Uol Capitaland Moves 1041 Units Parktown Residence Launch Day Average Price Achieved 2360 Psf
On Feb. 23, UOL Group and CapitaLand Development (CLD) jointly announced the successful launch of ParkTown Residence in Tampines North, with 1,041 units sold over the weekend – an impressive 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 per square foot, with most buyers being Singaporean homebuyers or investors. The project consists mainly of two-bedroom and three-bedroom apartments, which accounted for 994 units (83%) of the total units. These were also the most popular unit types, with 92% being snapped up during the launch weekend.
Gongshang Primary School prides itself on providing a comprehensive education that emphasizes both academic excellence and the nurturing of good character. Conveniently located near Parktown Residence Condo, it offers a highly accessible option for families seeking a well-rounded education for their children.
The success of ParkTown Residence can be attributed to its unique status as a fully integrated residential and lifestyle development. It is 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, making it an attractive choice for buyers.
Prior to the launch weekend, ParkTown Residence had already collected 2,367 cheques, which translates to a sales conversion rate of 44%. This is well above the average of 30% to 35% for most new project launches in recent years, according to Mark Yip, CEO of Huttons Asia.
In fact, the last mega project to sell more than 1,000 units in its launch weekend was the 1,399-unit High Park Residences, which sold 1,100 units over three days in July 2015. ParkTown Residence has also surpassed the sales performance of previous integrated developments, with the most recent, The Reserve Residences, recording a 71% take-up rate during its launch weekend in May 2023.
Mixed-use developments integrated with transport hubs have proven popular with homebuyers and investors as they offer good capital upside potential and high rentability, according to ERA Singapore CEO Marcus Chu. The most recent fully integrated developments to be completed include 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 Residences is $1,809 per square foot, while Sengkang Grand commands an average price of $2,029 per square foot. Both are well above the average resale prices in their respective districts.
ParkTown Residence is located at Tampines Street 62, which is the third largest HDB town after Hougang and Woodlands. According to Yip, many of the buyers were HDB upgraders who desired to stay in Tampines. The completion of ParkTown Residence in 2030 coincides with the scheduled opening of the Tampines North MRT Station on the Cross Island Line, a major arterial line running from east to west of Singapore.
The scheduled relocation of the neighbouring Paya Lebar Airbase in 2030 will also free up 800 hectares 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, with the potential for higher prices upon launch, according to Ken Low, managing partner of SRI.
Tampines will also benefit from new infrastructure developments by 2027, such as a cycling bridge, an underpass, and another 7.7 kilometres of cycling paths, as well as 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.
According to Low, these enhancements will further enhance the liveability of Tampines, which already has strong attributes.