First major private residential development in Tampines in six years sees overwhelming response, driven by local buyers and strong market demand.

Singapore’s Parktown Residence Sees Exceptional Sales Performance in Launch Weekend

SINGAPORE – UOL Group, controlled by the late billionaire Wee Cho Yaw’s family, has reported the successful launch of Parktown Residence, with 87% of its 1,193 units sold over the weekend. The development, a 50:50 joint venture between UOL-SingLand and CapitaLand Development (CLD), marks the first major private residential project in Tampines North in nearly six years.

Anson Lim, UOL’s General Manager for Residential Marketing, stated that the majority of buyers were Singaporeans, either purchasing homes for themselves or as investments. Two- and three-bedroom units accounted for 83% of the development’s total units (994 units) and proved to be the most sought-after, with 92% of them sold during the launch, according to EdgeProp Singapore.

Forbes reported that unit prices started at S$1.07 million for a 463 sq ft one-bedroom plus study, while the largest five-bedroom apartments (1,679 sq ft) were priced at S$3.78 million. The 99-year leasehold site spans 50,679 square metres and was acquired in a 2023 government land sale for S$1.2 billion.

The project comprises 12 residential blocks ranging from six to twelve storeys, featuring a retail podium, a bus interchange, and direct connectivity to the upcoming Tampines North MRT station. This station is part of the Cross Island Line, a 50km subway network connecting the Jurong Lake District, Punggol Digital District, and Changi region, with completion scheduled for 2032.

In a statement released on 6 February, Mr Lim predicted strong demand for the project, highlighting a pent-up need for private housing in Tampines, where the last launch occurred in March 2019.

Singapore’s housing market rebounded towards the end of 2024, with official data in January revealing a 2.3% rise in private home prices in the fourth quarter, following a 0.7% decline in the previous quarter.

To capitalise on this market momentum, UOL Group has actively expanded its land bank. In late 2024, UOL, Singapore Land, and CapitaLand jointly acquired Thomson View, a Bishan condominium originally built in 1975, for S$810 million. Plans are in place to redevelop it into a 1,240-unit residential estate.

UOL remains a key part of the business empire left behind by Wee Cho Yaw, who passed away in February 2024 at the age of 95. The Wee family, whose net worth stands at US$7.8 billion (S$10.41 billion), continues to be among Singapore’s wealthiest families.