A new mixed development at Yishun Central, North Park Residences, is due for launch soon bt Fraser Centrepoint. The tender is won by child company North Gem Development at a price of $1.43 billion dollars. According to analyst, the bid for North Park Residences is 47% higher than the next highest bidder Far East and it works out to be $1,077 psf for the piece of land. The price is $1,077 (psf ppr) and is considered one of the highest for a 99 year leasehold site.
North Park Residences
According to the draft master plan, North Park Residences is strategically located amidst Yishun Ring Road and Yishun Avenue 9. Frasers has ownership of property such as Northpoint Mall, Yishun 10 and Yishun library which explains their high bid for the upcoming junction 9 in order for them to achieve domination of the area. Due to their high bid, Frasers is hoping that the location is able to assist in raising the price that investors are willing to pay at $794.44 psf.
The plans for North Park Residences by Fraser Centrepoint includes a intergrated development and based on analyst prediction from the plot ratio as well as the build up area, the number of units available to built is around 895 units. Fraser Centrepoint note that the plot of land is host to many amenities and therefore investors are willing to pay a premium for the piece of land.
North Park Residences Yishun
According to analyst, Fraser Centrepoint intends to build a 12 storey intergrated North Park Residences that consist of around 900 units of prime residential units and bus interchange. The development may get connected to Northpoint directly throught residential link bridges that will be set up but this is subject to approval. Real estate analyst sees that commercial developments next to MRT is very popular among investors and hence this development might be able to attract buyers.
However, some analyst feel that North Park Residences residential units needs to be reasonably priced so that people might be attracted to it. Many buyers are affected by the TDSR and hence are not willing to buy condo units. Therefore, price is the most important factor when it comes into consideration.