NORMANTON PARK
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NORMANTON PARK PRICE

Normanton Park Price - A Development With Future Potentials

Normanton Park Price –  Located minutes from the city and amongst the beautiful greenery of Kent Ridge Park, Normanton Park is a highly anticipated development by Kingsford Development.  The unique location is one of the key factors that draw homebuyers to the showflat.  The location not only offers accessibility to the city, convenience to top schools, and essential amenities.  In addition, it is within close proximity to many important business hubs such as Science Park, one-north and Central Business District.   Given its favorable location, what would you expect the Normanton Park Price to be?

The journey of Normanton Park, a former HUDC development built in mid-1970s, began with the launch of the public tender for collective sale in August 2017.  The tender was successfully concluded with Kingsford Development winning the bid with a closing price of $830.1 million for the large land plot measuring 660,999 square feet.  The land cost which contributes to the Normanton Park Price, which works out to be $969 per square feet per plot ratio.

Besides the acquisition cost for the land, other factors that shape the Normanton Park Price include the supply of private non-landed homes in the area, the price trends of developments in the city fringe, and also upcoming transformation in District 5.

Bedrooms Size Prices From

1 Bedroom

517 - 657 sqft

$931,700

1 Bedroom + Study

560 - 700 sqft

$1,017,100

2 Bedroom

657 - 797 sqft

$1,180,000

2 Bedroom + Study

829 - 980 sqft

$1,445,600

2 Bedroom Premium

732 - 893 sqft

$1,333,100

3 Bedroom

904 - 1,109 sqft

$1,536,700

3 Bedroom Premium

1,066 - 1,249 sqft

$1,833,200

4 Bedroom Compact + Study

1,195 - 1,346sqft

$2,081,000

4 Bedroom Premium

1,313 - 1,496 sqft

$2,260,000

5 Bedroom

1,615 sqft

$2,780,000

Mega Transformations In Progress

Since the launch of the mega transformation at the Greater Southern Waterfront in 2019, the south and south-western districts of Singapore have come into the spotlight for the past few years.  The Greater Southern Waterfront comprises 30 kilometers of coastline from Gardens By The Bay East to Pasir Panjang and a total land area of 2000 hectares which is equivalent to twice the size of Punggol and 6 times the size of Marina Bay.  When it is completed, it will feature a beautiful boulevard lining the entire seafront from Pasir Panjang to Marina East.  With the present Normanton Park price, home buyers today can look forward to healthy growth potentials as a result of this mammoth transformation in the next few years.

In addition to the Greater Southern Waterfront, another transformation arising next to Normanton Park Location is the addition of the Dover Knowledge District, a new and upcoming hub for research and entrepreneurial ventures.  This new development will help extend the existing innovation and business district which includes one-north, Science Park, and the National University of Singapore.  For property owners, this will be a positive influencer on the Normanton Park Price in the future.  Furthermore, the transformation will also offer a greater tenant pool for investors. 

Growth Demand Limited Supply 

At present, there are only a handful of condominiums in Buona Vista and the one-north area.  The growing demand for homes in the city fringe has led to a shortage of supply in general in the Rest of the Central Region (RCR).  As such property owners can expect a possibility of upside potential to the Normanton Park Price.  Over the past years, land prices in the western city fringe have experienced steady growth.  In 2015, a government land sale at Clementi Avenue 1 was sold at $615 per square foot per plot ratio.  And in 2019, another government land sale was closed at $788 per square foot per plot ratio.  

As land is scarce in the city fringe, land price is expected to continue to increase and property buyers should seize the opportunity to secure units in this coveted location at the present Normanton Park Price.  Given the favorable factors of the Normanton Park Site Plan, it will be an attractive development for buyers who are looking to invest in a high-growth location that enjoys the advantageous position where demand outpaces supply. 

Property Market Resilience In The Midst Of Pandemic

Despite the ongoing Covid-19 pandemic, the Singapore property market continues to display fortitude and resilience.  With the onset of the circuit breaker in Q2 2020, many had expected the Singapore property market to crash like in the days of SARS in 2013.  However, the property market did not react negatively as expected.  In fact, prices held their grounds and remained stable, without showing any signs of sharp decline.  Shortly after the circuit breaker period, as Normanton Park Showflat opened with proper safe distancing measures in place, the market saw an upswing in transactions due to pent-up demand. 

In addition, record low interest rates offered significant savings in the cost of borrowing, and this motivated buyers to take advantage of the favorable condition.  Amidst strong consumer sentiments, the property market continued to provide steady support for prices of new developments such as the Normanton Park Price.

According to the most updated data by URA in January 2021, the private property price index of Singapore in Q4 2020 experienced an increase of 2.1% relative to Q3 2020.  Many property seekers have been waiting on the side, hoping to catch some firesale deals as they had expected property prices to nose-dive due to the sudden economic slowdown.  However, to the surprise of market watchers, the economic downturn did not cause a significant impact and on the contrary private property, prices saw an encouraging increase of 2.2% for the year 2020.  With a strong underlying foundation, property enthusiasts expect Normanton Park Price to capitalize on the positive market momentum and offer an irresistible value proposition to potential homeowners and investors. 

Per the URA database, the prices of non-landed properties grew by 3% in Q4 2020, which is a great improvement from the 0.1% increase reported in Q3 2020.  And for the entire year of 2020, prices for non-landed properties increased by 2.5% compared to 1.9% in 2019.  It is truly remarkable that the local property market has held its grounds and continued to grow despite adverse economic conditions. 

In fact, many developers took advantage of the pent-up demand in the market and proceed to introduce several new projects at the end of the circuit breaker period at price levels that reflected consumers’ confidence in the Singapore property market.  As such, homebuyers can be assured that prices of new homes such as Normanton Park Price would reflect the strong foundations of the Singapore market and safeguard against any sudden price drops that would dent investors’ confidence.

Visit Normanton Park Unit Mix to see 6 major categories of layout ranging from 1-Bedroom to 5- Bedroom.

Normanton Park Price Snippet
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