The largest integrated development in Singapore's north opens its residential component for preview this weekend.
The 920-unit North Park Residences is part of Northpoint City, which will have a gross floor area of about 1.33 million sq ft when completed in 2018.
Northpoint City will include a mall of about 500 outlets and the existing Northpoint Shopping Centre. Nee Soon Community Club will move to the complex, which will have a bus interchange and links to Yishun MRT station.
"We have been (in Yishun) for 23 years with Northpoint Shopping Centre... We feel a close relationship with Yishun (and) wanted to make sure our development would... integrate the two," Frasers Centrepoint Homes chief executive of development and property Cheang Kok Kheong said at a briefing yesterday.
"We have a deep track record in designing, building and managing integrated developments... We have done it in Changi City Point, Compass Point and in Sydney's Central Park.
"As we are keeping and managing the mall, (buyers of North Park Residences) are ensured maintenance (and) management... over the years."
North Park Residences will have 12 10-storey towers, with one- to five-bedders ranging from 431 sq ft to 1,432 sq ft. Pricing is expected to be at a 30 per cent premium to totally "non-integrated" suburban projects.
Frasers Centrepoint Homes is targeting young couples and buyers in their late 40s and early 50s who anticipate eventual use of the health-care facilities nearby. These include Khoo Teck Puat Hospital, Yishun Polyclinic and Yishun Community Hospital, which is under construction.
North Park Residences will start from the fourth storey. This is to address concerns residents might have about safety amid the high shopper traffic at Northpoint Shopping Centre. Each tower will have its own lift, with a separate concierge and lift for visitors.
Chestertons managing director Donald Han told the briefing that prices at other integrated residential projects - including The Centris in Jurong Point, Bedok Residences and The Hillier - have held up better than those at nearby projects.
PropNex Realty chief executive officer Mohd Ismail said integrated developments would be able to weather downturns in the property market due to continued rental demand.
The most recent project by Frasers Centrepoint Homes, RiverTrees Residences, has sold 67 per cent of its units at an average price of $1,050 per sq ft since launching a year ago.
"There is demand for good properties and good investment opportunities... at the right price," said Mr Cheang.
Units are expected to go on sale at the end of this month.