Owning a waterfront home appears to be an aspiration among homeowners, going by the record prices at Sentosa Cove and the overwhelming response to the latest launch of waterfront HDB homes in Punggol.
Over in the East, there has been growing interest in the reasonably priced waterfront homes overlooking Bedok Reservoir near the Tanah Merah MRT Station and good schools like Temasek Polytechnic and Anglican High School. Homeowners can enjoy the resort feel in the area, easy access to the city and amenities like shopping centres and supermarkets at Bedok Central and Tampines.
For the period of June 22 to 29, there were three transactions at the nine-year-old, 720-unit Aquarius By The Park, with prices ranging from $722 to $784 psf, which is an all-time high for the development. The 99-year leasehold condominium is located opposite the Bedok Reservoir Park and developed by First Capital Corp Group.
On June 29, an 893 sq ft two-bedroom unit on the ninth floor was sold for $700,000, or $784 psf. That represents a 30.7% gain for the seller who paid $535,440 for the unit in 2000.
On the same block and floor, a 1,227 sq ft three-bedroom unit went for $886,000, or $722 psf during the period. This is a 36% gain for the original owner who purchased the unit for $648,000, or $528 psf, in 2001.
On another block, a two-bedroom unit on the second floor was sold for $680,000, or $761 psf. This represents a 22.5% gain for the seller who bought the unit for $555,000, or $621 psf, in 2008. Before this, the unit went for $485,000, or $543 psf, in 1999. That’s a 14% gain for a nine-year wait.
Next to Aquarius, the 420-unit The Clearwater saw prices hit a high of $787 psf in April. More recently, on June 25, a 1,377 sq ft unit on the sixth floor was sold for $925,000, or $671 psf. That’s a 17% gain for the seller who purchased it for $788,888, or $573 psf, in 2007. Before this, the original owner bought the unit for $608,088, or $441 psf, from the developer Pidemco Land (now known as CapitaLand after a merger with DBS Land) in 1999. This represents a 30% gain.
The surge in prices at Aquarius By The Park and The Clearwater could be due to the launch of the third phase of the Waterfront Bedok Collection by joint developers Frasers Centrepoint and Far East Organization. This latest phase called Waterfront Gold, is a 361- unit condominium project that is expected to receive its temporary occupation permit (TOP) in 2015. Located along Bedok Reservoir Road, Waterfront Gold is said to be the first private condo with a skypark. It has a mix of units starting from one-bedroom, 581 sq ft units priced at $560,000 to four-bedroom penthouses. The average selling price was $950 psf and of the 200 units released, only 87 are available for sale as at July 14, according to a Frasers Centrepoint spokesperson. The price achieved has set a new benchmark for the Bedok neighbourhood.
The first phase of the Waterfront Bedok Collection is the 405-unit Waterfront Waves, which was launched in January 2008 at an average price of $750 psf. All the units were sold as at May this year. The latest transaction there was for a 1,593 sq ft unit on the second floor that went for $1.27 million, or $797 psf, on May 24, according to caveats lodged with URA Realis. The project is expected to receive its TOP in 2012.
Right next to Waterfront Waves is the 437-unit Waterfront Key, which was launched in July 2009 at an average price of $730 psf. The project is expected to receive its TOP in 2015. The latest transaction in the development was for a 1,227 sq ft unit on the 14th floor, which was sold for $1.05 million, or $862 psf, on June 9. According to Frasers Centrepoint’s spokesperson, 109 units are still available for sale as at July 14.
With new projects hitting $900 psf, older developments like Aquarius By The Park are drawing homeowners with their affordability, with prices showing strong support at the $700 psf level.
Source : The Edge – 19 Jul 2010