First Fully Integrated Development in Tampines
The PARKTOWN Residence project is generating interest as a new development in the Tampines North area, yet it hasn’t received as much attention as other projects. This may be due to the perception that Tampines is somewhat isolated compared to other towns in Singapore. Residents from different regions often have differing opinions on Tampines, which can impact its desirability.
PARKTOWN Residence is a large fully integrated development that will contain over 1,193 units and features a variety of amenities including retail spaces, a community hub, and easy access to public transportation. The project’s strategic location near the MRT station and Bus Interchange enhance mits appeal, particularly for families who prioritize convenience.
Three key reasons why potential buyers might not consider this project include:
1. Location Concerns: If your work or lifestyle is cantered in the Northern or Western regions of Singapore, the location of PARKTOWN Residence may not meet your needs. The attractiveness of the project may not outweigh the inconvenience of traveling to your daily commitments.
2. Income and Eligibility: First-time buyers with a combined income of around $16,000 or less might want to consider an upcoming executive condominium (EC) nearby that could be significantly cheaper. The trade-off with ECs includes a five-year stay commitment, which may not suit everyone’s plans.
3. School Proximity: For families looking to enrol their children in specific schools within a 1km radius, PARKTOWN Residence may not be the best option, as it does not fall within that desirable distance of certain well-known schools.
Conversely, there are compelling reasons to consider purchasing a unit in PARKTOWN Residence:
1. Investment Potential: For investors with a smaller budget, this project offers a more affordable entry point compared to other locations in the OCR region. It uniquely features one and two-bedroom units that are currently under represented in the vicinity, making it an attractive option for rental opportunities.
2. Family Proximity: If your family lives nearby and you have already secured primary school placements for your children, the project’s accessibility via the MRT and bus interchange can facilitate daily commuting and family visits without the need for a car.
3. Affordability for Second-Timers: For buyers whose income exceeds $16,000 and who have previously owned a BTO or EC, PARKTOWN Residence presents a suitable option as there are no resale levies, potentially saving significant costs.
Finally, prospective buyers need to consider their finances carefully before making a decision. The expected price range for units at Parktown Residence is likely to fall between $2.2 million to $2.3 million for a typical three-bedroom unit. It’s essential to consult with a financial advisor to plan the transition from current housing to this new investment effectively, especially regarding timelines and financing procedures. Additionally, careful selection of unit stacks and views is critical, as the premium paid for specific units may not guarantee a corresponding return in the resale market.
In summary, while PARKTOWN Residence offers unique advantages, potential buyers should weigh their personal circumstances against the project’s offerings and market conditions.