88 units sold at Bedok preview
By Esther Teo
THE preview of Waterfront Isle in Bedok Reservoir Road has found buyers for 88 units, despite talk that last month's cooling measures might dampen enthusiasm.
Prices at the preview, which started last Friday with 132 units up for grabs, have averaged $920 per sq ft (psf).
Waterfront Isle is being jointly developed by Far East Organization and Frasers Centrepoint, and consists of 561 units. It will be officially launched on Saturday.
About 80 per cent of the buyers are Singaporeans and permanent residents, with about half of them living in the east, in areas like Bedok and Tampines, said Far East.
Prices will start at $575,000 for a one-bedroom unit of 592 sq ft, while two-bedders from 915 sq ft will start at $820,000 at the official launch. The three-bedroom apartments of 1,163 sq ft will carry price tags starting from $996,000.
Four-bedroom apartments and penthouses will not be for sale at the launch.
Far East's chief operating officer of property sales Chia Boon Kuah said the good network of MRT and expressways, coupled with government plans to revamp regional centres, have created new value in precincts like Bedok Town Centre.
Experts said the project's close proximity to the upcoming Bedok Reservoir MRT station was also a plus.
Dennis Wee Group director Chris Koh said most buyers were probably genuine first-timers who might not be affected by the Jan 13 cooling measures.
'First-time buyers might have a longer-term perspective. They don't intend to flip, and so by the time the project is completed in about three or four years, some of the measures might have already been lifted,' he added.
The first three projects in the Waterfront collection in Bedok Reservoir Road have seen successful sales. Waterfront Waves is fully sold, Waterfront Key is more than 85 per cent sold, and Waterfront Gold is more than 75 per cent taken up.
An artist's impression of Waterfront Isle in Bedok Reservoir Road. It will be officially launched on Saturday. The project consists of 561 units and prices will start at $575,000 for a one-bedroom unit. -- PHOTO: FAR EAST ORGANIZATION
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