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The launch of ParkTown Residence at Tampines North was a huge success. Joint developers UOL Group and CapitaLand Development (CLD) announced on Feb. 23 that they have sold 1,041 units during the launch weekend, which accounts for over 87% of the total 1,193 units.
UOL’s general manager of residential marketing, Anson Lim, shared that the project had an average price of $2,360 psf and most of the buyers were either Singaporean homebuyers or investors. The most popular unit types were the two-bedroom and three-bedroom apartments, which made up 994 units (83%) of the project.
According to a spokesperson from UOL and CLD, buyers were attracted to ParkTown Residence’s 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.
Before 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 rate of 30% to 35% for most new project launches in recent years.
Huttons Asia CEO Mark Yip pointed out that the last project to sell more than 1,000 units during its launch weekend was the 1,399-unit High Park Residences in July 2015. ParkTown Residence has surpassed that with 1,041 units sold over the 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 has also exceeded the sales performance of the previous integrated developments, according to PropNex CEO Ismail Gafoor. The most recent integrated project launch was the 732-unit The Reserve Residences, which recorded a 71% take-up rate during its launch weekend in May 2023. At present, the project is 98.2% sold at an average price of $2,484 psf, based on caveats lodged as at Feb 23.
ERA Singapore CEO Marcus Chu shared that mixed-use developments integrated with transport hubs have been popular among homebuyers and investors due to their potential for capital appreciation and high rental demand.
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, the average price of Sengkang Grand is $2,029 psf, 25% higher than the 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. “Quite a number of buyers were HDB upgraders who desired to stay in Tampines,” shared Huttons’ Yip.
The completion of ParkTown Residence in 2030 is in line 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, according to SRI managing partner Ken Low. 2030 is also the scheduled relocation of the neighboring Paya Lebar Airbase, freeing 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,” said Low.
Tampines will also benefit from new infrastructure developments by 2027, such as 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 center. 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 livability in Tampines, which already has strong attributes,” said SRI’s Low.