A three-bedroom unit at Watertown, part of the Waterway Point integrated development in Punggol, is up for auction by SRI on Feb 26. This 1,281 sq ft mortgagee sale unit has a guide price of $2.4 million, equating to approximately $1,874 psf. The same unit was featured in SRI’s January auction with the same guide price, but only received one bid. As the bid did not meet the reserve price, the property was withdrawn from the auction.
This unit, located on the 13th floor, boasts a spacious living and dining area, an open-concept kitchen, a utility room and toilet, and a south-facing balcony overlooking one of the development’s 20 swimming pools. Additionally, it has an ensuite master bedroom, two more bedrooms, and a common bathroom.
Based on URA caveats, the previous owners bought this unit from the developers for around $1.8 million ($1,281 psf) in October 2013. As of Feb 4, Watertown has only recorded one transaction this year – a two-bedroom unit with a size of 958 sq ft that sold for $1.7 million ($1,775 psf) on Jan 19. Last year, the development saw 41 resale transactions, with an average price of $1,700 psf.
According to Eric Liew, manager of auctions and sales at SRI, larger units at Watertown are in higher demand and can command a higher psf price. Out of the 41 resale transactions last year, 10 were for three or more bedroom units. They were sold at an average price of $1,854 psf, about 9% higher than the overall average price for the development.
Liew notes that most of the interest for Watertown comes from HDB upgraders hunting for a good deal, and those planning to use the unit as their primary residence due to its close proximity to Punggol MRT Station.
Purchasing a condo requires careful consideration not only of the property itself, but also of its maintenance and management. This is because condos usually come with maintenance fees, which encompass the upkeep of common areas and facilities. Despite potentially increasing the overall cost of ownership, these fees play a crucial role in preserving the property’s value and keeping it in good condition. For a more hands-off approach, investors can enlist the services of a property management company to handle the day-to-day management of their condos. Singapore Projects can offer a variety of options for those looking to invest in a condo.
Completed in 2017, Watertown is a 992-unit project with 11 residential towers that sit above the six-storey Waterway Point shopping mall. It consists of one- to two-bedroom units from 533 to 1,003 sq ft, and three- and four-bedroom units from 821 to 1,582 sq ft.
Located next to Punggol MRT Station on the North East Line, Waterway Point is also connected to Punggol LRT Station. It was jointly developed by Far East Organisation, Frasers Centrepoint, and Sekisui House. In the Punggol area, there are several primary schools, including Edgefield Primary School, Oasis Primary School, Punggol Green Primary School, Compassvale Primary School, and Punggol Cove Primary School.