Punggol waterfront development shaping up

Punggol is rapidly developing into a major commercial and residential hub, underlined by strong interest for the new Watertown development.

Over at the upcoming retail mall Waterway Point, supermarket NTUC FairPrice Finest and Shaw Theatres have signed on as anchor tenants.

The FairPrice Finest outlet will occupy around 30,000 sq ft of retail space and provide a variety of quality products and value-added services. It will be the 10th of its kind in Singapore and the second 24-hour Finest outlet after Serangoon Gardens.

Christopher Tang, CEO of Frasers Centrepoint Commercial, said that NTUC FairPrice Finest’s commitment as an anchor tenant “affirms the strong appeal of Waterway Point and we are confident that the Mall will be the centre of attraction at Punggol waterfront”.

Waterway Point will feature a “24 Hour Basement” level, where Shaw Theatres and FairPrice Finest will function round-the-clock.

When completed, 40 percent and 30 percent of the mall’s floor space will be for retail and F&B outlets respectively, while the remaining space will be occupied by entertainment, educational institutions, banks and other service providers.

The entire S$1.6 billion-plus Watertown development is jointly developed by Far East Organization, Frasers Centrepoint and Sekisui House and will integrate residences, the mall and an extensive public transport network.

Meanwhile, close to 97 percent of residential units at the 992-unit development have been snapped up with only 34 units remaining, mainly three- and four-bedders ranging from 1,173 to 1,550 sq ft.

At the same time, new buyers will receive FairPrice Finest vouchers ranging from S$8,000 to S$10,000.

The construction of the retail mall is expected to end in 2015, while the residential component will likely be completed by 2017. Hyundai Engineering & Construction Co., Ltd was awarded the main construction contract for the project.

Source : PropertyGuru – 8 Oct 2012

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