District 5, the largest launch in the West Zone, was a huge success. Nearly a third (1,862 condo units) were sold within the first day, at an average price of $1,750 per square foot. What’s the new launch condo? It is the Normanton Park.
It has been sold an additional 20%+ since then to surpass the 50% mark in total sales! Check out the balance units left in Normanton Park.
This is a huge feat for a project this large. Similiar condo launch is the Treasure at Tampines in the East?
Did you know that the first 800 units will be eligible for a lucky draw to win a Mercedes-Benz A-Class 180 Hatchback?
There are 10 available, and early buyers will be happy to see Normanton Park sales surpass the mark.
The project was previously hit by a “no-sale licence” in January 2019 and it was expected to only be able to commence sales after obtaining its Temporary Occupation Permit (TOP).
This was a serious financial burden for the developer, who had to pay out its own money upfront for all construction before it could sell any units.
They are probably very happy, I am sure.
Developers have even been forced to halt their plans due to high demand. Since launch, prices have been raised a few times.
Normanton Park, however, is a different beast.
Parc Clematis was another mega-project in the West that I have never written about, but Normanton Park is something I cannot miss.
It’s fitting that I make this my most intense review/preview to match the enormous scale of the project.
Is Normanton Park a good buy?
This article will not cover Normanton Park facts, as I do often.
I have created a new section on my website with all the information about the Project.
This is what I will be covering in this article.
- Demand and Supply
- Unique Factors
- Future Potential
- Analyse of Price
- Yield and Rental Analysis
- SWOT Analysis
Let’s get started!
Demand and Supply in Normanton Park
Have you heard about the Greater One-North?
Normanton Park District 5, is right at the edge of the area, bordering Kent Ridge Park in the South and Science Park 1 to the West.
While the focus has been on Raffles/Tanjong Pagar’s traditional CBD, Normanton Park has shined the spotlight back to an area that has remained relatively low-profile: One North.
However, property agents and developers are merely loving One-North. Is it just about selling units at Normanton Park or is there more?
If it was really so great, why didn’t more coverage get on it?
Let’s take a deeper look.
Here is a look at Greater One-North from the 2019 Master Plan.
Normanton Park can be found in the lower right corner.
Let’s quickly cover the legends of colour…
Dark Blue (near top): Commercial. There are two offices there: The Metropolis and Moe Building. There are many notable companies that have offices here, including Shell Oil & Gas giant and Procter & Gamble consumer goods giant.
Light Blue (multiple spots in the right-hand half): Business Parks. These are available directly from URA and are intended for businesses that engage in high-technology, R&D (R&D), high-value-added and knowledge-intensive business activities.
Pale yellow (with the E) – Educational Institutions. The large one to the left is National University of Singapore (NUS).
The Greater One-North is largely made up of Business Parks.
When you think about Business Parks, what comes to your mind?
Changi Business Park is my favorite place.
What’s the connection?
Major Banks have back-end offices.
Marketing hype is naturally directed towards Jurong, which includes the Jurong Lake District, Jurong Innovation District, and the potential High-Speed Rail Terminus.
Or Paya Lebar with its recent sprouting and future relocation of the Paya Lebar Airbase.
Do not mix the Business Parks’ light blue with the above. The light blue above signifies mixed residential and commercial zones.
However, being sexy does not necessarily mean a bad investment.
In reality, less hype could mean more sensitive pricing (more about that later).
As I said, Business Parks are businesses that engage in business activities.High technology…
Here are some examples of companies that recently chose to establish new headquarters at One-North.
This trend should continue with the continued rise of tech companies and decentralization of offices away from the traditional CBD.
According to the correlations, more offices equals more people and more housing demand.
The Region has a lot of supply
Take a moment to think about these two questions.
Concerning the Greater One-North region
- Are there any housing shortages?
- What was the most recent launch?
Let me give you some details.
Below is a map showing the locations of condos and apartments around the One-North station on the MRT.
There are only four condos, as you can see.
The Rochester Residences is one of the most recent.
Even that launch was made in 2007 – 13 years ago.
What do you think about the housing supply?
What if, instead of what you think or me, what does government think?
It is interesting that even though the government knows about Normanton Park’s upcoming mega launch, and many other projects in West Texas, it has not yet published the information.
One-North Eden is still set to launch right after Normanton Park.
This is all the activity since the launch 13 years ago.
This is the government’s response in anticipation of increased demand?
Normanton Park Unique Factors
For a project to be successful in the long-term, it is important to have unique attributes that can’t easily be replicated.
Large Site Area
Normanton Park is located on nearly 685,000 square feet of land.
It is the largest new project on the market today in terms of sheer size at 702,162 square feet.
Other popular projects in the North-Eastern Region, such as Florence Residences or Riverfront Residences have around 1400 units and a site area less than 400,000 square feet.
Normanton Park is more than a statistic. It makes the most of its size by housing over 100 facilities that cover almost 80% of the site’s entire area.…