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13-04-15, 15:47
http://www.businesstimes.com.sg/real-estate/frasers-centrepoint-guns-for-big-north-park-launch

Frasers Centrepoint guns for big North Park launch

Developer to offer nearly all of its 920 units in just two weeks and expects a strong response due to its location

By Lee Meixian

[email protected]@LeeMeixianBT

7 Apr


NORTH Park Residences will be officially launched for sale on April 11, and more than half of its total 920 units have been reserved for the official launch. Added to the 430 units released at its soft launch last Sunday, this means that by this weekend, nearly all, or all, of its units would have been released for sale.

This is an uncommon phenomenon particularly in today's quiet property market where developers launch quietly and in piecemeal batches.

SLP International executive director Nicholas Mak said it is the strong attributes - particularly its unbeatable proximity to Yishun MRT station and an established shopping centre (versus an untested retail component in a new mixed development) - that likely gave the developer Frasers Centrepoint (FCL) the confidence to launch such a huge volume of units in a mere two weeks.

J Gateway, near Jurong MRT station and retail malls Jem, JCube, Westgate and most recently Big Box, nearly sold out on its launch day in June 2013.

"The game right now is such that you have to achieve a big bang and then keep up the momentum. Once the sales momentum is lost, it is difficult to restart it," said Mr Mak. "Yes, it is not so common to see developers do big launches now, but it is also uncommon to find a project that has so many positive attributes. I don't think there is any other private condominium within 10 minutes of Yishun MRT station, and the HDB flats nearby are mostly more than five years old, thus providing a fairly large pool of HDB upgraders."

Updating on its sales performance, FCL said that it has sold 313, or 70 per cent, of its 430 units released at its soft launch of North Park Residences. The soft launch was open to buyers who had registered their interest. Marketing agents for the project had told The Business Times on Sunday that the condo had sold over 300 units when it started sales on Sunday.

"Sales were evenly spread across its one to five-bedroom apartments with Singaporeans accounting for over 88 per cent of buyers," FCL said on Monday. "Phase 1 units of North Park Residences were released at an average pricing of S$1,300 per square foot (psf), with prices starting from S$612,000 for a studio to S$1.89 million for a five-bedroom Vista unit."

According to agents, one-bedroom plus study units (549-560 sq ft) start from S$758,000. A two-bedder of 624 sq ft starts from S$840,000 while a three-bedder costs S$1.049 million and above. The four-bedroom deluxe and five-bedroom units start from S$1.496 million and S$1.79 million respectively.

North Park Residences, part of Yishun's integrated development Northpoint City, comprises comprises twelve 10-storey blocks. Northpoint City is FCL's fourth integrated development project.

Cheang Kok Kheong, CEO of development and property for FCL, said: "Over the past three weekends of public preview, we have put in significant effort to meet and speak with some 5,000 visitors and prospective homebuyers on the value and investment potential in an integrated development like North Park Residences. The encouraging sales and ongoing enquiries reaffirms our success in engaging with them."

FCL added 1.5 Singapore cents on Monday to reach S$1.77.