Far East Organization and Frasers Centrepoint have sold 68 units out of the 150 units released at the Waterfront Gold condo project fronting Bedok Reservoir.
Units at the 99-year leasehold, 361-unit condo project were being offered at around $950 psf. More than 70 percent of the total units sold were one-bedders, one-bedroom with study and two-bedroom units.
Most of the buyers were Singaporeans and there was an equal split between private addresses and those with HDB. The cheapest unit goes for $555,000 – for a 581-sq ft, one-room unit at the second level. Both of the 2,000-sq-ft penthouses released were sold for about $2.1 million or $1,025 psf each.
While Waterfront Gold’s sales seem to be growing compared with several other launches earlier this year, Cheang Kok Kheong, Frasers Centrepoint Homes COO, said that the outcome was "within our expectation and quite remarkable given today’s market sentiment."
"We are testing the upper end of prices in the upgraders’ market and because of the location and facilities, we are positioning Waterfront Gold as an upper-mid market condo rather than a mass-market product.”
"For instance, we have a sky park with a dedicated express bubble lift and toilets in the development will have marble floors," he added.
Mr. Cheang also said the developers are now offering two of the project’s five blocks, or a total of 150 units, as part of "a deliberate attempt not to sell out the project."
"We wish to sell progressively and keep the remaining three blocks until the location of the Bedok Reservoir Station on Downtown Line 3 is announced."
Peter Ow, managing director (residential services) of Knight Frank, attributed the sales result of Waterfront Gold to a “combination of challenging pricing and a slower market”.
The Waterfront Gold condo project is one of four condo projects that Far East Organization and Frasers Centrepoint are jointly developing on the former Waterfront View site.