Kingsford Waterbay condo development launched at Serangoon

Kingsford Waterbay condo development launched at Serangoon

More than 1,000 people visited the Kingsford Waterbay showflat on Saturday (Feb 21). Located at Upper Serangoon View, the project has 1,165 units on offer.

These range from one to five-room apartments – though smaller units make up about half of those on offer. Prices are expected to start at above S$500,000 for a one-room unit.

The development is the first to stand on two plots of adjacent land which had their tender closed at the same time.

It was an attempt by authorities to control the bidding prices of developers, though eventually both plots were won in 2013 by the same developer at S$520 per square foot.

Some property analysts said with property cooling measures affecting market sentiments, developers may be faced with challenges.

To attract younger buyers, the project includes a childcare centre, run entirely by the condominium’s management corporation. Children of those who live in the condominium will be given priority to enrol and the developer said fees collected can also be used to pay for the condominium’s maintenance.

Cui Zheng Feng, board chairman of Kingsford Development, said: “People are feeling festive. It’s also Saturday, so people are resting and can come with their families. The property cooling measures are taking effect, but with land price costs and the shortage of land in Singapore, we think it’s a good time to enter the market.”

Executive director of research and consultancy at SLP International Property Consultants, Nicholas Mak, said: “One of the challenges facing developers of very large projects is that they will firstly require a much longer period of time – perhaps more than two years to sell out their entire project.

“During this period, the developers may need to adjust prices, sometimes adjusting them downwards and this could make the earlier buyers who paid a higher price rather unhappy.”

Source : Channel NewsAsia – 21 Feb 2015