Joint developers UOL Group and CapitaLand Development (CLD) have announced that they sold over 87% of the 1,193 units during the launch weekend of ParkTown Residence in Tampines North. The project achieved an average price of $2,360 psf, with most buyers being Singaporean homebuyers or investors. The popular unit types were two-bedroom and three-bedroom apartments, which accounted for 83% of the project and were 92% snapped up during the weekend.
According to Anson Lim, UOL’s general manager of residential marketing, the project received 2,367 cheques before its launch weekend, which translates to a sales conversion rate of 44%, surpassing the average of 30% to 35% for most new project launches in recent years. Mark Yip, CEO of Huttons Asia, notes that no mega project has sold more than 1,000 units in its launch weekend since the 1,399-unit High Park Residences, which sold 1,100 units over three days in July 2015.
ParkTown Residence is the first mixed-use development integrated with a transport hub in Tampines, and it has been well-received by buyers. The project is connected to a retail mall, the future Tampines North MRT station, a bus interchange, a green boulevard, a community club, and a hawker centre, making it a unique and convenient development. This has attracted a lot of interest from buyers, with 71% of the 732 units at The Reserve Residences sold during its launch weekend in May 2023, and the recent integrated project, Emerald of Katong, selling 99% of its 835 units in November last year.
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Investing in a condo in Singapore: A Wise Choice for Your Investment Portfolio
The idea of investing in a condo in Singapore has become increasingly appealing to both local and foreign investors. This is primarily due to the country’s stable economy, political climate, and high quality of life, making it a desirable location for real estate investments. With a range of opportunities available in the market, condos have quickly emerged as a top choice for investors, thanks to their convenience, amenities, and potential for high returns. Let’s delve into the benefits, important considerations, and necessary steps when investing in a condo in Singapore.
Why Opt for a Condo in Singapore?
Condos in Singapore have the ability to cater to a diverse range of needs and preferences, making them an attractive investment option for people from all walks of life. Whether you are a young professional, a family, or a retiree, there is a condo to suit your lifestyle. These properties are strategically located in prime areas, providing easy access to business districts, schools, and other essential amenities. They also come equipped with a variety of facilities, including swimming pools, gyms, and 24-hour security, offering residents a luxurious and stress-free living experience.
Furthermore, investing in a condo in Singapore offers the potential for impressive returns. With a continuously growing population and a steady influx of expats, there is a high demand for condos in the city-state. This creates viable opportunities for investors to generate a steady rental income and witness an increase in the property’s value over time.
Key Factors to Consider
As with any investment, it is crucial to carefully consider several essential factors before committing to a condo in Singapore. Firstly, determine your budget and the amount you are willing to invest. This should include the purchase price, stamp duty, and whether you will require financing. Additionally, conduct thorough research on the location, developer, and surrounding amenities and infrastructure of the condo to ensure a sound investment.
The Process of Investing in a Condo in Singapore
Investing in a condo in Singapore involves a straightforward process. Once you have found a suitable property, you will be required to pay an option fee of 5% of the purchase price to secure the unit, valid for 14 days. Within this period, you must exercise the option to purchase by signing the Sales and Purchase Agreement (S&P) and paying an additional 15% of the purchase price. The remaining balance is paid upon completion of the transaction. It is advisable to hire a licensed real estate agent to guide you through the process and provide valuable insights.
In conclusion, investing in a condo in Singapore offers numerous benefits such as convenience, amenities, and potential for high returns. However, it is crucial to conduct thorough research and consider essential factors before making a decision. With the right approach and guidance from a licensed agent, investing in a condo in Singapore can be a lucrative and rewarding venture that will undoubtedly enhance your investment portfolio.
ERA Singapore CEO Marcus Chu stated that mixed-use developments integrated with transport hubs have seen strong demand from homebuyers and investors due to their potential for capital appreciation and high rentability. 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. The average price of North Park Residence is $1,809 psf, 65% higher than the average resale prices of residential units in District 27, while Sengkang Grand commands an average price of $2,029 psf, 25% higher than the average resale prices in District 19.
ParkTown Residence is located at Tampines Street 62, which is the third largest HDB town after Hougang and Woodlands. Huttons’ CEO Mark Yip noted that a lot of buyers were HDB upgraders who desired to stay in Tampines. The completion of ParkTown Residence in 2030 aligns with the scheduled opening of the Tampines North MRT Station on the Cross Island Line (CRL), which is a major arterial line running from East to West of Singapore. There are also plans for three more government land sales (GLS) sites linked to the upcoming Tampines North MRT Station, but these could potentially be launched at higher prices.
In addition, Tampines will also benefit from new infrastructure developments by 2027, such as a cycling bridge, an underpass, and an additional 7.7km of cycling paths, bringing the total to 40km. There is also a planned pedestrian route connecting Tampines MRT Station to the malls in the regional centre. All these developments will enhance the liveability in Tampines, making it an attractive location for homebuyers and investors.