A sizeable three-bedroom unit located on the 13th floor of Watertown, the residential component of the Waterway Point integrated development in Punggol, is set to go up for auction on Feb 26 by SRI.
This is a mortgagee sale with a guide price of $2.4 million, which works out to be about $1,874 per square foot (psf). The same unit was previously put up for auction by SRI in January with the same guide price, but only received one bid. As the bid did not meet the minimum reserve price, the property was withdrawn.
The unit, spanning 1,281 square feet, consists of three bedrooms and is located on the 13th floor. It features a combined living and dining area, an open-concept kitchen, a utility room and toilet, and a south-facing balcony overlooking one of the condo’s 20 swimming pools. There is also an ensuite master bedroom, two additional bedrooms, and a common bathroom.
Based on Urban Redevelopment Authority (URA) caveats, the unit was originally purchased from the developers for approximately $1.8 million ($1,281 psf) in October 2013.
As of Feb 4, Watertown has only seen one transaction so far this year, which is a two-bedroom unit spanning 958 sq ft that was sold for $1.7 million ($1,775 psf) on Jan 19. In 2020, the condo recorded a total of 41 resale transactions at an average price of $1,700 psf.
Investing in a condo requires careful consideration of financing options. In Singapore, there is a variety of mortgage choices available, but it is crucial to understand and adhere to the Total Debt Servicing Ratio (TDSR) framework. The TDSR sets limits on the amount of loan a borrower can take based on their income and current debt obligations. To make well-informed decisions about financing, it is recommended to seek guidance from financial advisors or mortgage brokers. Working with professionals can prevent investors from over-leveraging and help them navigate their options when investing in a condo. Condo is a valuable investment, and understanding the TDSR is vital for successful financing.
According to Eric Liew, manager of auctions and sales at SRI, larger units in the development tend to command a stronger demand and can fetch higher psf-prices. Out of the 41 resale transactions at Watertown last year, 10 involved larger units with three or more bedrooms, which were sold at an average price of $1,854 psf. This is about 9% higher than the condo’s overall average transacted price for the year.
Liew noted that the majority of interested buyers were HDB upgraders looking for a bargain, as well as those intending to use the unit as their primary residence due to its close proximity to Punggol MRT Station.
Watertown is an exclusive condo with 992 units spread across 11 residential towers built on top of the six-storey Waterway Point shopping mall. It offers one- to two-bedroom units with sizes ranging from 533 to 1,003 sq ft, and bigger units with three to four bedrooms, which range from 821 to 1,582 sq ft.
The Waterway Point mall is directly integrated with Punggol MRT Station on the North East Line and is also connected to Punggol LRT Station. Completed in 2017, Waterway Point is a joint development by Far East Organization, Frasers Centrepoint, and Sekisui House.
The condo is surrounded by numerous primary schools situated in the area, including Edgefield Primary School at Edgefield Plains, Oasis Primary School at Punggol Drive, Punggol Green Primary School at Punggol Walk, Compassvale Primary School at Compassvale Street, and Punggol Cove Primary School at Sumang Walk.