The newly built residential project, Normanton Park is located in district 5 of One Normanton Park. It is developed by the reputable real estate developer, Kingsford Huray Development. The project is 24-storey block high and comprises 1,862 residential units in total. Aside from the 1,840 apartments, Normanton Park also has 22 strata units. 8 strata commercial units are available for sale. While 3 of these were already sold over the weekend. And on its first launch, the project sold 600 residential units. This is equivalent to ⅓ of the 1840 apartment units in Normanton Park. Property agencies that promote the project are expecting it to beat the sales of Clavon. This is because the Normanton Park is located near the city centre. While the Clavon is located in a suburban location. Please also see the location of Midwood as it is located near to Hillview MRT Station.
According to the Kingsford spokesman, Normanton Park sold one and two-bedroom units which made up 80% of the units sold. The average cost of the unit is $1750 psf. And most of the people who bought these are Singaporean nationals and permanent residents from the area. According to Bruce Lye, these units have a practical layout which can be rented by 2 different occupants who’s fine with sharing the dining and living area. Please see Midwood for more details on the development.
Aside from it, Normanton Park offers lots of attractions as it is located near Science Park Drive. And it sits in the area which is surrounded by R&D businesses. Besides, Normanton Park is also surrounded by lots of industries such as pharmaceutical businesses. More importantly, this high rise residential is located near the Mapletree Business City and the National University Hospital. That’s why this is the right place to settle in.
Normanton Park has 1,150 units sum of one and two-bedroom units. This is equivalent to 62% of Normanton Park. One-bedroom units have an area that range of 484 sq ft to 700 sq ft. This costs around $1,445 psf to $1,633 psf or $700,000 to $1.17 million. And this is what attracts lots of investors.
On the other hand, three-bedroom units make up 529 units which are 28% of the project. Three-bedroom units offer an area that ranges from 904 sq ft to 1,238 sq ft. These cost around $1,626 psf to $1,696 psf which is equivalent to $1.47 million to $2.1 million. Further, 115 units that cost $2 to $2.6 million are the four-bedroom units, which make up another 115 units. 46 units are accounted for the five-bedroom units which can be bought at $2.79 to $3.2 million. Strata houses cost around $3.42 million above, while the commercial units cost around $2 million.
One of the projects with sales of more than 500 is the Riverfront Residences. This was developed by a reputable developer, Oxley Holdings. Other mega-developments from the past years are the Treasure at Tampines and the Florence Residences.
During the launch of the Normanton Park, they offered a lucky draw of 10 Mercedes-Benz cars as a reward. Which will be given to purchasers and their marketing agents. This will be offered only for the first 800 units sold. But according to the head of research and consultancy at ERA, the lucky draw is not the deciding factor to potential buyers. And this was agreed by PropNex’s Gafoor who stated that homebuyers and investors don’t pledge to a million-dollar property. Especially when the chance of winning a Mercedes car is one in eighty.