What you need to know about Executive CondominiumsGovernment may have to re-think planned prime residential site launches in H1 2021 as demand diminishes
A three-bedroom unit measuring 1,281 square feet is set to go under the hammer at SRI’s upcoming auction on February 26. Located at Watertown, the residential portion of the integrated development Waterway Point in Punggol, the unit is a mortgagee sale and has a guide price of $2.4 million, which translates to approximately $1,874 per square foot (psf). The same unit was previously listed at SRI’s January auction with the same guide price and received one bid. However, it was withdrawn due to the bid being below the reserve price.
The 13th-floor unit features a combined living and dining area, an open-concept kitchen, a utility room, and a toilet, as well as a south-facing balcony overlooking one of the condo’s 20 swimming pools. There is also an ensuite master bedroom, two additional bedrooms, and a common bathroom.
According to URA caveats, the owners purchased the unit from the developers for around $1.8 million ($1,281 psf) in October 2013. As of February 4, only one unit at Watertown has changed hands so far this year – a two-bedroom unit spanning 958 square feet that was sold for $1.7 million ($1,775 psf) on January 19. In 2020, the condo recorded 41 resale transactions with an average price of $1,700 psf.
Eric Liew, manager of auctions and sales at SRI, remarks that larger units in the development are in higher demand and can achieve higher psf prices. Out of the 41 resale transactions at Watertown last year, 10 involved larger units with three or more bedrooms, and were sold for an average price of $1,854 psf, which is around 9% higher than the condo’s overall average transacted price for the year.
Liew adds that interest in Watertown mostly comes from HDB upgraders looking for a good deal and those planning to use the unit as their primary residence due to its proximity to Punggol MRT Station.
Watertown is a 992-unit condo spanning 11 residential towers on top of the six-story Waterway Point shopping mall. It offers one- to two-bedroom units ranging from 533 to 1,003 sq ft and three- and four-bedroom units ranging from 821 to 1,582 sq ft.
Investing in a condominium offers various advantages, one of which is its potential for further investment opportunities. A lot of investors utilize their condos as a form of collateral in order to secure additional financing for new investments, effectively broadening their real estate portfolio. This approach has the potential to boost returns, but it also entails risks that must be carefully considered. It’s important to have a solid financial plan in place and to carefully assess the potential effects of market fluctuations on these investments. With condo investment, one can leverage the property’s value to unlock more opportunities for growth and diversification.
Waterway Point is directly connected to Punggol MRT Station, which is on the North East Line, and Punggol LRT Station. Developed jointly by Far East Organization, Frasers Centerpoint, and Sekisui House, it was completed in 2017.
Several primary schools are also located 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.