Parktown Residences vs Aurelle EC: Which Tampines New Launch Is Right for You?

If you're eyeing a new home in Tampines, two upcoming developments have likely caught your attention: Parktown Residence and Aurelle. Both offer unique features catering to different preferences and needs. Let's dive into a side-by-side comparison to help you make an informed decision.

Overview of Both Properties

• Parktown Residence: This is a mixed-use integrated development located along Tampines Avenue 11. It comprises approximately 1,195 residential units atop a commercial space of about 150,695 square feet. Residents will enjoy direct access to the upcoming Tampines North MRT station on the Cross Island Line, a bus interchange, a community club, and a hawker center.

• Aurelle: An Executive Condominium (EC) situated along Tampines Street 62, Aurelle offers around 760 units across 14 towers, with layouts ranging from 3 to 5 bedrooms. It's a short walk to the future Tampines North MRT station and is developed by Sim Lian Group Limited.

Site Location Analysis

Both developments are strategically located in Tampines North, benefiting from the area's planned enhancements.

• Parktown Residence: Its integration with the Tampines North MRT station and has close proximity to a bus interchange, making it an extremely well connected development. The inclusion of retail spaces, a community club, and a hawker center within the development offers great convenience to its residents.
• Aurelle: While not directly integrated, Aurelle is just a short walk from the future MRT station and the upcoming Parktown mixed-use development. Residents will have easy access to these amenities, as well as the Tampines Expressway (TPE) for drivers.

Pricing and Progressive Payment Scheme

Pricing for both developments reflects their offerings and target markets.

• Parktown Residence: As an integrated development, it's anticipated to be priced around $2,1XX–$2,2XX per square foot (psf). This premium aligns with similar integrated projects but may be on the higher side for the emerging Tampines North area.
• Aurelle: Being an EC, Aurelle is expected to be more budget-friendly, with estimates around $1,5XX to $1,6XX psf. This offers a more affordable entry point for eligible buyers.

Progressive Payment Scheme (PPS)

Both developments will follow the PPS, allowing buyers to make payments in stages as construction progresses. Here's a general breakdown:

• Booking Fee: 5% of the purchase price upon signing your Option To Purchase (OTP).
• Sales & Purchase Agreement (S&P): The remaining 15% of the purchase price (inclusive of the booking fee) is due upon signing your S&P, along with your Buyer’s Stamp Duty (BSD) and Legal Fees.
• Foundation Completion: You would require to pay down 10% once foundation has been completed. Out of this 10%, 5% would come as cash or CPF from you and the last 5% will be part of the 75% bank loan you are eligible to take.

Monthly Mortgage Comparison for Parktown Residence vs Aurelle

Most buyers in Tampines are families looking for spacious units, typically 2-bedroom and larger layouts. For this comparison, we’ll break down the estimated monthly mortgage payments for a 3-bedroom unit at both Parktown Residences and Aurelle EC.

3-Bedroom Unit Size & Pricing

• Parktown Residences: Smallest 3-bedder is 86 sqm (926 sqft)
• Aurelle EC: 3-bedroom units start from 78 sqm (840 sqft), but for a fair comparison, we’ll use the 3-bedroom + Study, which is also 86 sqm (926 sqft)

Estimated Purchase Prices

Using benchmark prices of $2,200 PSF for Parktown Residences and $1,600 PSF for Aurelle, we estimate the unit prices as:

• Parktown Residences: $2,037,200
• Aurelle EC: $1,481,600

Initial Payments Breakdown

Progressive Payment Milestones

As both developments follow the Progressive Payment Scheme (PPS), your payments will be staggered based on construction progress. Here’s what the payment schedule will look like for both developments:

*Do note we are assuming a 3% interest rate in the above calculations. Do note that timeline has also been changed slightly based on the estimated TOP and CSC for Parktown Residences and Aurelle EC.

By comparing these figures, buyers can better assess which property suits their budget and financial goals. Aurelle EC presents a more affordable entry point with lower upfront costs, while Parktown Residences offers the premium convenience of an integrated development at a higher price point.

Target Buyers

• Parktown Residence: Ideal for those seeking the convenience of an integrated development with immediate access to transportation, retail, and community amenities. Its higher price point may appeal to professionals and families valuing convenience and willing to invest in a premium property.
• Aurelle: As an EC, it's tailored for Singaporean families, especially first-time homeowners or HDB upgraders looking for private condominium features at a more accessible price. Eligibility conditions apply, making it suitable for those meeting the criteria.

Exit Strategy for Buying Properties in Tampines

Tampines has long been a sought-after residential area due to its comprehensive amenities, educational institutions, and commercial hubs. With the ongoing development in Tampines North, properties here are poised for appreciation.

• For Parktown Residence Owners: The integrated nature and prime location may command higher resale values. However, the initial premium price means potential gains might be moderate. Holding the property for a longer term could yield better returns as the area matures.
• For Aurelle Owners: After fulfilling the Minimum Occupation Period (MOP) of five years, ECs often see significant appreciation, especially when transitioning to the private market. Given its competitive entry price, Aurelle offers potential for substantial capital gains upon resale.

Conclusion

Both Parktown Residences and Aurelle EC offer strong investment potential in Tampines North, but the right choice depends on your budget, eligibility, and long-term plans.

Parktown Residences, as an integrated development, provides unmatched convenience with direct MRT access, retail spaces, and community amenities. However, this premium offering comes with a higher price point. Aurelle EC, on the other hand, is a more budget-friendly option for eligible buyers, offering long-term capital appreciation when it fully privatises after the Minimum Occupation Period.

Before purchasing a new launch property, it is crucial to assess affordability and secure the best mortgage rates. At Mortgage Master, our team of professional mortgage brokers will provide a detailed financial assessment, compare loan packages across multiple banks, and ensure you get the best financing deal for your purchase.

Contact Mortgage Master today for a free consultation and let us help you finance your new home with the most competitive mortgage package available.