Recent news that private home sales fell a drastic 63 percent month-on-month in December due to the new cooling measures has caused jitters among local property developers.
Far East Organization announced yesterday that it has lowered prices for units at its newly unveiled Watertown, a 992-unit mixed-use waterfront development in Punggol Central that is jointly being developed with Frasers Centrepoint Limited and Sekisui House, Ltd., a leading Japanese developer.
According to Philip Ng, CEO of Far East (pictured centre), prices for the first 250 units to be launched were brought down by between five and eight percent and start from S$1,080 psf.
"We have adjusted the pricing of units at Watertown to take care of the additional buyer’s stamp duty (ABSD)," he said.
Expected to TOP in 2017, the residential portion of the development comprises Suites, SOHO Apartments, Sky Patios and Residences. There’s also a 370,000 sq ft retail and lifestyle hub called Waterway Point that includes al fresco dining and a Shaw Theatres IMAX cinema.
Meanwhile, the developer expects to see keen interest from second-home buyers and permanent residents (PRs) for the project.
Watertown will be launched for sale this Chinese New Year.
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