Showflat not ready, but buyers lap up Watertown

[reporter2]

http://www.businesstimes.com.sg/sub/...16740,00.html?

Published January 18, 2012

Chinese New Year launch for Watertown at $1,080 psf

By MINDY TAN


THE residential component of Watertown, a mixed-use project in Punggol, will be hitting the market this Chinese New Year, with an indicative pricing of $1,080 per square foot (psf).

The pricing reflects a built-in discount, which will take care of the additional buyer's stamp duty (ABSD), said Philip Ng, chief executive of Far East Organization.

'Since the introduction of the ABSD, our joint-venture projects . . . have adjusted prices (downward, in the range of) 5-8 per cent,' he said. 'That's the discount we're giving to customers who are buying (and) will be reflected in our pricing for Watertown.'

Jointly developed by Frasers Centrepoint, Far East Organisation and Sekisui House, the partners intend to release 250 units later this month.

The development - which is sited along Punggol Waterway and will be linked to Punggol MRT Station - comprises 992 units. The 11 residential blocks, comprising 13-storey and 14-storey blocks, are expected to be completed in 2017.

The smallest units comprise one-bedroom and two-bedroom suites. The one-bedroom suites range from 527-592 sq ft while the two-bedroom suites are between 560 and 646 sq ft.

The development also features 271 two-bedroom and three-bedroom Soho (small office, home office) apartments, 128 two-bedroom and three-bedroom residences, and 208 sky patios - two-bedroom to four-bedroom units with larger balcony spaces.

Chia Siew Chuin, director of research & advisory at Colliers International, said the development should be well received by would-be home buyers and retailers, given the successful track record of previous integrated developments located next to MRT stations.

That said, the ABSD (introduced last December) has affected expression of interest by foreign buyers.

Far East's Mr Ng said: 'The recent launch at The Hillier is 90 per cent Singaporeans and permanent residents. I don't expect (Watertown) to pass the 10 per cent mark either.'

Comparable projects include CapitaLand's mixed development Bedok Residences, which was launched last November. Its average price in the launch quarter was between $1,150 and $1,400 psf. Sim Lian Group's condominium A Treasure Trove, located at Punggol Central, was launched last September. Its average price in the launch quarter was $866 psf, said Colliers International Singapore Research.

Waterway Point, the retail component of the $1.6 billion development, will host Punggol's first cinema. Shaw Organisation will be offering 'Shaw Theatres Imax' at the mall, with an estimated 1,000 seating capacity, said Frasers Centrepoint Ltd group CEO Lim Ee Seng.

Scheduled for completion in 2015, Waterway Point will have 370,000 sq ft of net lettable area spread over four levels. The tenant mix will be 40 per cent retail, 30 per cent F&B and 15 per cent entertainment. The remainder will be dedicated to educational institutions, banks and community amenities.

It will also be the first mall to integrate a town square and a visitors' centre, where visitors can learn more about the area's heritage.

[reporter2]

http://www.straitstimes.com/Money/St...ry_757318.html

Showflat not ready, but buyers lap up Watertown

Published on Jan 19, 2012

By Esther Teo, Property Reporter


HOME buyers, undeterred by recent tough market cooling measures, turned up in strong numbers at the preview of Watertown in Punggol Central yesterday.

Far East Organization said more than 160 units out of the 250 units launched were snapped up, with Singaporeans making up more than 90 per cent of buyers.

The enthusiastic response means that the official launch, originally scheduled for next week, will now be brought forward to tomorrow.

Industry analysts say developers seem eager to push out projects quickly, possibly before more uncertainty emerges.

In the case of Watertown, the developers bought the site for the 992-unit project less than a year ago and have yet to finish the showflat.

But agents had been fielding inquiries on the mixed-use development even before the authorities' approval for the launch had been given, sources say.

They say at least 100 buyers were ready to hand over cheques on Tuesday. But building plan approvals were issued yesterday and only then could agents collect cheques and grant options to purchase last evening.

The $1.6 billion project is being jointly developed by Far East, Frasers Centrepoint and Japanese firm Sekisui House. It will be integrated with a mall of 370,000 sq ft of net lettable shop space and a Shaw Theatres Imax cinema.

Developers had earlier said that prices will start from $1,080 per sq ft (psf), which they said included a discount.

Even so, the development will still set a benchmark in Punggol, trumping Sim Lian Group's A Treasure Trove, priced at $866 psf at its launch last September.

Buyers were unfazed at picking units off the plan as the showflat is not yet up.

Key attractions are the waterfront location and the fact that the project is integrated with Punggol MRT station, experts say. Recent mixed-use launches like Bedok Residences have also seen robust sales and benchmark pricing at a median of $1,359 psf.

SLP International research head Nicholas Mak said that developers are pushing out projects as quickly as possible before more uncertainty hits the market.

'Especially in the Punggol area, developers face increasing competition as the Government has pushed out a lot of land there,' he added.

He said the 11-month turnaround for the site, bought in February last year, was 'fairly quick'.

It typically takes a year or more for integrated projects of this size to be launch-ready, he added.

The Dec 7 cooling measures included an extra stamp duty of 10 per cent on all home buys by foreigners. Some analysts tip price falls of 10 per cent to 20 per cent this year.

Separately, Sekisui House said it will tap its network of retailers to introduce new-to-market brands and concepts from Japan into the upcoming mall.