Due to limited land availability in Singapore, the demand for condos has surged in recent years. As a small island nation with a growing population, the country is facing a shortage of land for development, prompting the government to implement strict land use policies. As a result, the real estate market has become highly competitive, leading to a significant increase in property prices. This has made condo investments a highly attractive option for potential investors looking for capital gains. Moreover, with the continuous release of new condo launches, the real estate market in Singapore remains robust, attracting investors in search of profitable opportunities. New Condo Launches have further contributed to the thriving real estate market in Singapore.
?Condo prices: Are bigger units more affordable in today’s market?Question A three-bedroom unit in the Watertown condo, part of the Waterway Point development in Punggol, will be put up for auction by SRI on Feb 26. The 1,281 sq ft unit, previously purchased for $1.8 million in 2013, has a guide price of $2.4 million ($1,874 psf). Although it received one bid in a previous auction, it was withdrawn as the bid was under the reserve price. The 13th-floor unit features a combined living and dining area, an open-concept kitchen, a utility room and toilet, and a south-facing balcony overlooking one of the condo’s 20 swimming pools. It also has an ensuite master bedroom, two additional bedrooms, and a common bathroom. Last year, there were 41 resale transactions at Watertown at an average price of $1,700 psf. Larger units tend to have stronger demand and can fetch higher psf prices compared to the overall average price. Interest in the development comes from HDB upgraders and those looking for a primary residence due to its proximity to Punggol MRT Station. Watertown is a 992-unit condo with one- to four-bedroom units. It is integrated with Punggol MRT Station and several primary schools are located near the condo. Additionally, Waterway Point mall is within the development.Comparison chart of HDB, Condo, and LandedPrices of Condo and EC New SaleCondo New Sale Prices vs EC New Sale PricesYear Of Completion of WatertownUnprofitable Transactions in WatertownPrice Trend of New Sale Condo vs Resale Condo Rewrite:SRI is set to auction off a three-bedroom unit located at Watertown, the residential component of the Waterway Point integrated development in Punggol, on February 26. This mortgagee sale property has a guide price of $2.4 million, or $1,874 per square foot (psf). The same unit was previously featured at an auction in January with the same guide price, but only received one bid. However, as the bid did not meet the reserve price, the unit was withdrawn from the auction. The 1,281 square foot unit on the 13th floor boasts a combined living and dining area, an open-concept kitchen, a utility room and toilet, and a balcony that offers views of one of the condo’s 20 swimming pools. It also includes an ensuite master bedroom, two additional bedrooms, and a common bathroom.Read also: Park Nova penthouse hits a high of $6,593 psf, second-highest condo psf price in SingaporeThe combined living and dining area and open-concept kitchen are just some of the features of this 13th-floor unit (Photo: SRI)According to records from URA caveats, the unit was originally purchased from the developers in October 2013 for around $1.8 million ($1,281 psf). As of February 4, Watertown has already recorded one transaction this year – a two-bedroom unit spanning 958 square feet that sold for $1.7 million ($1,775 psf) on January 19. In 2020, the condo had a total of 41 resale transactions at an average price of $1,700 psf.Larger units within the development tend to have a higher demand and can fetch higher psf prices compared to the overall average. Eric Liew, manager of auctions and sales at SRI, explains that last year, 10 out of the 41 resale transactions at Watertown involved bigger units with three or more bedrooms. These units were sold at an average price of $1,854 psf, which is about 9% higher than the overall average for the year.The south-facing balcony offers views of one of the condo’s 20 swimming pools (Photo: SRI)“Interest in the development comes mostly from HDB upgraders on the lookout for a good deal, as well as those planning to use the unit as their primary residence due to its convenient location near Punggol MRT Station,” says Liew.Watertown is a 992-unit condo that spans across 11 residential towers atop the six-storey Waterway Point shopping mall. It offers one- to two-bedroom units with sizes ranging from 533 to 1,003 square feet, as well as three- and four-bedroom units that are between 821 and 1,582 square feet.Read also: MCL Land and CSC Land Group to preview Elta on Feb 7 with prices from $1.158 milAdvertisementLast 10 transactions at Watertown as of Feb 6 (Source: URA, EdgeProp Singapore)Waterway Point is directly connected to Punggol MRT Station, which is part of the North East Line, and is accessible from Punggol LRT Station. The mall was jointly developed by Far East Organisation, Frasers Centrepoint, and Sekisui House. Several primary schools can be found in the vicinity, including Edgefield Primary School at Edgefield Plains, Oasis Primary School at Punggol Drive, Punggol Green Primary School at Punggol Walk, Compassvale Primary School at Compassvale Street, and Punggol Cove Primary School at Sumang Walk. Check out the latest listings for Watertown and other condominium propertiesAsk BuddyCompare price trend of HDB vs Condo vs LandedCompare price trend of Condo new sale vs EC new saleCompletion year of WatertownAre there unprofitable transactions in Watertown?Compare price trend of New sale condo vs Resale condoRelated StoriesThree-bedroom unit at Watertown for sale at $2.2 milProperties that will be positively impacted by Cross Island Line Phase 1Integrated developments: Withstanding the test of time?Condo prices: Are bigger units more affordable in today’s market?The auction is set to feature a three-bedroom unit located at Watertown, part of the Waterway Point development in Punggol, on February 26. This mortgagee sale property was originally purchased for $1.8 million in 2013 and is now being offered at a guide price of $2.4 million ($1,874 psf). Despite receiving one bid at a previous auction, the property was withdrawn as the bid did not meet the reserve price. The unit on the 13th floor has a combined living and dining area, an open-concept kitchen, a utility room and toilet, and a balcony that overlooks one of the condo’s 20 swimming pools. It also includes an ensuite master bedroom, two additional bedrooms, and a common bathroom. In 2020, 41 resale transactions at Watertown were recorded at an average price of $1,700 psf. Interested buyers are mostly HDB upgraders or those seeking a primary residence near Punggol MRT Station. The development consists of 992 units with one- to four-bedroom units. It is linked to Punggol MRT Station, and there are several primary schools nearby. Waterway Point mall, which is located within the development, was jointly developed by Far East Organisation, Frasers Centrepoint, and Sekisui House.