Singapore is home to skyscrapers, excellent infrastructure, and amazing condominiums standing aloft in the tiny island’s ideal weather. The small country attracts tourism more than half of the rest of Asia and is now preparing to enjoy floods of investors flocking to buy their share of land within the remarkable Normanton Park Condo.
Rings a bell? Here’s a brief background check to joggle up your memory before we dive into why Normanton Park Condo might be one of the best possible investment opportunities today that has opened up in April 2021.
Back in 2017, the previously-built Normanton Park condo was sold en block for a whopping $830.1 million to Kingsford Development – the Chinese property developer. In 2019, the government imposed a no-sale license on the condo because one of Kingsford’s previous projects, Kingsford Waterbay, did not comply with the standard construction requirements set forth by ‘Building Control Act and Regulations.’
In simpler words, the no-sale license meant the developers could continue with the construction of the building but would not sell any of its units off-plan unless approved by CoH (Controller of Housing). Fast forward to January 2021, the dust has settled, and the brand-new Normanton Park Condo is an overwhelmingly incredible place to live and invest.
Normanton Park Condo – An Overview
Touted as the biggest launch of the year in the Singapore real estate industry, Normanton Park boasts a staggering total of 1,862 units, inclusive of 22 strata terrace houses, 22 parking lots for terrace houses, and 3 commercial shops. It’s quite a mini-city itself, where you have to drive from one to the other when touring the entire condominium.
The condo is located in district 5, near the One-north and Science Park areas. Capitalizing on the rural-like location of the vast site where there are no tall buildings to obstruct the sky, certain units in the condo enjoy scenic views overlooking Kent Ridge Park.
Besides the view, other remarkable landmarks are surrounding the great Normanton Park that adds up to its worth of investment.
The Singapore URA master plan’s envisioned ‘Waterfront City of the Future’ – the 2,000-hectare Greater Southern Waterfront – is well in proximity to the condo, which is not only a prominent attraction site but a brand-new entertainment hub of the coming decade. Normanton park condo is also situated in the heart of key business points of the country, specifically the Central Business District and Jurong Lake District. Educational institutes, including the National University of Singapore, business schools, and international schools for kids, are merely a few minutes away from the radius.
Is Normanton Park Condo investment worth the risk?
Now that we have dealt with the prime location and promising whereabouts of the project, we will come next to the main question; is it worth the risk?
To begin with, the condominium is well-received to become the second biggest development of Singapore, surpassing D’Leedon, in terms of units. If you’re wondering why that’s even relevant here, it is to tell that while bigger does not always mean better, the density and facilities of the project play a pivotal role in quoting its value for investors.
In the case of Normanton Park, the development scores high in both criteria.
Before we look at the facilities of the project (the best part), here’s a brief look at exactly how dense the project is. Normanton Park covers a gigantic 666,727 square feet of land with 9 breathtaking towers comprising 1,862 units. If we divide the size of land with the units, we get 358 square feet per unit – which is way better than four other similar-sized developments in the country.
This translates to Normanton Park condo being a very smart construction – it has minimal waste of land, respectable size of land per unit, and caters to all residential amenities (and beyond).
Coming to the amenities, there are more than 100 different lifestyle facilities in the compound. Families get to enjoy incredible water and aquatic landscapes that calms the environment and creates an aesthetically mini-island stage. With 9 commercial units, pavilions, a 150m pool, and lush landscaping, Normanton Park features a picturesque view at every turn. There are plenty of gyms, lawns, pools for kids and adults, tennis/sports courts, adventure playgrounds, courtyards, and decks to make a living in this park truly a rewarding experience. Investment in this project, therefore, has ROI manifolds that surpass the minimal risks of drawdown.
While we are at it, here’s a roundup of Normanton park prices for multiple unit plans (subjected to changes anytime in the future).
Units range from 1 bedroom, with or without study, compact 2-bedroom units, premium ones, 3-, 4- and 5-bedroom models, as well as terrace houses, all covering different sizes of land area. Prices start from $1,792 per square foot for a 1-bedroom unit to $1,498 per square foot for terrace houses.
Based on the location, in-project facilities, and price ranges for investment, you can weigh the scale for determining whether or not investing in Normanton park condo is worth the risk or not. It is important to know that due to the bad record of Kingsford Development’s projects, including being hit with a no-sale license, the builders are keen to provide extra assurance to buyers that they will get quality-built, approved housing at all costs.
In-depth Tour of Normanton Park Condo Unit
Gauging the worth of the investment requires you to be well-aware of the ups and downs of the property so that you can estimate the correct value for trading in the future. To help you out in that case, we have performed an in-depth, written study of a 1-bedroom with study unit at the condo.
The 1-bedroom/1+ study unit at Normanton Park condo constitutes a total of 30% out of 1,862 housing units, which is quite significant. They come in a range of sizes from 484 sq. ft to 700 sq. ft, competitively sized, strategically constructed but sporting a few inefficiencies.
It features a long entrance for a 1-bedroom unit, which many think is a waste of space. There are additional cabinets on one side of the hallway, proving quite inefficient because the corridor is not the widest to have two people doing different tasks at the same time. The look of the door, floor, and ceiling, needless to say, is beautiful.
Forming part of the walkway is an open kitchen that is well-placed and wide enough to not have any complaints. Space for refrigerator, upper and lower cabinets, stove and dryer/washer, reasonable counter space, and plenty of storage provides it with just about everything. It features a dual-toned color layout. By the kitchen is the dining area where the table is big enough, but the sitting space cannot hold more than three persons at a time. It is safe to say that the dining area is quite inefficient for this unit.
1-bedroom units featuring a study falls on the other side. Decently spaced, it is distributed with shelves, table, chair, additional privacy. The lack of windows tends to make the space slightly cramped up.
The living area
By the dining, you walk another step, and you enter the living area where two- or three-seater sofa with a TV and console can easily fit in. it is just next to the dining and the kitchen, which may not sit well with many residents who’d want the living space to be rid of the cooked food.
The size of the bedroom is not too great. There is a half-sized grand window, an inbuilt wardrobe minus the usual drawers, timbered flooring with an (extra-sized) AC ledge. It features an attached bathroom that opens and closes into the study and the bedroom. It is comfortable, spacious with extra storage featuring a rain shower, washing area, and toilet. There are no towel racks or windows which drop the points in the overall score.
Normanton Park Condo Is A Good Investment
The final verdict is that the condominium is quite a good investment in Singapore real estate industry. There are no two thoughts about it, given that it has a prime location, competitively sized units as compared to its peers, plenty of lifestyle amenities, and an amazing density. The average size PSF comes at second to other developments of similar land areas, unable to beat only Parc Clematis. It sits well as a baby extension to Principal Garden and Parc Clematis, synonymous in their layout and tower designs.
Another factor that makes this mega project a good investment hub is the fact that similar projects to Normanton Park are selling like hotcakes, thereby deeming the condo as being rather “undervalued” at a $1,792 entry price. According to the URA master plan, there are plenty of transformations underway in the area that places it at a high value for profitability. Close to MNCs and other commercial spots, the condo boasts great potential for rentability as well. And at the bottom line, after all, it is a magnificent place to live in for the rest of your life!