SOLD ; $ 241 psf ppr
NEW DEVELOPMENT: $ 920 psf
(as of Jan 2011)
See Developers Windfall
5 Feb 2011
Crowd at Waterfront Isle condo sales
But for one development, the gamble appears to have paid off.
A healthy crowd turned up at the Waterfront Isle showroom on Saturday, the third day of the Lunar New Year celebrations.
And as of 5.30pm, 29 of 59 units that were released on Saturday were sold. The number later rose to 37, as of 9pm.
Including sales from a preview last week, 125 out of 191 available units at the Bedok Reservoir development were snapped up so far.
The condominium is a joint venture between Far East Organization and Frasers Centrepoint.
Waterfront Isle has a total of 561 units, with prices starting from S$575,000 for a one-bedroom apartment.
Some visitors at the showroom Channel NewsAsia spoke to said they were looking for their second or third property.
Asked if they were affected by the latest property-cooling measures – such as a lower loan limit for a second property and a seller’s stamp duty if the property is sold within four years – some said they are still able to comfortably afford it.
“Even if it (the loan limit) is cut down to 50%, I think we can still buy (a private home). We’re going to keep it at least for 5 years, or even 10. For me, it’s for the long run, not for flipping,” said home buyer Royston Kwek.
Others said they were buying a private property to settle down in Singapore.
Dong Deng Shan, a home buyer from China, said: “My son is planning to settle down in Singapore, so he needs to buy a house. And I think the environment in Singapore is very good, I like it here.”
Some visitors at the showroom said they are in no hurry to buy and will wait for the right unit before taking the plunge.
To ensure a steady supply of private homes and meet strong demand, the government has announced that 17 sites will be put up for tender in the first half of this year, which can potentially yield more than 8,000 units.
Most of the sites are located in the suburbs or outskirts of towns, where more affordable private housing is expected to be built.
Channel NewsAsia – 5 Feb 2011
4 Feb 2011
FAR East Organization and Frasers Centrepoint have sold 88 units in their 561-unit Waterfront Isle development in the Bedok Reservoir area over the last few days.
The developers released 132 units in the 99-year leasehold project at a preview which started on Jan 28. Of these units, 88 units (67 per cent) have been sold at an average price of $920 per square foot (psf).
Waterfront Isle will be officially launched on Feb 5, the third day of Chinese New Year.
Far East Organization, which is marketing the project, said prices will start from $575,000 for a one-bedroom apartment - excluding an additional 5 per cent cost which will be returned to buyers in the form of furniture vouchers once the development obtains its temporary occupation permit (TOP) in 2015. Including the extra cost for the vouchers, prices at the project will start from $605,000. Far East said that the furniture vouchers were being given to 'build a stronger base of long-term buyers'.
Waterfront Isle is the last project in the Waterfront Collection, a master-planned joint venture development between Far East and Frasers Centrepoint. The entire collection comprises four developments fronting Bedok Reservoir.
Units in the first three projects in this master-planned development are mostly sold. Waterfront Waves is 100 per cent sold, Waterfront Key is more than 85 per cent sold and Waterfront Gold is more than 75 per cent sold.
Singaporeans and permanent residents make up 80 per cent of the buyers of Waterfront Isle. About half of the buyers are residents now living in the east in estates such as Bedok and Tampines, Far East said.
This article was first published in The Business Times - 04 Feb 2011
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