Yesterday's amazing sales preview at the 1,193-unit ParkTown Residence saw more than 87% of the total units snapped up by eager buyers as buyers queued up to secure a unit at this rare mega fully integrated condo development, the first integrated development with a transport hub in Tampines.
The preview sale lasted thru midnight past 1am this morning as agents, developer and buyers stayed up thru the night into the morning to make sure buyers are able to secure their choice units at ParkTown Residence with prices starting in the S$2,100 to S$2,300 psf (per square foot) range.
Sitting on a 545,314 sq ft, 99-year leasehold site at Tampines Street 62 in Tampines North, ParkTown Residence marks the first collaboration between UOL and CapitaLand Development drawing over 10,000 visitors during the first three days of public preview.
Acquired for $1.206 billion, or $885 psf per plot ratio (ppr), through a government land tender in July 2023, ParkTown Residence will have a new air-conditioned bus interchange, a direct link to the upcoming Tampines North MRT Station, a new mall with about 120 shops and a supermarket, a hawker centre, a community hub and a community plaza when it TOP sometime in 2030.
ParkTown Residence offers a wide array of units ranging from one bedroom + study units (463 to 506 sqft), two bedroom units (592 to 764 sqft), three bedroom units (926 to 1,184 sqft), four bedroom units (1,335 to 1,496 sqft) to five bedroom units (1,679 sqft) for buyers to choose from.
ParkTown Residence preview saw its 463 sqft one bedroom + study units starting from S$1.07 million or S$2,311 psf, 592 sqft two bedroom units starting from S$1.33 million (S$2,246 psf), 926 sqft three bedroom units starting from S$2.07 million (S$2,235 psf), 1,335 sqft four bedroom units starting from S$2.85 million (S$2,134 psf) and the 1,679 five bedroom units saw prices from S$3.78 million, or S$2,251 psf.
A self-sustaining community landmark, ParkTown Residence will host a 146,390 sqft retail mall that is managed by Capitaland with up to 120 stores, including cafés, restaurants, services, enrichment centres and a supermarket. The first level of the mega-development will also house a community club, a community plaza, and a hawker centre. The new bus interchange, one of the largest in Singapore, will also be located on the first level. An underground link on basement level 2 will connect the development to the upcoming Tampines North MRT Station on the new Cross Island Line bringing together convenience, connectivity and liveability all under one roof. To add to the beauty of ParkTown Residence, a 15m wide park connector Green Boulevard will run through the site plus sheltered walkways on both sides of the Green Boulevard to connect to the retail mall, the hawker centre, and the bus interchange on the first level - a first in Singapore. This Green Boulevard will join with Tampines Eco Green Park and Sun Plaza Park to offer residences a rare piece of nature to relax tired minds and bodies and family outings by the parks during the weekends.
The last private residential launch in Tampines was Singapore’s largest condo – the 2,203-unit Treasure at Tampines, developed by Sim Lian which was launched six years ago selling only 272 units over its launch weekend at a very attractively low average price of S$1,280 psf. Resale units of Treasure at Tampines has recently saw sales exceeding S$1,800 psf.
"The last time Singapore saw a huge mega condo project (more than 1,100 units) selling beyond 80% during preview was High Park Residence in Seletar launched about 10 years ago which saw an average selling price below $1,000 psf in 2015" said associate group director of Propnex Realty, Kiwi Lim who has been analyzing the Singapore property market for more than 10 years.
Today's amazing sales result of ParkTown Residence at an estimated average of $2,300 psf at the start of 2025 signals strong continued economic recovery in Singapore, supported by improved household incomes and economic stability.
For buyers who missed ParkTown Residence in Tampines, they can look forward to another mixed-use development (residential units above with shopping mall below) sited in Tampines Street 94 where residents can cross the road to access Tampines West MRT station. This upcoming condo project will be developed by a joint venture between Hoi Hup Realty and Sunway Developments who won the plot in September 2024, beating five other parties at a higher land cost than ParkTown Residence.
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