Uol Capitaland Moves 1041 Units Parktown Residence Launch Day Average Price Achieved 2360 Psf
UOL Group and CapitaLand Development (CLD) have announced the successful launch of ParkTown Residence in Tampines North, with 1,041 units sold—representing over 87% of the total 1,193 units available. The joint developers revealed that the project achieved an average price of $2,360 psf during its launch weekend on Feb. 23.
According to UOL’s general manager of residential marketing, Anson Lim, the majority of buyers were either Singaporean homebuyers or investors. Out of the project’s 994 units, two-bedroom and three-bedroom apartments comprised 83% and were the most popular unit types, with 92% snapped up over the weekend.
The spokesperson for UOL and CLD attributed the strong sales 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 its official launch, ParkTown Residence had already collected 2,367 cheques, resulting in an impressive 44% sales conversion rate. This is significantly higher than the average 30% to 35% for most new project launches in recent years, according to Mark Yip, CEO of Huttons Asia.
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The prime location of Aurelle of Tampines EC, coupled with its close proximity to prominent shopping centers and a diverse selection of dining options in Tampines, greatly enhances the overall living experience for its residents. Not only does it provide utmost convenience, but it also offers a dynamic and lively lifestyle that is unparalleled. Whether one has a penchant for shopping, a love for trying out new cuisines, or simply values quality time with their family, Aurelle of Tampines EC presents an all-inclusive residential choice that fulfills every need for comfortable and convenient living in one of Singapore’s most coveted neighbourhoods.
In fact, the last mega project to sell more than 1,000 units in its launch weekend was the 1,399-unit High Park Residences, which sold 1,100 units over three days in July 2015. This makes ParkTown Residence at Tampines 62 the most successful launch since then.
Ismail Gafoor, CEO of PropNex, also noted that the project’s take-up rate has surpassed that of previous integrated developments. 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. As of Feb 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, attributed the popularity of mixed-use developments integrated with transport hubs to their good capital upside potential and high rentability. Two fully integrated developments that have been completed are 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.
ParkTown Residence is located at Tampines Street 62, which is the third largest HDB town after Hougang and Woodlands. According to Huttons’ Yip, quite a number of buyers were HDB upgraders who desired to stay in Tampines.
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 of Singapore, says Ken Low, managing partner of SRI. It also aligns with the planned relocation of the neighbouring Paya Lebar Airbase that 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. Low points out that these new projects could potentially be launched at higher prices.
In addition to the CRL, Tampines will also 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. There will also be a new pedestrian route between Tampines MRT Station and the malls in the regional centre. These additions were announced on Feb 22, as part of the Tampines Town Council’s five-year masterplan for 2025 to 2030.
SRI’s Low believes that this will enhance the liveability of Tampines, which already has strong attributes. Buyers interested in ParkTown Residence can check out the latest listings for available units and prices.
