"Encouraging" sales at Yishun condo

PropertyGuru

6 April 2015 at 6:00 pm

North Park Residences, part of the Northpoint City integrated development in Yishun, sold 313 of the 430 units initially released at its soft launch on Sunday.

Sales were described as "encouraging" and over 88 percent of the buyers were Singaporeans, with interest evenly spread across its one- to five-bedroom apartments.

The 920-unit condominium by Frasers Centrepoint Limited (FCL) has an average price of $1,300 psf, with prices starting from $612,000 for a one-bedder while the most expensive units are in the range of $1.89 million.

Mohamed Ismail, CEO of PropNex Realty, noted that developers are pricing their projects more competitively these days to entice buyers.

"The Government's cooling measures on the property market have effectively tamed pricing strategies, so developers are conscientiously ensuring that the price is right and as attractive as possible to buyers today," he said.

Meanwhile, the Yishun location and benefits to being part of an integrated development were also seen as major draw cards.

"For some time now we have been hearing about the revitalisation and transformation of Yishun from that of a mature township to one with new facilities for medical, education, transport, recreational and other functional needs. Northpoint City will also fill the gap for a vibrant lifestyle hub in the heart of Yishun and northern Singapore," said Cheang Kok Kheong, CEO of Development and Property for FCL.

Slated for completion by 2018, residents will have 'doorstep' access to 500 retail and F&B stores and the Yishun Integrated Transport Hub.

Plans are also underway to improve the town's connectivity to other parts of Singapore, which includes a new expressway.

The 99-year leasehold North Park Residences will officially launch this Saturday, 11 April.

Photo by Frasers Centrepoint Limited.

Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg

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