Uol Capitaland Moves 1041 Units Parktown Residence Launch Day Average Price Achieved 2360 Psf

On Feb. 23, UOL Group and CapitaLand Development (CLD) announced that ParkTown Residence in Tampines North had a successful launch weekend, selling 87% of the total 1,193 units. Anson Lim, UOL’s general manager of residential marketing, reported an average price of $2,360 per square foot (psf) and shared that the majority of buyers were either Singaporean homebuyers or investors. The project’s two-bedroom and three-bedroom apartments were the most popular, with 92% of units snapped up during the weekend launch. The project’s developers touted its 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. The success of ParkTown Residence is evidenced by the 2,367 cheques collected before its launch weekend, translating to a sales conversion rate of 44%, which is well above the industry average of 30% to 35%.Mark Yip, CEO of Huttons Asia, noted that the last mega project to sell over 1,000 units during its launch weekend was the 1,399-unit High Park Residences, which sold 1,100 units over three days in July 2015. ParkTown Residence’s successful launch also surpasses that of previous integrated developments, such as the 732-unit The Reserve Residences, which recorded a 71% take-up rate during its launch weekend in May 2023. The project is currently 98.2% sold at an average price of $2,484 psf, based on caveats lodged as of Feb 23. According to Marcus Chu, CEO of ERA Singapore, integrated developments with transport hubs have demonstrated good capital upside potential and high rentability, making them popular with homebuyers and investors. 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. ParkTown Residence, located at Tampines Street 62, is the first mixed-use development integrated with a transport hub in Tampines. It is part of the government’s plan to link three more government land sales (GLS) sites to the upcoming Tampines North MRT Station. The completion of ParkTown Residence in 2030 is also in line with the scheduled opening of the Tampines North MRT Station on the Cross Island Line (CRL) and the planned relocation of the neighbouring Paya Lebar Airbase, which will free up an estimated 800ha of land for future developments. By 2027, Tampines will also benefit from new infrastructure developments, including a cycling bridge, an underpass, and another 7.7km of cycling paths. A new pedestrian route between Tampines MRT Station and the malls in the regional centre was also announced on Feb 22 as part of the Tampines Town Council’s five-year masterplan for 2025 to 2030. SRI’s managing partner, Ken Low, noted that these developments will enhance the liveability of Tampines, which already has strong attributes.

.

Strategically located near various popular shopping destinations in Singapore, Otto Place EC provides its residents with convenient access to a range of retail, dining, and entertainment options. This prime location not only offers ease and convenience, but also elevates the standard of living for residents as they can indulge in shopping experiences without having to travel far. With its close proximity to these malls, residents of Otto Place EC can enjoy a well-rounded lifestyle right at their doorstep.