The enthusiastic response of buyers to the integrated development’s first few weekends of sales reflects its uniquely strong attributes and places it head and shoulders above other recent developments.
By SPH Content Studio
Apr 21, 2015
The project has been launched and the buyers have spoken.
North Park Residences’ outstanding traits as part of Yishun’s Northpoint City – the largest integrated development in Singapore’s northern region – are what it takes to make cautious property hunters bite.
At the second week of its official launch, sales of the condominium totalled a strong 464 units, representing 76 per cent of the 610 units released and 50 per cent of the total 920 units.
As a testament to the attractiveness of living in the area, 52 per cent of the buyers live within or close to Yishun, including in Woodlands and Sembawang. These are residents familiar with the changes in Yishun and want to remain there to reap the benefits. Meanwhile, the strengths of the region are also drawing residents from other parts of Singapore, with 48 per cent of the buyers coming from the Northeast, West, East and Central Singapore.
Attention has been focusing on Yishun as the estate has been undergoing rejuvenation in the government’s Remaking our Heartland programme. Many elements of living in the area, from transport to healthcare and leisure, have been and will continue to be enhanced. These include new roads and links to expressways for seamless connections, a medical hub that comprises amongst others, the existing Khoo Teck Puat Hospital and the upcoming Yishun Community Hospital, new eating houses and more neighbourhood parks and green spaces.
Then of course, there is the integrated development itself. Being part of Northpoint City, the condominium’s residents will enjoy direct access to the mall’s features comprising over 500 retail and dining outlets, the Yishun Integrated Transport Hub, the first community club within a shopping mall and first to be fully air-conditioned, as well as a town plaza and community garden. That makes it a standout development with more amenities and conveniences than many other residential projects by far.
Slated for completion by 2020, close to 60 per cent of North Park Residences are made up of smaller apartments, namely two-bedders and below, mirroring the mix of unit-types sold. Most popular with buyers are its TRIO or dual-key units, a concept introduced by the project’s developer Frasers Centrepoint in 2009. Units released thus far were priced from $618,000 for a studio unit to $1.89 million for a 5-bedroom apartment.
John Tan Hong Leong, a commercial director who purchased a unit at the condominium, says the seamless connectivity from his future home to the various amenities nearby is a pull factor. “The parks, community and medical facilities are just a stone’s throw from the residence. We appreciate the convenience that North Park Residences will bring.”
In addition, he is looking forward to the area’s “fresher air, better, greener environment”. “Yishun is becoming a much more matured town compared to 20 years back, so it’s an exciting region. Hopefully, we will also have a high-speed rail station here to Malaysia eventually.”
Says Eugene Seah, a group managing director who also bought a unit: “In this development, everything is integrated. It’s safe, family-friendly and convenient because even when it’s raining, it is sheltered all the way to your home, making it a truly integrated development – something that’s very rare in Singapore. On top of that, the future potential of this place is immense. Once the Woodlands regional centre is up and the hospitals are all ready, you’re going to see a lot of people literally descending into this area. So in terms of potential and as an investment, it’s just an excellent place to be.”
According to Ong Teck Hui, JLL’s national research director, North Park Residences shows that the right product at the right price will still be able to draw demand in this challenging market, where buyers have become selective and price-sensitive.
“We have not seen a sales response as encouraging as this for quite a while as many new launches have been plagued by sluggish take-up,” he notes. “To buyers who place transportation, amenities and conveniences as high priority factors in choosing a property, this project comes across as ideal. There are very few integrated hub developments where residents can enjoy shopping, eating and other amenities with direct linkage to a bus interchange and MRT station, right at their doorstep.”
Indeed, Chesterton’s managing director, Donald Han, believes North Park Residences is probably the best-selling project seen in the last six months and is exactly the catalyst that the market needs.
“Now that we’re entering the second quarter, a peak period for the re-launch and launch of current and new projects respectively, many developers have been waiting for a successful property launch to carry the momentum forward and North Park Residences has done it.”
Mr Han points out that most launches in the last six months have averaged 15 per cent of sales over the total number of the project’s units after the first few weeks of sale. Generally, there has been a downturn in the market and any developer who achieves more than 20 per cent in sales is doing well. So North Park Residences’ 50 per cent sales figure brings it close to those in the days before the Total Debt Servicing Ratio (TDSR) was introduced in June 2013 to encourage financial prudence amongst borrowers.
“The interesting part about this project is that it not only attracts young people who like to invest in a project with many amenities but also older buyers who want to retire and seek this place because of the healthcare and other facilities nearby,” he says of North Park Residences’ good location and strong attributes. “So there is a good mix of factors. And really, doorstep healthcare has intrinsic value. Compared to other integrated developments, the healthcare element is really up there together with all the other amenities.”