UOL, SingLand, CapitaLand to sell Tampines mega project at prices starting from $1.07m

SINGAPORE – UOL, Singapore Land (SingLand) and CapitaLand Development will start previews of their Tampines project, Parktown Residence, on Feb 7, with prices starting in the $2,100 to $2,300 per sq ft (psf) range.

Located in Tampines Avenue 11, the 99-year leasehold development will house 1,193 units in 12 blocks. There will be two blocks of six or seven storeys, eight blocks of 11 storeys and two blocks of 12 storeys.

One-bedroom units (plus study) of 463 to 506 sq ft start from $1.07 million or $2,311 psf, and two-bedroom apartments from 592 to 764 sq ft are priced from $1.33 million ($2,246 psf).

Three-bedroom units, ranging from 926 to 1,184 sq ft, start at $2.07 million ($2,235 psf).

Four-bedroom apartments are sized from 1,335 to 1,496 sq ft, with prices starting from $2.85 million ($2,134 psf).

The largest units are the five-bedders measuring 1,679 sq ft, which are priced from $3.78 million, or $2,251 psf.

The roughly 550,000 sq ft site was acquired in a state tender in July 2023 with a bid that went past the billion-dollar mark – $1.21 billion – valuing the land at $885 psf per plot ratio.

The project is a 50-50 joint venture between UOL-SingLand and CapitaLand Development.

Located in District 18, Parktown Residence will be directly linked to the future Tampines North MRT station on the Cross Island Line and a bus interchange. It will also be connected to retail and food and beverage spaces, a community club and a hawker centre.

Mr Anson Lim, UOL’s general manager for residential marketing, said the launch is timely, “aligning with Singapore’s strong economic rebound in late 2024, which saw growth of 4 per cent. Launching Parktown Residence at the start of the year leverages this momentum as we anticipate continued recovery this year, supported by improved household incomes and economic stability”.

The last private residential launch in Tampines was Singapore’s largest condo project – the 2,203-unit Treasure at Tampines, developed by Sim Lian. First marketed in March 2019, it moved 272 units over its launch weekend at an average price of $1,280 psf.

In January, resale prices of units at Treasure ranged between $1,600 psf and $1,830 psf.

Over the last six months, the median price for units sold in the Tampines planning area was $1,510 psf, according to data from the Urban Redevelopment Authority’s Real Estate Information System.

Parktown Residence will take sale bookings on Feb 22 and is expected to be completed by June 2030.

Besides Parktown Residence, Tampines will see another mixed-use development, located in Tampines Street 94. A Hoi Hup Realty-Sunway Developments joint venture won the bid for the plot in September 2024, beating five other parties.

THE BUSINESS TIMES