Parktown Residence

Parktown Residence: A New Standard in Luxury Living

Overview of Parktown Residence

Parktown Residence is set to redefine luxury living in Tampines North. This upcoming new launch condo is designed with modern architecture and top-tier amenities.

As part of a mega mixed-use development, Parktown Residence will be seamlessly integrated with the upcoming Tampines North MRT station (Cross Island Line), a bus interchange, a community club, and a hawker centre, offering unmatched convenience to its residents.

The development boasts a maximum gross floor area of 126,700 sqm, yielding 1,195 residential units and 14,000 sqm of commercial space. This ambitious project aims to marry urban innovation with community-centric design, creating a dynamic urban oasis where residents can live, work, and play harmoniously.

Developer Background

Parktown Residence is being developed by Topaz Residential Pte. Ltd., a joint venture between three of Singapore's most renowned and respected property developers: UOL Group Limited, Singapore Land Group (SingLand), and CapitaLand Development. This powerhouse collaboration brings together a wealth of experience, expertise, and resources, promising a development of exceptional quality and value.

UOL Group Limited is one of Singapore's leading public-listed property companies, with an extensive portfolio of development and investment properties, hotels, and serviced suites. The company has a long-standing reputation for quality and innovation in the real estate industry. Some of UOL's notable residential projects include Avenue South Residence, The Tre Ver, Meyer House, Meyer Blue, and Pinetree Hill. UOL's commitment to sustainability and design excellence has earned them numerous accolades, including the BCA Green Mark Platinum awards for several of their developments.

Singapore Land Group, formerly known as United Industrial Corporation Limited (UIC), is another major player in Singapore's real estate sector. With a history dating back to 1963, SingLand has been instrumental in shaping Singapore's skyline through iconic developments such as the Singapore Land Tower, The Gateway, and Marina Square. The company's portfolio spans residential, commercial, and hospitality properties, demonstrating their versatility and comprehensive understanding of various property sectors.

CapitaLand Development is the development arm of CapitaLand Group, one of Asia's largest diversified real estate groups. With a global presence spanning more than 250 cities in over 30 countries, CapitaLand's developments are known for their quality, innovation, and sustainable design. CapitaLand has been behind numerous successful projects in Singapore, including One Pearl Bank, Canninghill Piers, and J'Den. The company's strong track record and financial stability provide additional assurance to potential buyers of Parktown Residence.

This tripartite joint venture combines UOL's innovative design approach, SingLand's deep understanding of the local market, and CapitaLand's global perspective and sustainable development practices. Together, they bring over 150 years of collective experience in property development, which is reflected in the thoughtful planning and premium quality of Parktown Residence.

The developers' commitment to sustainability is evident in their track records. All three companies have received numerous Green Mark Awards from the Building and Construction Authority (BCA) for their eco-friendly developments. This commitment to green building practices suggests that Parktown Residence will likely incorporate sustainable features and technologies, potentially leading to lower maintenance costs and a reduced environmental footprint.

The collaboration of these three industry giants on Parktown Residence underscores the project's significance and potential. Their combined expertise in creating high-quality, sustainable, and value-retaining properties positions Parktown Residence as a promising development in the Tampines North area. Potential buyers can take comfort in knowing that their future home is being crafted by some of the most respected names in Singapore's real estate industry.

Location and Accessibility

Prime Location

Parktown Residence condo is located in Tampines North, a vibrant neighbourhood set to undergo rapid development. The site is bounded by Tampines Avenue 11, Tampines Avenue 6, Tampines Street 62, and Tampines North Drive 2, offering excellent connectivity to key landmarks and business districts.

As part of Tampines, Singapore's first and one of its biggest regional hubs, Parktown Residence is positioned in an area on track to develop into a full-fledged commercial centre. The URA's Master Plan envisions further enhancements and growth for Tampines, ensuring a continuous evolution into a more vibrant and self-sustaining estate.

Connectivity

Residents of Parktown Residence will enjoy unparalleled connectivity to other parts of Singapore. The development will be directly linked to the upcoming Tampines North MRT station, which is part of the Cross Island Line (CRL Phase 1). This provides direct access to estates like Hougang and Ang Mo Kio and key employment hubs such as Punggol Digital District and Jurong Lake District.

Additionally, the integrated bus interchange within the development will enhance public transport options for residents. Currently, the interim Tampines North Bus interchange sits across the site with three bus services (Bus 18, 129, 298) in operation.

Nearby Amenities

Parktown Residence offers residents an impressive array of nearby amenities, enhancing their convenience and quality of life. The development is strategically located to take advantage of Tampines' comprehensive range of facilities and services.

In terms of shopping and retail, residents are spoilt for choice. The nearby Tampines Retail Park houses big-name retailers, including IKEA Tampines, Courts Megastore, and Giant Hypermarket. A short distance away, Tampines Central boasts three major shopping malls – Tampines Mall, Tampines 1, and Century Square – offering a wide range of retail shops, dining options, and entertainment venues. For even more shopping options, Changi Airport, just a 10-minute drive away, provides access to additional retail experiences, including the impressive nature-themed complex, Changi Jewel.

Parktown Residence offers a diverse culinary landscape, starting with its integrated hawker centre for authentic local fare. Nearby malls expand the options: Tampines Mall houses Din Tai Fung (xiaolongbao), Genki Sushi, and Lao Huo Tang, while Tampines 1 features Collins, Dian Xiao Er and Gochi-So Shokudo (Japanese donburi). Century Square adds variety with Ayam Penyet President, Jollibee and Ya Kun Kaya Toast.

Local gems dot the streets of Tampines. Tampines Round Market & Food Centre is known for Sarawak kolo mee, porridge, prawn noodles, carrot cake, and more.

Upscale options are available at nearby Jewel Changi Airport, including Shake Shack (gourmet burgers), Violet Oon Singapore (Peranakan cuisine), and Putien (modern Chinese). This rich food scene ensures Parktown Residence's inhabitants can enjoy diverse culinary experiences, from casual local eats to fine dining, all within easy reach.

Lifestyle and recreational amenities abound in the vicinity of Parktown Residence. The crown jewel is Our Tampines Hub, Singapore's largest integrated community and lifestyle hub. This impressive facility houses swimming pools, a rock climbing wall, tennis courts, indoor badminton courts, and an indoor running track. It also includes a regional library, retail shops, and food outlets, making it a one-stop destination for leisure and community activities.

Nature enthusiasts will appreciate the abundance of green spaces nearby. Tampines Eco Green Park, the largest park in Tampines, offers a serene environment for relaxation and outdoor activities. Sun Plaza Park, connected to Tampines Town Centre via Tampines Boulevard Park, provides additional green spaces. The upcoming Tampines Boulevard Park is set to enhance the town's greenery further. A network of park connectors links these various green spaces, creating ideal routes for cycling and jogging enthusiasts.

For families with children, the area around Parktown Residence offers many educational options. Numerous primary schools, including Angsana Primary School, St. Hilda's Primary, and Tampines North Primary, are nearby.

Secondary education is well-represented with institutions like St. Hilda's Secondary, Dunman Secondary School, and Ngee Ann Secondary. Tampines Meridian Junior College, Temasek Polytechnic, and Singapore University of Technology and Design are all within reach for tertiary education. The presence of United World College of South East Asia (East Campus) also provides an international school option.

Healthcare needs are well catered for with the Tampines North Polyclinic, which will serve the growing population in the area. For more comprehensive medical services, Changi General Hospital is within easy reach.

Community engagement is fostered through the community club integrated within the Parktown development, along with various other community centres in Tampines offering classes and activities. Sports enthusiasts can take advantage of the facilities at Our Tampines Hub, Tampines Stadium, and Tampines Sports Hall, as well as various neighbourhood parks with exercise corners and fitness equipment.

For those working in the area, Parktown Residence is conveniently located near the Tampines Regional Centre, one of the major commercial hubs outside the central business district. Changi Business Park, home to many multinational corporations, is just a short drive away.

This rich tapestry of amenities surrounding Parktown Residence ensures that residents have easy access to a wide range of lifestyle, educational, recreational, and essential services. The comprehensive ecosystem of facilities enhances residents' daily lives and contributes to the development's long-term value and attractiveness, making Parktown Residence an ideal choice for those seeking a convenient and well-rounded urban lifestyle.

Tender

The Tampines Avenue 11 site attracted significant interest, with three developers submitting bids for this prime location. The tender was won by a consortium comprising UOL Group, Singapore Land Group (SingLand), and CapitaLand Development, operating as Topaz Residential Pte. Ltd. Their winning bid of $1.206 billion, or $885 per square foot per plot ratio (psf ppr), showcased strong confidence in the project's potential.

The competitive nature of the tender was evident, with the winning bid coming in 13.9% higher than the second-highest offer of $1.06 billion ($777 psf ppr) submitted by units of Allgreen Properties. This substantial difference underscores the perceived value of the development site.

The 99-year leasehold site spans 545,314 sq ft and is zoned for a mixed-use development. It will combine commercial and residential elements and integrated community facilities, including a bus interchange, a community club, and a hawker centre.

CapitaLand will hold a 50% stake in the joint venture, with UOL and SingLand equally sharing the remaining 50%. The developers plan to offer 1,195 new homes, with retail and community amenities designed to cater to the growing population in Tampines North.

Based on the winning bid, Leonard Tay, head of research at Knight Frank Singapore, suggests that the selling price for residential units could start from $1,900 psf. This projection indicates Parktown Residences' premium positioning in the Tampines North property market.

The competitive tender and high bid price reflect strong developer confidence in the site's potential, setting the stage for Parktown Residence to become a landmark development in the evolving Tampines North landscape.

Investment Potential

Parktown Residence is poised to attract strong rental demand, particularly from expatriates and professionals. Its strategic location, comprehensive amenities, and excellent connectivity make it an attractive option for tenants working in nearby business districts or at Changi Airport.

The integration of commercial spaces within the development also adds to its appeal, potentially driving competitive rental yields for investors.

Tampines has shown a stable and growing property market, with a proven track record of property value retention. As Tampines North continues to develop and mature, properties like Parktown Residence are well-positioned for potential capital appreciation.

The URA's Master Plan for Tampines, which includes further enhancements and growth, provides a positive outlook for long-term property values in the area. The ongoing development of Tampines North, which is set to welcome over 20,000 residents by 2025, further supports the potential for sustained property value growth.

Conclusion

Parktown Residence represents a new standard in luxury living, offering a unique blend of modern design, comprehensive amenities, and strategic location. As part of the evolving Tampines North landscape, it is a testament to thoughtful urban planning and development.

With its strong developer background, prime location, excellent connectivity, and promising investment potential, Parktown Residences is poised to become a landmark development in Tampines. For those seeking a luxurious and convenient lifestyle in a rapidly developing area, Parktown Residences presents a compelling opportunity for home buyers and investors.