Joint developers UOL Group and CapitaLand Development (CLD) have reported the successful launch of ParkTown Residence, their latest project in Tampines North. The launch weekend saw the sale of 1,041 units, which represents over 87% of the total 1,193 units available.
UOL’s general manager of residential marketing, Anson Lim, stated that the project achieved an average price of $2,360 per square foot (psf), with the majority of buyers being Singaporean homebuyers or investors. The most popular unit types were two-bedroom and three-bedroom apartments, which accounted for 92% of the units sold.
One of the key reasons for the project’s success is its unique status as a fully integrated residential and lifestyle development, connected to a retail mall, future Tampines North MRT station, bus interchange, green boulevard, community club, and hawker centre, according to a spokesperson for UOL and CLD.
Prior to the launch weekend, ParkTown Residence had received 2,367 cheques, resulting in 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.
According to Mark Yip, CEO of Huttons Asia, no mega project has sold more than 1,000 units in its launch weekend since the 1,399-unit High Park Residences, which sold 1,100 units over three days in July 2015.
ParkTown Residence at Tampines 62 is part of the first mixed-use development integrated with a transport hub in Tampines (Source: EdgeProp Landlens)
The last project to move more units during a launch weekend was the 846-unit Emerald of Katong, which sold 835 units (99%) last November, according to Ismail Gafoor, CEO of PropNex.
“Furthermore, ParkTown Residence has exceeded the take-up rate of previous integrated developments,” he added.
The most recent integrated project launch was the 732-unit The Reserve Residences, launched in May 2023, which recorded a 71% take-up rate during its launch weekend. As of February 23, the project is 98.2% sold at an average price of $2,484 psf, based on caveats lodged.
Marcus Chu, CEO of ERA Singapore, notes that mixed-use developments integrated with transport hubs are popular among homebuyers and investors due to their potential for good capital appreciation and high rental demand.
The most recent 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. According to Chu, the average price of North Park Residence is $1,809 psf, 65% higher than the average resale prices of residential units in District 27. Meanwhile, Sengkang Grand commands an average price of $2,029 psf, 25% higher than the average resale prices in District 19.
ParkTown Residence is situated in Tampines Street 62, the third largest HDB town after Hougang and Woodlands. “Many of the buyers were HDB upgraders who wanted to live in Tampines,” says Huttons’ Yip.
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 running from east to west of Singapore, according to Ken Low, managing partner of SRI.
In 2030, the neighbouring Paya Lebar Airbase is also set to relocate, 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,” says Low.
By 2027, Tampines will also benefit from new infrastructure developments, including a cycling bridge, underpass, and an additional 7.7km of cycling paths, bringing the total to 40km. A new pedestrian route will also connect Tampines MRT Station to the malls in the regional centre. These additions were announced on February 22 as part of the Tampines Town Council’s five-year masterplan for 2025 to 2030.
“All of these will enhance the liveability of Tampines, which already has strong attributes,” says SRI’s Low.