Condominiums between $1,200 and $2,000 psf on the rise
A three-bedroom unit at Watertown, the residential component of the Waterway Point integrated development in Punggol, is up for auction on Feb 26 by SRI. The 1,281 sq ft unit, which is a mortgagee sale, has a guide price of $2.4 million or $1,874 psf. This unit was previously listed for auction in January with the same guide price, but was withdrawn when the bid fell below the reserve price.
Located on the 13th floor, the unit boasts a spacious 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. There is also an ensuite master bedroom, two additional bedrooms, and a common bathroom.
According to URA caveats, the unit was previously purchased from the developers for about $1.8 million or $1,281 psf in October 2013. So far this year, one unit at Watertown has been sold – a two-bedroom unit spanning 958 sq ft that fetched $1.7 million or $1,775 psf on Jan 19. In 2020, 41 resale transactions were recorded at the condo at an average price of $1,700 psf.
SRI’s manager of auctions and sales, Eric Liew, mentions that larger units at Watertown are in higher demand and can fetch higher psf prices. Of the 41 resale transactions at Watertown last year, 10 involved larger units with three or more bedrooms, which were sold at an average price of $1,854 psf – about 9% higher than the condo’s overall average transacted price for the year.
Liew notes that buyers for this development are mostly HDB upgraders looking for a good deal, or intending to use the unit as their primary residence due to its close proximity to Punggol MRT Station.
Watertown is a 992-unit condo that sits atop the six-storey Waterway Point shopping mall and is made up of one- to two-bedroom units ranging from 533 to 1,003 sq ft, and three- and four-bedroom units of 821 to 1,582 sq ft.
The development is integrated with Punggol MRT Station on the North East Line and connected to Punggol LRT Station. Completed in 2017, it was jointly developed by Far East Organisation, Frasers Centrepoint, and Sekisui House. It is also located close to several primary schools in the area, such as Edgefield Primary School, Oasis Primary School, Punggol Green Primary School, Compassvale Primary School, and Punggol Cove Primary School.
Interested buyers can check out EdgeProp’s latest listings for Watertown and compare price trends to make informed decisions.