Parktown Residence mega project sells over 87% of units at average of S$2,360 psf
In a remarkable display of buyer enthusiasm, Parktown Residence, a newly unveiled condominium in Tampines, achieved a sales milestone by moving over 87% of its 1,193 units during its launch weekend. This translates to 1,041 units sold at an average price of S$2,360 per square foot (psf).
Mark Yip, CEO of Huttons Asia, lauded this achievement as “a phenomenal result,” noting that no previous mega project had surpassed the 1,000-unit mark during a launch weekend. He attributed this success to the allure of fully integrated developments and the confidence buyers have in the Tampines five-year master plan for 2025 to 2030.
Parktown Residence, situated along Tampines Avenue 11, is a 99-year leasehold project developed collaboratively by UOL Group, Singapore Land, and CapitaLand Development. The development comprises 12 blocks and offers direct connectivity to the upcoming Tampines North MRT station on the Cross Island Line, a bus interchange, retail outlets, dining establishments, a community club, and a hawker center.
The units, ranging from one-bedroom plus study apartments at 463 square feet priced at approximately S$1.1 million, to five-bedroom units measuring 1,679 square feet at around S$3.5 million, attracted a diverse group of buyers. A spokesperson for UOL and CapitaLand Development highlighted that the majority were Singaporeans purchasing for personal use or investment purposes.
Marcus Chu, CEO of ERA Singapore, emphasized the project’s unique appeal, stating, “Parktown Residence combines residential living with commercial amenities and a transport hub, making it a unique opportunity for homebuyers and investors.”
In a concurrent development, Elta, a 501-unit condominium in Clementi Avenue 1, reported robust sales, with 328 units (66%) sold during its launch weekend at an average price of S$2,537 psf. The majority of buyers were owner-occupiers, with over 98% of two-bedroom and approximately 82% of three-bedroom units snapped up.
These impressive sales figures underscore the sustained demand for integrated residential projects in Singapore, reflecting buyer confidence and the attractiveness of developments that offer seamless connectivity and comprehensive amenities.
