The developers of ParkTown Residence in Tampines North, UOL Group and CapitaLand Development, have reported a successful launch weekend with the sale of 1,041 units, which accounts for over 87% of the total 1,193 units. This joint project was announced on Feb. 23.
According to UOL’s general manager of residential marketing, Anson Lim, the project achieved an average price of $2,360 per square foot (psf). The majority of buyers were either Singaporean homebuyers or investors.
Out of the total number of units, two-bedroom and three-bedroom apartments were the most popular, making up 994 units (83%). These units were also the most sold, with 92% being snapped up over the weekend.
The developers stated that buyers were drawn to ParkTown Residence for its 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.
Before the launch weekend, ParkTown Residence had collected 2,367 cheques, equating 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.
Huttons Asia CEO Mark Yip commented that since the launch of the 1,399-unit High Park Residences in July 2015, no mega project has sold more than 1,000 units in its launch weekend.
ParkTown Residence at Tampines 62 is a part of the first mixed-use development integrated with a transport hub in Tampines (Source: EdgeProp Landlens)
ParkTown Residence had the most units sold in a launch weekend since the 846-unit Emerald of Katong, which recorded a 99% take-up rate with the sale of 835 units in November last year, as noted by PropNex CEO Ismail Gafoor.
“The take-up at ParkTown Residence has also surpassed that of previous integrated developments,” Gafoor added.
The most recent integrated project launch was The Reserve Residences, a 732-unit development launched in May 2023, which achieved a 71% take-up rate during its launch weekend. As of Feb 23, the project was 98.2% sold at an average price of $2,484 psf, based on caveats lodged.
ERA Singapore CEO Marcus Chu also stated that mixed-use developments integrated with transport hubs are popular among homebuyers and investors, as they have shown good capital upside potential and high rentability.
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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, 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, which is 25% higher than the average resale prices in District 19, according to ERA’s Chu.
Situated at Tampines Street 62, ParkTown Residence is located in the third largest HDB town after Hougang and Woodlands. Huttons’ Yip shared that a fair number of buyers were HDB upgraders who desired to live in Tampines.
The completion of ParkTown Residence in 2030 aligns with the scheduled opening of the Tampines North MRT Station on the Cross Island Line (CRL), a major arterial line that runs from East to West of Singapore, said SRI’s managing partner Ken Low. 2030 is also when the neighboring Paya Lebar Airbase is planned to relocate, freeing up approximately 800 hectares of land for future developments.
Under the URA Master Plan, three more government land sales (GLS) sites will be connected to the upcoming Tampines North MRT Station. However, Low mentioned that these new projects could potentially be launched at higher prices.
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 additions were announced on Feb 22, as part of the Tampines Town Council’s five-year master plan for 2025 to 2030.
“All of these will further enhance the livability of Tampines, which already has strong attributes,” added Low from SRI.