UOL Group and CapitaLand Development (CLD) have jointly announced that their newest development, ParkTown Residence in Tampines North, has seen a successful launch weekend with 1,041 units sold out of the total 1,193 units, achieving an impressive sales rate of over 87%.
UOL’s general manager of residential marketing, Anson Lim, shared that the project has achieved an average price of $2,360 psf, with a majority of buyers being Singaporean homebuyers or investors. The project’s most popular unit types were the two-bedroom and three-bedroom apartments, comprising 994 units (83%) of the development, with 92% of them snapped up during the launch weekend.
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 that 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.
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Before the launch weekend, ParkTown Residence had already collected 2,367 cheques, translating to an impressive sales conversion rate of 44%, 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 achieved such high sales since the launch of 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 transport hub at Tampines (Source: EdgeProp Landlens)
Notably, ParkTown Residence has recorded the highest number of units sold during a launch weekend since the 846-unit Emerald of Katong, which sold 835 units (99%) last November, according to Ismail Gafoor, CEO of PropNex. “The take-up at ParkTown Residence has also surpassed that of previous integrated developments,” he adds.
The most recent integrated project to be launched was the 732-unit The Reserve Residences in May 2023, which recorded a 71% take-up rate during its launch weekend. To date, the project has been 98.2% sold at an average price of $2,484 psf, based on caveats lodged as of Feb 23.
ERA Singapore CEO, Marcus Chu, shared that mixed-use developments integrated with transport hubs are popular among homebuyers and investors due to their potential for good capital appreciation and high rentability.
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, 65% higher than the average resale prices of residential units across District 27. Meanwhile, Sengkang Grand commands an average price of $2,029 psf, 25% higher than the average resale prices in District 19, notes ERA’s Chu.
Located at Tampines Street 62, ParkTown Residence is set in 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 coincides 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 in Singapore, according to Ken Low, managing partner of SRI. 2030 also marks the scheduled relocation of the neighboring Paya Lebar Airbase, which will free 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,” Low added.
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 masterplan for 2025 to 2030.
“All these will enhance the livability in Tampines, which already has strong attributes,” said SRI’s Low.