Artist’s impression of Watercove, an 80-unit freehold strata landed project. Image source: Bukit Sembawang Estates
A new freehold strata landed housing development located next to Sembawang Park at the end of Sembawang Road is expected to go on sale soon.
Called Watercove, the 80-unit project is being developed by Bukit Sembawang Estates. Over the years, the rubber company turned property developer has built thousands of landed homes in Seletar Hills, Sembawang and Ang Mo Kio.
Its newest project will comprise 54 intermediate terrace units from 3,200 sq ft to 3,400 sq ft, 22 corner terrace units (3,300 to 4,400 sq ft) and four semi-detached units (3,250 to 3,700 sq ft).
The design of the homes is inspired by Sembawang’s colonial black-and-white bungalows. PropertyGuru also understands that more than 40 percent of the units will face the sea.
Three MRT stations, namely the Sembawang, Yishun and future Canberra stations are a short drive away, while several shopping malls and schools are situated within the vicinity.
Work has commenced on the project, which is expected to be completed by the end of 2020.
Property agencies CBRE and Edmund Tie & Co. are jointly marketing Watercove. Responding to queries, Joseph Tan, Executive Director (Residential) at CBRE, said prices are expected to start from $2.28 million, which is comparable to other strata landed projects.
He cited the examples of Alana and Belgravia Villas in Yio Chu Kang, which are priced from $2 million to $3.5 million and $2.5 million to $3.6 million, respectively.
“Since 2014, prices of strata landed houses have softened by about 11 percent because of the property cooling measures. They are more affordably priced now and have been able to attract more buyers in Q1 2017,” he noted.
Aside from greater affordability, there are other benefits for buyers. “Strata landed homes offer ample living space and is particularly attractive to multi-generational households with a full suite of common facilities within a gated, secure compound,” said Tan.
In addition, their supply is becoming rarer, with developers building fewer strata landed units due to more stringent rules introduced in August 2014 to limit their numbers.
Meanwhile, Tan believes the government’s plan to develop the North Coast Innovation Corridor, which covers Woodlands Regional Centre, Seletar Regional Centre, Sembawang Shipyard and Punggol Creative Cluster, as well as improved transport infrastructure such as the upcoming North-South Corridor and Thomson-East Coast Line, could lead to future property price appreciation in the area.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
