The joint developers of ParkTown Residence in Tampines North, UOL Group and CapitaLand Development (CLD), have reported a successful launch weekend with 1,041 units sold out of a total of 1,193 units, representing over 87% of the project. Anson Lim, UOL’s general manager of residential marketing, revealed that the project achieved an average selling price of $2,360 psf, with most buyers being either Singaporean homebuyers or investors.
The most popular unit types at ParkTown Residence are the two-bedroom and three-bedroom apartments, which make up 994 units or 83% of the project. These were also the most sought after during the launch, with 92% being sold out. According to the spokesperson for UOL and CLD, buyers were drawn to the project’s unique status as a fully integrated residential and lifestyle development, which 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.
To sum up, the decision to invest in a condo in Singapore offers a multitude of benefits, such as the consistently high demand, potential for appreciation of property value, and attractive rental profits. However, it is crucial to carefully examine various factors like location, financing options, government regulations, and market conditions before making a purchase. By conducting thorough research and seeking expert advice, investors can make well-informed decisions and maximize their returns in Singapore’s thriving real estate market. Whether you are a local investor looking to diversify your portfolio or a foreign purchaser seeking a stable and lucrative investment, investing in a condo in Singapore, with the help of Condo, presents a compelling opportunity.
Before its official launch, ParkTown Residence had already collected 2,367 cheques, translating to a sales conversion rate of 44%. This is significantly higher than the average conversion rate of 30% to 35% for most new project launches in recent years. Mark Yip, CEO of Huttons Asia, notes that no mega project has sold more than 1,000 units in a launch weekend since the 1,399-unit High Park Residences, which sold 1,100 units over three days in July 2015.
Located at Tampines Street 62, ParkTown Residence is part of the first mixed-use development integrated with a transport hub in Tampines. Marcus Chu, CEO of ERA Singapore, highlights that mixed-use developments integrated with transport hubs are popular among homebuyers and investors due to their potential for capital appreciation and high rental yields. 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 in Buangkok, launched in 2019. The average price of North Park Residences is $1,809 psf, 65% higher than the average resale prices of residential units in District 27. Meanwhile, Sengkang Grand’s average price is $2,029 psf, 25% higher than the average resale prices in District 19.
Tampines, the third largest HDB town, has attracted many HDB upgraders who desire to live in the area. Huttons’ Yip also notes that Tampines will benefit from new infrastructure developments by 2027, which includes a cycling bridge, an underpass, and another 7.7km of cycling paths, bringing the total to 40km. Additionally, there will be a new pedestrian route between Tampines MRT station and the malls in the regional centre, as announced in the Tampines Town Council’s five-year masterplan for 2025 to 2030. According to SRI’s Ken Low, the completion of ParkTown Residence in 2030 coincides with the scheduled opening of the Tampines North MRT Station on the Cross Island Line (CRL), and the relocation of the neighbouring Paya Lebar Airbase in the same year. These developments are expected to further enhance the liveability of Tampines, which already has strong attributes.