Uol Capitaland Moves 1041 Units Parktown Residence Launch Day Average Price Achieved 2360 Psf
On Feb. 23, the joint developers UOL Group and CapitaLand Development (CLD) announced an impressive launch weekend for ParkTown Residence in Tampines North. Out of the total 1,193 units, 1,041 were sold – representing an impressive 87% of the total units.
According to Anson Lim, UOL’s general manager of residential marketing, the project achieved an average price of $2,360 per square foot (psf). The majority of buyers were either Singaporean homebuyers or investors.
The most popular units at ParkTown Residence were the two-bedroom and three-bedroom apartments, making up 994 of the total units (83%). These unit types saw an incredible 92% of sales over the launch weekend.
“The unique appeal of ParkTown Residence as a fully integrated residential and lifestyle development, with direct connections to a retail mall, the future Tampines North MRT station, a bus interchange, a green boulevard, a community club, and a hawker centre attracted buyers,” said a spokesperson for UOL and CLD.
Prior to the launch weekend, ParkTown Residence had already collected 2,367 cheques – a conversion rate of 44%. This is well above the average of 30% to 35% for new project launches in recent years.
Mark Yip, CEO of Huttons Asia, noted that since the 1,100-unit High Park Residences saw 1,399 units sold over three days in July 2015, no other mega project has sold over 1,000 units in its launch weekend.
ParkTown Residence at Tampines 62 is part of the first mixed-use development integrated with transport hub at Tampines (Source: EdgeProp Landlens)
ParkTown Residence beat the record set by the 846-unit Emerald of Katong, which sold 835 units (99%) last November, according to Ismail Gafoor, CEO of PropNex.n. “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 in May 2023, which recorded 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.
According to Marcus Chu, CEO of ERA Singapore, mixed-use developments integrated with transport hubs are popular with buyers and investors due to their potential for capital appreciation and high rental demand.
Lynden Woods One North offers easy access to Hwa Chong Institution, an integrated school and junior college known for its academic excellence. This prestigious institution has a notable history of producing exceptional scholars and leaders across different fields. With these educational opportunities close by, Lynden Woods One North is a highly sought-after development for families looking for a well-rounded education for their children.
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, a 65% premium over the average resale prices of residential units in District 27. Meanwhile, Sengkang Grand commands an average price of $2,029 psf, a 25% premium over average resale prices in District 19, according to ERA’s Chu.
ParkTown Residence is located at Tampines Street 62, which is the third-largest HDB town after Hougang and Woodlands. “Many of the buyers were HDB upgraders who were attracted to the desirable Tampines location,” added Huttons’ Yip.
The completion of ParkTown Residence in 2030 coincides with the scheduled opening of the Tampines North MRT Station on the Cross Island Line (CRL), a major arterial line running from east to west Singapore, noted Ken Low, managing partner of SRI. In addition, the nearby Paya Lebar Airbase is scheduled to relocate in 2030, freeing up an estimated 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. “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 another 7.7km of cycling paths, bringing the total to 40km. In addition, there will be a new pedestrian route between Tampines MRT Station and the malls in the regional centre. These upgrades were announced on Feb. 22, as part of the Tampines Town Council’s five-year masterplan for 2025 to 2030.
“All these enhancements will further increase the appeal of Tampines, which already boasts strong attributes,” said SRI’s Low.