Parktown Residence mega project sells over 87% of units at average of S$2,360 psf
The Tampines condo inks deals for 1,041 of its units, while a separate launch in Clementi, Elta, sells 65% of apartments on the same weekend
INTEGRATED development Parktown Residence sold more than 87 per cent of its 1,193 units at an average price of S$2,360 per square foot (psf) during its launch weekend.
The sale of 1,041 units “is a phenomenal result”, said Mark Yip, chief executive officer of Huttons Asia. “No mega projects had sold more than 1,000 units on (their) launch weekend.
“This shows the popularity of fully integrated developments and buyers’ trust in the Tampines five-year master plan for 2025 to 2030.”
Parktown Residence now holds the record for the highest number of units sold during a launch weekend, surpassing Emerald of Katong, which moved about 835 units at its November 2024 launch, noted PropNex chief executive officer Ismail Gafoor.
Located at Tampines Avenue 11, the 99-year leasehold condominium spans 12 blocks. It is developed by a joint venture between UOL, Singapore Land and CapitaLand Development.
Most buyers were Singaporeans purchasing for their own stay or investment, a spokesperson for UOL and CapitaLand Development said on Sunday (Feb 23).
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Units at Parktown Residence were priced from about S$1.1 million for a one-bedroom plus study apartment at 463 square feet (sq ft), to around S$3.5 million for a five-bedroom unit measuring 1,679 sq ft.
The 550,000 sq ft site was acquired through a state tender in July 2023 for S$1.2 billion.
Investor interest
Marcus Chu, chief executive officer of ERA Singapore, described the strong sales launch as “entirely expected”. ERA Singapore is one of the joint marketing agents for the development.
“Parktown Residence combines residential living with commercial amenities and a transport hub, making it a unique opportunity for homebuyers and investors.”
The development will have direct access to the upcoming Tampines North MRT station on the Cross Island Line; a bus interchange; retail outlets; food and beverage spaces; a community club; and a hawker centre.
Separately on Saturday, Tampines Town Council announced infrastructure enhancements under its five-year master plan. These include a cycling bridge, an underpass and an additional 7.7 km of cycling paths, bringing the total to 40 km.
Chu noted that fully integrated developments – including Parktown Residence – accounted for just 1.9 per cent of all non-landed private residential units in Singapore as at January, “underscoring their rarity and appeal”.
Nicholas Mak, chief research officer at Mogul.sg, noted that the “strong homebuying demand” at recent launches has been “increasingly driven” by investors.
Many units sold at Parktown Residence were one-bedroom and two-bedroom apartments, which Mak said were “the most common types of housing units purchased by property investors, rather than owner-occupants”.
Some investors, having profited from the “buoyant” Singapore stock market, are now channelling their gains into property, he added.
“The strong take-up rates reaffirm the resilient demand in the private residential market and reflect the recovery in buyer confidence, following the positive momentum seen in recent months,” PropNex’s Gafoor said.
“The success of the two project launches can also be attributed to the pent-up demand for housing in their respective sub-markets.”
Elta launch
Elta, a 501-unit, 99-year leasehold condominium, sold 65 per cent or 326 units during its launch over the same weekend at an average price of S$2,537 psf, according to developers’ figures.
“Most seem to be buying for owner-occupation, and over 98 per cent of the two-bedroom and some 82 per cent of the three-bedroom units were snapped up,” said ERA Singapore’s Chu, whose firm is one of the joint marketing agents for the project.
Located along Clementi Avenue 1 in the Outside Central Region, Elta is a joint venture between developers MCL Land and CSC Land Group.
The development comprises two 39-storey towers, with unit prices ranging from around S$1.2 million for a 506 sq ft one-bedroom plus study apartment to about S$3.9 million for a 1,776 sq ft five-bedroom unit.
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