Four-bedroom units from 1,302 sq ft were priced from below $1.8 million ($1,382 psf) [Photo: Samuel Isaac Chua/EdgeProp Singapore]
SINGAPORE (EDGEPROP) - On Sunday, August 29, UOL Group announced that it has achieved 60% sales at The Watergardens at Canberra on its launch weekend. This works out to 271 out of a total of 448 units. Two-bedroom units, with sizes from 646 sq ft, were sold at prices starting from below $920,000 ($1,424 psf; three-bedroom units from 904 sq ft, were priced from below $1.3 million ($1,438 psf); while four-bedroom units from 1,302 sq ft were priced from below $1.8 million ($1,382 psf). (See also: The Watergardens at Canberra to ride on North Coast’s new highs)
“This is the first private development to come to the market in the northern part of Singapore in over six years,” says Jesline Goh, UOL chief investment and asset officer. “Based on what we observed, buyers are particularly attracted to the project’s strong product attributes, lush greenery as well as its proximity to Canberra MRT station and the future North Coast Innovation Corridor.”
The buyers were mostly homeowners, with the sales well spread across all unit types, adds Goh. The Watergardens is a joint venture between UOL Group, Singapore Land Group and Kheng Leong Co.
"The sales was within expectation,” says Ismail Gafoor, CEO of PropNex. “It’s an OCR [Outside Central Region] project, and there’s a limited supply of such projects in this year. That’s why the take-up rate was strong.”
Two-bedroom 646 sq ft, were sold at prices starting from below $920,000 ($1,424 psf) [Photo: Samuel Isaac Chua/EdgeProp Singapore]
Gafoor estimates average selling price at The Watergarden to be below $1,500 psf. “What gave homebuyers confidence was the fact that the developer maintained the selling price throughout the first day of launch,” he adds. “There wasn’t a price hike after the developer sold 30% of the units; nor when they crossed the 50% mark. That gave buyers confidence, especially those who made their decision to purchase near the close of the first day of launch yesterday.”
A significant number of buyers were those from other parts of the OCR in the north, northeast and eastern regions, says Nicholas Mak, head of research at ERA Realty. “One of the major selling points was the proximity to the MRT station,” he adds.
Mak attributes the strong demand in the OCR to the number of HDB flats that are eligible to be sold on the resale market since 2019. The number of flats that crossed the Minimum Occupation Period (MOP) of five years was 30,169 units in 2019; another 24,163 units in 2020; and 25,530 units in 2021. Next year, another 31,325 units is expected to hit MOP, according to HDB data. “The transactions of these newer flats could contribute to higher HDB resale prices,” he adds. (See: Find HDB flats for rent or sale with our Singapore HDB directory)
Lee Sze Teck, head of research at Huttons Asia agrees. “The response to The Watergardens at Canberra reflects the strong desire among HDB dwellers to upgrade to private property,” he says. “Investors took the opportunity to lock in an asset before repricing takes place next year.”
Three-bedroom units from 904 sq ft, were priced from below $1.3 million ($1,438 psf) [Photo: Samuel Isaac Chua/EdgeProp Singapore]
The response to The Watergardens at Canberra reflects the strong desire among HDB dwellers to upgrade. Investors took the opportunity to lock in an asset before repricing takes place next year.
The next launch in the Canberra neighbourhood is JBE Holdings’ upcoming condominium, The Commodore, located on the site adjacent to The Watergardens. It’s a 220-unit private condominium on the 99-year leasehold site which JBE Holdings purchased for $129.2 million ($644 psf per plot ratio) in in a government land tender in 2019. The Commodore is expected to be launched before the end of this year. (See: Browse newly launched condos in Singapore right now)
“The developer of the Commodore may have waited to observe the demand for The Watergardens before formulating their own launch strategy,” reckons ERA’s Mak.
Meanwhile Frasers Property and CSC Land launched Parc Greenwich executive condo for e-application on August 26, with its launch scheduled for September 11. (See: Discover insightful data of any Singapore condominium with our condo directory)
“The sales achieved at The Watergardens demonstrate that housing demand has continued to be resilient,” says PropNex’s Gafoor.
Check out the latest listings near The Watergardens at Canberra, Parc Greenwich, The Commodore, Canberra MRT station