ST : 348 Waterview units offered at launch

Nov 19, 2010

348 Waterview units offered at launch



SIM Lian Group is launching its 99-year leasehold Waterview condominium in Bedok Reservoir today.

The group said it would offer 348 units - half of the 696 units in the project - at an average price of $838 per square foot.

Waterview lies at the junction of Tampines Avenue 1 and Tampines Avenue 10, right next to Bedok Reservoir Park.

It is also located near schools, such as Temasek Polytechnic, the United World College of South East Asia and St Hilda's Primary School, as well as Tampines Regional Centre and other amenities.

Sitting on a 341,654 sq ft site, the development comprises 12 15-storey blocks and offers views of Bedok Reservoir and Tampines Quarry Park.

Waterview also has two pools: one for adults and a fun pool for children.

The flats range from two-bedroom units to luxurious single-level penthouses with six bedrooms.

Most of the units have views of the reservoir, the quarry or the pools - which is why it is called Waterview, Sim Lian said yesterday.

'The selling price for the first phase of the project is within expectations and acceptable to home buyers,' said Mr Ong Kah Seng, a senior manager for Asia-Pacific research at Cushman & Wakefield.

'The level is based on the prices of neighbouring developments, the cost of the site when it was awarded in the first half of this year and the prevailing sentiment among home buyers, which suggests at least cautious optimism among potential buyers,' he noted.

The Waterview launch follows a slew of property releases that have hit the residential market in recent weeks, with more expected before the year is over.

One was the launch earlier this month of UOL Group's Spottiswoode Residences, which saw 130 units sold during a three-day preview.

The development is near the soon-to-be-rejuvenated Tanjong Pagar area.

Prices at Spottiswoode ranged from $1,720 psf to $2,150 psf.

UOL said 86 per cent of the buyers were Singaporeans, most of whom were aged 40 or above. They included doctors, professionals, bankers and businessmen, and chose higher-priced units with sea views.

CapitaLand is expected to launch The Nassim and its 1,715-unit condo at the Farrer Court site by the end of this year.

GABRIEL CHEN