UOL-CapitaLand moves 1,041 units at ParkTown Residence on launch day; average price achieved of $2,360 psf
By Cecilia Chow
/ EdgeProp Singapore |
Crowd at ParkTown Residence sales gallery, which drew over 10,000 visitors on its preview weekend (Photo: UOL-CLD)
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On Feb. 23, joint developers UOL Group and CapitaLand Development (CLD) announced that during the launch weekend of ParkTown Residence in Tampines North, they sold 1,041 units—over 87% of the total 1,193 units.
According to Anson Lim, UOL's general manager of residential marketing, the project achieved an average price of $2,360 psf. Most buyers were either Singaporean homebuyers or investors.
At ParkTown Residence, two-bedroom and three-bedroom apartments comprise 994 units (83%) of the project. These were the most popular unit types, with 92% snapped up over the weekend.
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“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,” says the spokesperson for UOL and CLD.
ParkTown Residence is said to have collected 2,367 cheques before its launch weekend. That translates 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, says that no mega project has sold more than 1,000 units in its launch weekend since the launch of 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)
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, notes Ismail Gafoor, CEO of PropNex.n"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, launched in May 2023 and recorded a 71% take-up rate during its launch weekend. The project is 98.2% sold at an average price of $2,484 psf, based on caveats lodged as at Feb 23.
According to Marcus Chu, CEO of ERA Singapore, mixed-use developments integrated with transport hubs are popular with homebuyers and investors because they have demonstrated good capital upside potential and high rentability.
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. The average price of North Park Residence is $1,809 psf, 65% higher than the average resale prices of residential units across District 27. Meanwhile, Sengkang Grand commands an average price of $2,029 psf, 25% higher than the average resale prices in District 19, notes ERA's Chu.
ParkTown Residence is located at Tampines Street 62. Tampines is the third largest HDB town after Hougang and Woodlands. "Quite a number of buyers were HDB upgraders who desired to stay in Tampines," says Huttons' Yip.
The completion of ParkTown Residence in 2030 dovetails with the scheduled opening of the Tampines North MRT Station on the Cross Island Line (CRL), which is 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 neighbouring Paya Lebar Airbase, which will free 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," says Low.
Tampines will also 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 centre. 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 liveability in Tampines, which already has strong attributes," says SRI's Low.
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