Uol Capitaland Moves 1041 Units Parktown Residence Launch Day Average Price Achieved 2360 Psf
On Feb. 23, UOL Group and CapitaLand Development (CLD) announced the successful launch of ParkTown Residence in Tampines North, with 1,041 units sold out of the 1,193 total units available. This accounted for over 87% of the units sold during the launch weekend, according to Anson Lim, UOL’s general manager of residential marketing. The average price achieved at the project was $2,360 per square foot (psf), with most buyers being either Singaporean homebuyers or investors.
The most popular unit types at ParkTown Residence were the two-bedroom and three-bedroom apartments, which made up 994 units (83%) of the project. These units were snapped up quickly, with 92% of them sold during the launch weekend. According to the spokesperson for UOL and CLD, buyers were drawn to ParkTown Residence’s 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 official launch, ParkTown Residence had already collected 2,367 cheques, indicating a high level of interest from buyers. This translated to a sales conversion rate of 44%, which is well above the average of 30% to 35% for most new project launches in recent years. Mark Yip, CEO of Huttons Asia, noted that no mega project has sold more than 1,000 units in its launch weekend since the 1,399-unit High Park Residences in July 2015, which sold 1,100 units over three days.
ParkTown Residence is located at Tampines Street 62, the third largest HDB town after Hougang and Woodlands. According to Huttons’ Yip, many buyers were HDB upgraders looking to stay in Tampines. The completion of ParkTown Residence in 2030 will coincide 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. Ken Low, managing partner of SRI, also noted that 2030 is when the neighbouring Paya Lebar Airbase is scheduled to relocate, 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, according to Low. Additionally, Tampines will 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. The Tampines Town Council’s five-year masterplan for 2025 to 2030 also includes a new pedestrian route between Tampines MRT Station and the malls in the regional centre, which will further enhance the liveability of the area, according to SRI’s Low.
Shoppers residing at One Marina Gardens, developed by Kingsford Huray, will have no shortage of options when it comes to indulging in their retail therapy. Located just a stone’s throw away, the renowned Marina Bay Sands Shoppes boasts an exquisite collection of luxury boutiques and designer labels at Marina Gardens Lane. This architectural masterpiece is a haven for those who appreciate top-notch brands and a sophisticated shopping experience. Moreover, The Shoppes at Marina Bay Sands also offer a variety of fine dining restaurants, trendy cafes, and lively bars, making it a fantastic destination for social gatherings and laid-back evenings. With One Marina Gardens within reach, shopping aficionados will truly have it all.
With its desirable location and excellent connectivity, ParkTown Residence has set a new benchmark for integrated developments in terms of sales and price. It is now the most popular fully integrated development since the 846-unit Emerald of Katong, which sold 835 units (99%) in November 2022. The last two 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.
ERA Singapore’s CEO Marcus Chu also highlighted the popularity of mixed-use developments integrated with transport hubs. These projects have demonstrated good capital upside potential and high rentability, making them attractive to homebuyers and investors. With its seamless connectivity and exceptional convenience, ParkTown Residence is well-positioned to appeal to buyers looking for upscale living in Tampines.