Joint venture partners UOL Group and CapitaLand Development (CLD) announced that the public preview of ParkTown Residence drew over 10,000 visitors during the first three days of public preview from Feb 7 at 2pm to Feb 9 at 5pm.
The 1,193-unit ParkTown Residence marks the first collaboration between UOL and CapitaLand Development. It is also the first integrated development with a transport hub in Tampines, which was designated a regional centre in the early 1990s.
ParkTown Residence is located at Tampines Street 62 in Tampines North. When completed sometime in 2029, the project will have a new air-conditioned bus interchange, a direct link to the upcoming Tampines North MRT Station, a new mall with about 200 shops and a supermarket, a hawker centre, a community hub and a community plaza.
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"The overwhelming response to ParkTown Residence underscores the enduring appeal of Tampines as a vibrant regional centre offering a mix of business, retail and lifestyle amenities," comments a spokesperson for the UOL-CLD joint venture.
A 15m Green Boulevard will run through the development, linking the project to the upcoming 13ha Tampines Boulevard Park, Tampines Eco Green ecological park, and park connectors along Sungei Api Api and Sungei Tampines.
Prices of one-bedroom plus study (from 463 sq ft) start from $1.07 million ($2,311 psf), while two-bedroom units (from 592 sq ft) are from $1.33 million ($2,247 psf). Three-bedroom units (from 926 sq ft) have prices from $2.07 million ($2,235 psf). Two- and three-bedders comprise about 83% of the units at ParkTown Residence.
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Four-bedroom units (from 1,335 sq ft) start from $2.85 million ($2,135 psf), while Five-bedroom premium units (1,679 sq ft) are from $3.78 million ($2,251 psf).
According to Marcus Chu, CEO of ERA Singapore, most of the visitors during the public preview were Singaporean citizens and permanent residents.
"It is not unexpected that the project drew a strong turnout during the preview, as it is attractively priced for an integrated development, with commercial offerings and good transport connectivity," comments Ismail Gafoor, CEO of PropNex. He points out that there hasn't been a new mega launch in Tampines since the 2,203-unit Treasure at Tampines hit the market in March 2019.
"Tampines is a popular town, and we think Parktown Residence will appeal to diverse groups of buyers, including first-time buyers, HDB upgraders, and even investors," adds Gafoor. "It is possible that some HDB flat owners in Tampines, as well as nearby estates such as Pasir Ris, may be keen on the project."
ParkTown Residence will be officially launched on Feb 22. "Given the strong interest we've seen, we anticipate that buyers – whether young professionals, families or investors – will recognise the long-term value of securing a home in one of Singapore's most sought-after townships," adds the UOL-CLD spokesperson.
