Urban Redevelopment Authority caveats showed that the units were sold from around S$2.3 million, which works out to an average psf price of around S$738. (Image: Bukit Sembawang Estate)
Watercove, Bukit Sembawang Estate’s seafront project, sold at least 18 units ahead of its official launch on Saturday, reported The Straits Times.
Urban Redevelopment Authority caveats showed that the units were sold from around S$2.3 million, which works out to an average psf price of around S$738.
Located in Kampong Wak Hassan, Sembawang, the 80-unit freehold project includes a mix of corner terrace, terrace and semi-detached units, with sizes ranging from 3,200 sq ft to 4,400 sq ft.
“Watercove is sited in a locale with tremendous growth potential which has yet to be reflected in housing prices,” said Margaret Thean, executive director of residential at Edmund Tie and Company, joint marketing agent of the project alongside CBRE.
“In time to come, we expect the development to fetch excellent rental yields and enjoy substantial capital appreciation.”
Notably, transport links within the area are set to improve over the coming year.
The Canberra MRT station in Canberra Link between Yishun and Sembawang MRT stations, for instance, is set for completion in 2019, while the North-South Expressway is expected to be completed in 2020.
“The completion of Watercove is timed with the completion of these transport connections,” noted CBRE and Edmund Tie and Company.
Despite the downward trend in landed property prices, Bukit Sembawang Estate saw its shares increase this year.
This comes as the rubber company-turned-property developer owns one of the biggest tracts of freehold land, noted a DBS report in March.
Zoned for landed properties, around 75 percent of its over 2.8 million sq ft landbank is currently undeveloped, making the company a good takeover target given the limited land supply in Singapore, said the report.
This article was edited by Denise Djong.
