North Park Residences opens for walk-in sales

A project selling private homes at the largest integrated development in the north opened for walk-in sales on Saturday (Apr 11).

Developers of North Park Residences have sold about 80 units, while about 320 units were sold at the project’s soft launch last week. In total, about 40 per cent of the 920 units have been sold so far.

North Park Residences will be part of Northpoint City, which will also house the Nee Soon Central Community Club and a Community Garden. It is this proximity to amenities and transport nodes that has attracted buyers.

At S$1,300 per square foot, some buyers say it is “reasonably-priced”. “Because of its position, with this price, it is a good buy,” said Mr Ng Say Tiong, a buyer.

Its developer Frasers Centrepoint says most of the units sold are the smaller ones and that it has seen a fair mix of those who buy to live in as well as investors. “Yishun is quite popular for its healthcare facilities so instead of waiting till 60 when you start buying a place, many of them buy at the age 40, 45, 50 and then plan for the future,” said CEO of Development and Property for Frasers Centrepoint Cheang Kok Kheong.

Integrated developments like North Park that have direct access to transport hubs are not new in Singapore. Projects like Bedok Residences, Watertown and J-Gateway have been launched in recent years, but with Singapore beefing up its transport networks, such integrated developments may become less attractive, says real estate firm Century 21.

“More and more Singaporean homes would be within the 500 to 800 metres of an MRT station so in future as our transport networks expand and our efficiency in public transport improves, this premium would be eroded,” said Century 21 CEO Ku Swee Yong.

The project is expected to complete in three years’ time.

Source : Channel NewsAsia – 11 Apr 2015

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