The newly launched Waterbay (pictured), a 383-unit executive condominium (EC) in Punggol, is expected to draw strong buyer interest with its ideal location, according to property consultants.
Although many new projects have been launched in Punggol and Sengkang, developments in these areas are “generally well received”, said Ong Kah Seng, Director at R’ST Research.
“Most of the EC projects in the north-eastern area are almost completely sold out. It indicates that many buyers are excited with Punggol developing into a lifestyle residential enclave.”
Located at the junction of Punggol Central and Edgedale Plains, Waterbay is being developed by Qingjian Realty (South Pacific), which is also behind several upcoming condos in the area such as Riversound Residence and River Isles.
The smallest unit at Waterbay is a 753 sq ft two-bedroom apartment with an indicative price of around S$780 psf or S$590,000. There are also 1,496 sq ft five-bedroom units that cost about S$700 psf or S$1.05 million plus dual key units.
Highlighting the fact that most EC projects have seen good take-up rates of more than 70 percent, Ong said “the demand for ECs has been encouraging and will continue to be so, although some moderation is expected going forward”.
For instance, during the launch of the 394-unit Heron Bay EC in Upper Serangoon View two weeks ago, there were 1,664 interested buyers.
However, the cap on the average gross monthly household income at S$12,000 has restricted the EC market for many buyers, added Alan Cheong, Research Head at Savills.
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