New Condo Launch – Condos Units Still in Demand
Last April, four hundred and thirteen of the 600 condominium units put on the market at North Park Residences in Yishun sold out within days of their “soft launch.” The rapid sales confirmed what we already knew: that Singaporeans are still very much interested in condos for sale. About 87 percent of the buyers were nationals, and another 10 percent were permanent residents.
North Park Residences, which will eventually offer another 320 condos for sale, is scheduled for completion in 2020. It will be the first residential project within an integrated development in Yishun Central called Northpoint City, which will be finished in 2018.
One of the factors drawing buyers into Yishun is the availability of medical facilities in the area, and the growing popularity of medical tourism in Singapore. The condos for sale are located close to Yishun Polyclinic, Khoo Teck Puat Hospital, Yishun Park and Yishun Pond, in addition to international school GEMS World Academy.
The benefit here, according to Elson Poo, general manager of Fraser Centrepoint (the company tasked with the development), is that buyers can opt to rent out their units now and move in when they retire. Over 40 percent of the buyers come from outside the northern part of the island, and Fraser Centrepoint sees this as a sign of confidence in the Yishun area.
Another attraction is the transport hub that offers access to Yishun MRT station and a bus interchange. Fraser Centrepoint has a track record of developing and managing integrated developments with MRT stations says Cheang Kok Kheong, chief executive of development and property. Cheang cited examples such as Changi City Point in the east, Causeway Point in Woodlands, and Compass Point in the north in Sengkang.
In addition, Fraser Centrepoint has plans to integrate the existing Northpoint Shopping Centre into the development. It will contain the Nee Soon Central Community Centre: the first community centre to be sited inside a shopping mall. The Yishun Public Library will also be located within Northpoint City.
Cheang estimated that about half of the new launch condo buyers planned to rent out their units. The other half comprises HDB residents eager to upgrade to a condo.
The Straits Times profiled one of the buyers of the new launch condo development, a married forty-something property agent named Jannie Chang. According to Chang, the attraction of the one-bedroom studio she purchased lay in its closeness to hospital facilities and public transport. She previously owned a shophouse and an HBD flat, and the North Park unit is her third property acquisition. She proved Cheang’s assessment by stating her intention to live in the unit for a year or two before renting it out.
Another new launch, condo development Botanique at Bartley, is also doing well. The 797-unit development located in Upper Peyar Road, sold 200 of the 360 units released on the market last April, also within days of the launch. Over 80 percent of the buyers who snapped up the Botanique condos for sale were Singaporean.