment centres, and a supermarket. The first level of the mega-development will also house a community club, a community plaza, and a hawker centre. The new bus interchange, one of the largest in Singapore, will also be located on the first level. An underground link on basement level 2 will connect the development to the upcoming Tampines North MRT Station on the new Cross Island Line.
“This self-sustaining community landmark brings together convenience, connectivity and liveability under one roof,” says CapitaLand Development (Singapore) CEO Tan Yew Chin.
CapitaLand Development has also acted as a joint developer and mall manager for two other integrated developments: Bedok Mall and Bedok Residences and Sengkang Grand Mall and Sengkang Grand Residences.
The mega-development is designed with a 15m wide Green Boulevard running through the site. Sheltered walkways on both sides of Green Boulevard will connect to the retail mall, the hawker centre, and the bus interchange on the first level.
With ParkTown positioned as “an integrated development that enfolds a green boulevard”, UOL group CEO Liam Wee Sin believes that the project will stand out as “the first mega property launch of the year in Tampines, one of the most popular mature residential estates in Singapore”.
The Green Boulevard within ParkTown will be seamlessly linked to the 13ha Tampines Boulevard Park, a green lung in Tampines North. It will also have park connectors leading to Tampines Eco Green, a 36.5-hectare ecological park, as well as Sungei Api Api and Sungei Tampines. Both waterways were transformed into active, beautiful and clean spaces in 2015 under PUB’s ABC Waters Programme. Residents of ParkTown Residence will also be able to access a growing cycling network that will connect them to Pasir Ris, East Coast Park and the Round Island Route.
The Green Boulevard within ParkTown will be seamlessly linked to the 13ha Tampines Boulevard Park, a green lung in Tampines North (Artist's impression: UOL/CapitaLand Development)
Low-density, large-scale living
ParkTown Residence is situated on a landscaped deck on the second level of the mega-development, elevated between 8m and 12m above ground. The private residential zone will feature 1,193 apartments across 12 blocks of varying heights, from six to 12 storeys.
Henning Larsen’s landscape design incorporates groves, trees, green terraces, and riverine to soften the development’s architectural lines and create an oasis-like environment. Within this green setting are six pools, including a 50m lap pool, eight landscaped gardens, six dining pavilions, six function rooms, six fitness facilities, a karaoke room, and an amphitheatre. There is also a tennis court and a multi-purpose court suitable for pickleball or badminton.
Given the expansive site, the distance between residential blocks can be as wide as 119m, significantly minimising obstruction, notes Mark Yip, CEO of Huttons Asia.
In addition to reducing visual blockage, most units will enjoy views of the pools or landscaped gardens, adds UOL’s Lim. Residents will also be assured of privacy and exclusivity despite the scale of the development, he notes.
Within this green setting are six pools, including a 50m lap pool, eight landscaped gardens, six dining pavilions, six function rooms, six fitness facilities, a karaoke room, and an amphitheatre (Artist's impression: UOL and CapitaLand Development)
Pricing from $2,135 psf
ParkTown Residence is set to preview on Feb 7 from 2pm, with the official launch scheduled for Feb 22.
Unit types range from one-bedroom plus study apartments, starting at 463 sq ft, to five-bedroom premium units, measuring up to 1,679 sq ft.
Two-bedroom types with sizes from 592 to 764 sq ft, make up 589 units (49%), while three-bedroom units of 926 to 1,163 sq ft, comprise 408 units (34%). Together, they make up 83% of the units at ParkTown Residence.
Indicative prices are as follows:
- One-bedroom plus study (from 463 sq ft) are priced from $1.07 million ($2,311 psf)
- Two-bedroom units (from 592 sq ft) start from $1.33 million ($2,247 psf). Three-bedroom units (from 926 sq ft) have prices from $2.07 million ($2,235 psf)
- Four-bedroom units (from 1,335 sq ft) start from $2.85 million ($2,135 psf)
- Five-bedroom premium units (1,679 sq ft) From $3.78 million ($2,251 psf)
“ParkTown Residence should be well-received,” says Ismail Gafoor, CEO of PropNex. “We have seen strong interest in residential projects within integrated developments. Homebuyers will benefit from the fact that ParkTown Residence has a broad spectrum of unit types and a large number of units.”
Convenience and connectivity
The most recent integrated development with a transport hub was the 732-unit Reserve Residences at Jalan Anak Bukit, launched in May 2023. About 71% of the units were taken up on the first sales weekend. Based on caveats lodged as of Feb 4, the project is 98% sold at an average price of $2,483 psf.
Two units at The Reserve Residences crossed the $3,000 psf threshold last year, the highest psf price achieved in the development to date. Both units were 2,519 sq ft, five-bedroom on the 32nd floor. One unit fetched $7.945 million ($3,154 psf) in April 2024, while the other went for $7.823 million ($3,106 psf) in November.
The last integrated development to debut before The Reserve Residences was Pasir Ris 8. Launched in July 2021, the latter is a 487-unit residential project that saw 85% of the units snapped up within the first weekend at an average price of $1,592 psf. The last unit was sold in May 2024, and the residential component has just obtained its Temporary Occupation Permit. The latest recorded transaction at Pasir Ris 8 was for a 775 sq ft, two-bedder that changed hands for $1.53 million ($1,974 psf) in November.
Ken Low, managing partner of SRI, says integrated developments tend to be popular with both investors and owner-occupiers due to their convenience and connectivity. He points to The Centris at Jurong West as an example. Three years ago, he brokered the sale of a four-bedroom unit at the project, which is linked to the Jurong Point Mall and Boon Lay MRT Station. The purchase price was $1.7 million then.
The previous owner, who sold the unit, continued to lease it from the new owner at $7,200 per month. The new owner is, therefore, enjoying a rental yield of about 5% based on his purchase price of $1.7 million.
The four-bedroom unit at The Centris was recently valued at $2.4 million. Recognising the potential capital gains, the owner has decided to put it on the market for sale, with Low as the marketing agent.
An interesting observation was that many parties who came to view the unit were existing owners at The Centris. “Some want to upgrade to a larger unit,” says Low. “They like the convenience of the location and do not wish to move elsewhere.”
Marcus Chu, CEO of ERA Singapore, says similar projects, such as NorthPark Residences in Yishun and Sengkang Grand Residences in Sengkang, command a price premium over their neighbours. “This attests to buyers’ belief in integrated developments,” he adds.
ParkTown Residence will add to and capitalise on the existing greenery in Tampines North as well as its proximity to the Tampines Regional Centre to create an attractive living environment for residents (Artist's impression: UOL/CapitaLand Development)
‘New Tampines’
Tampines North was one of three new development areas launched by HDB in September 2013 as part of its “Future Homes, Better Lives” exhibition. HDB says that Tampines North will capitalise on its existing greenery and proximity to the Tampines Regional Centre to create an attractive living environment for residents.
The first public housing project in Tampines North, Tampines GreenRidges, was launched in November 2014 and offered 1,900 flats. HDB estimates that the enclave will be developed over the next 10 to 15 years, depending on housing demand.
A relatively new area, Tampines North is located about seven minutes from Tampines Regional Centre, says SRI’s Low. He sees ParkTown Residence enjoying the same “first-mover advantage” that Lentor Modern has at the new Lentor Hills estate. Lentor Modern, a 605-unit mixed-use development directly connected to Lentor MRT Station, was the first project launched in Lentor Hills estate, a new private residential enclave. During its first weekend of launch in September 2022, 84% of the units were sold at an average price of $2,060 psf.
Tampines Regional Centre was the first of three regional centres piloted by URA in 1992 to bring jobs closer to home. Office buildings in Tampines Regional Centre include OCBC Tampines Centre One, Abacus Plaza and CPF Tampines Building. There is also a cluster of three malls around the MRT station — Tampines Mall, Tampines One and Century Square.
“Tampines is one of Singapore’s most successful regional hubs, supported by extensive amenities such as the three shopping malls and Our Tampines Hub,” says ERA’s Chu. “Tampines also boasts a mature transport infrastructure, with comprehensive feeder bus services, three existing MRT stations, and another one on the way.”
Last October, in an exhibition on upcoming economic zones in Singapore, URA announced plans to rejuvenate Tampines Regional Centre. The plans include new mixed-use developments with residences, commercial spaces and an integrated transport hub in the area currently occupied by the Tampines Bus Interchange and MRT station.
Highest HDB resale prices outside Central Area
Tampines is the third largest HDB town after Hougang and Woodlands, says Huttons’ Yip. As of Mar 31, 2024, there are more than 82,000 HDB flats in Tampines. Including the neighbouring Bedok and Pasir Ris, there are more than 176,000 HDB flats. The three planning areas have over 73,000 private residential dwelling units as of the end of 2024.
The latest Population Census revealed that more than 670,000 people are staying in Bedok, Pasir Ris and Tampines. Of this, about 35% or 240,000 people are between the ages of 25 and 49, the prime age for buying or upgrading, says Huttons. Income-wise, almost 57,000 out of 226,000 households staying in Bedok, Pasir Ris and Tampines earn more than $15,000 per month. “These will make up a sizeable chunk of the demand for homes,” says Yip.
Huttons’ analysis of buyer profiles at new project launches shows that most buyers tend to reside within the same district or in neighbouring districts.
Between the start of 2020 and the end of 2024, a total of 4,681 resale flats in Tampines reached their Minimum Occupation Period (MOP), says Christine Sun, chief researcher and strategist at OrangeTee Group.
From 2025 to 2027, the number of flats reaching MOP is likely to surge further, says Sun, with another 5,351 flats reaching MOP within these three years. “Therefore, demand for private homes may continue to rise in the east as there will be more HDB flats reaching MOP in the next three years, and these owners will be eligible to upgrade to private housing,” she adds.
According to OrangeTee’s analysis of resale flat prices in HDB towns from October 2024 to January 2025, Tampines and Pasir Ris recorded the highest average resale prices outside the Central Area, at $704,389 and $718,312, respectively.
Located near ParkTown Residence are two executive condos (ECs): the 618-unit Tenet, developed by a joint venture between Qingjian Realty, Santarli Realty and Heeton Holdings, and the upcoming 760-unit Aurelle of Tampines by Sim Lian Group.
Tenet was launched in December 2022 at an average price of $1,380 psf, and to date, only one unit is still available for sale, based on the caveat lodged as of Feb 4. Aurelle of Tampines is expected to preview sometime in 1Q2025.
The last new private residential project launched in Tampines was the 2,203-unit Treasure at Tampines in March 2019. That was almost six years ago. The private condo was entirely sold within three years of its launch, says PropNex’s Gafoor.
When Treasure at Tampines was launched in March 2019, the average price of units sold was $1,280 psf. In 2024, the average price of units sold in subsales was $1,699 psf. In January, units changed hands in the resale market at an average price of $1,740 psf. That translates to a price growth of close to 36% since launch. “Tampines is a very popular town,” adds Gafoor.
The strong sales at Treasure at Tampines, as well as at Tenet, could be attributed to the rising demand from HDB owners who have met the five-year MOP and are keen to upgrade to private housing in Tampines, says OrangeTee’s Sun.
ParkTown Residence benefits from its proximity to the Eastern Gateway, capitalising on the expansion of Changi Aviation Park, Changi Airport, Changi Business Park and the future Changi East Urban District. The project is also near the Punggol Digital District, which will welcome its first tenants this year (Photo: Albert Chua/EdgeProp Singapore)
‘Sustained price growth’
Based on the transactions at Treasure at Tampines and the recent launches of integrated developments with transport hubs, ERA’s Chu believes that “mega-developments offer sustained price growth, supported by higher transaction activity and may appeal to investors”.
He sees ParkTown Residence benefiting from its proximity to the Eastern Gateway, capitalising on the expansion of Changi Aviation Park, Changi Airport, Changi Business Park and the future Changi East Urban District. The project is also near the Punggol Digital District, which will welcome its first tenants this year.
The presence of tertiary institutions such as Singapore University of Technology and Design, Temasek Polytechnic, Tampines Meridian Junior College and ITE College East will also attract families to Tampines, observes PropNex’s Gafoor. Many primary and secondary schools are also in the area, including the United World College SEA international school.
According to Gafoor, Tampines also has a big-box retail park with Ikea Tampines, Courts Megastore, Giant Hypermart and TSpace@Tampines, which has a cluster of furniture stores. The area also offers lifestyle and recreational amenities such as Jewel at Changi Airport, Pasir Ris Park, Changi Village and Bedok Reservoir Park.
He expects buying interest in ParkTown Residence to come from first-time buyers, investors, and HDB upgraders, primarily from Tampines, Pasir Ris, and Bedok in the East, as well as from HDB towns in the North-East, such as Punggol and Sengkang.
“Given that ParkTown is a mega project with an MRT connection, bus interchange and amenities, it will certainly attract people beyond those living in the neighbouring Tampines, Pasir Ris or Bedok,” adds Gafoor.
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