Wednesday, 18 January 2012

Chinese New Year launch for Watertown at $1,080 psf

The residential component of Watertown, a mixed-use project in Punggol, will be hitting the market this Chinese New Year, with an indicative pricing of $1,080 per square foot (psf).

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Guanyu 道 said...

Chinese New Year launch for Watertown at $1,080 psf

By MINDY TAN
18 January 2012

The residential component of Watertown, a mixed-use project in Punggol, will be hitting the market this Chinese New Year, with an indicative pricing of $1,080 per square foot (psf).

The pricing reflects a built-in discount, which will take care of the additional buyer’s stamp duty (ABSD), said Philip Ng, chief executive of Far East Organization.

‘Since the introduction of the ABSD, our joint-venture projects . . . have adjusted prices (downward, in the range of) 5-8 per cent,’ he said. ‘That’s the discount we’re giving to customers who are buying (and) will be reflected in our pricing for Watertown.’

Jointly developed by Frasers Centrepoint, Far East Organisation and Sekisui House, the partners intend to release 250 units later this month.

The development - which is sited along Punggol Waterway and will be linked to Punggol MRT Station - comprises 992 units. The 11 residential blocks, comprising 13-storey and 14-storey blocks, are expected to be completed in 2017.

The smallest units comprise one-bedroom and two-bedroom suites. The one-bedroom suites range from 527-592 sq ft while the two-bedroom suites are between 560 and 646 sq ft.

The development also features 271 two-bedroom and three-bedroom Soho (small office, home office) apartments, 128 two-bedroom and three-bedroom residences, and 208 sky patios - two-bedroom to four-bedroom units with larger balcony spaces.

Chia Siew Chuin, director of research & advisory at Colliers International, said the development should be well received by would-be home buyers and retailers, given the successful track record of previous integrated developments located next to MRT stations.

That said, the ABSD (introduced last December) has affected expression of interest by foreign buyers.

Far East’s Mr Ng said: ‘The recent launch at The Hillier is 90 per cent Singaporeans and permanent residents. I don’t expect (Watertown) to pass the 10 per cent mark either.’

Comparable projects include CapitaLand’s mixed development Bedok Residences, which was launched last November. Its average price in the launch quarter was between $1,150 and $1,400 psf. Sim Lian Group’s condominium A Treasure Trove, located at Punggol Central, was launched last September. Its average price in the launch quarter was $866 psf, said Colliers International Singapore Research.

Waterway Point, the retail component of the $1.6 billion development, will host Punggol’s first cinema. Shaw Organisation will be offering ‘Shaw Theatres Imax’ at the mall, with an estimated 1,000 seating capacity, said Frasers Centrepoint Ltd group CEO Lim Ee Seng.

Scheduled for completion in 2015, Waterway Point will have 370,000 sq ft of net lettable area spread over four levels. The tenant mix will be 40 per cent retail, 30 per cent F&B and 15 per cent entertainment. The remainder will be dedicated to educational institutions, banks and community amenities.

It will also be the first mall to integrate a town square and a visitors’ centre, where visitors can learn more about the area’s heritage.