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When purchasing a condominium, it is crucial to take into account the maintenance and management aspects of the property. These properties usually come with maintenance fees that cover the maintenance of shared spaces and amenities. While this may increase the overall cost of ownership, it also guarantees that the property stays well-maintained and maintains its value. To make condo ownership a more passive investment, it may be beneficial for investors to enlist the services of a property management company. For instance, Singapore Projects offer reliable property management services to help investors handle the daily operations of their condominiums. This allows investors to focus on other ventures while ensuring their condo remains in excellent condition.
and property cyclesA three-bedroom unit at Watertown, located within the Waterway Point integrated development in Punggol, is set to be auctioned off by SRI on February 26. The unit, which spans 1,281 sq ft and sits on the 13th floor, is a mortgagee sale with a guide price of $2.4 million, or $1,874 per sq ft.This is not the first time the unit has been put up for auction, as it previously appeared on SRI’s January auction with the same guide price. However, it was withdrawn as the sole bid received fell under the reserve price.The spacious unit features a combined living and dining area, an open-concept kitchen, a utility room and toilet, and a south-facing balcony that offers a scenic view of one of the condo’s 20 swimming pools. It also comes with an ensuite master bedroom, two additional bedrooms, and a common bathroom.Read also: Park Nova penthouse hits a high of $6,593 psf, second-highest condo psf price in SingaporeThe expansive unit boasts a large living and dining area, a state-of-the-art kitchen, and a gorgeous balcony that overlooks the condo’s multiple swimming pools. (Photo: SRI)According to URA caveats, the owners of the unit purchased it directly from the developers in October 2013 for a sum of around $1.8 million, equivalent to $1,281 per sq ft.So far this year, Watertown has seen only one unit change hands, which was a two-bedroom unit of 958 sq ft that sold for $1.7 million, or $1,775 per sq ft, on January 19. In 2020, there were a total of 41 resale transactions at the development, with an average price of $1,700 per sq ft.However, larger units in the development have seen stronger demand and can fetch higher prices per sq ft, notes Eric Liew, manager of auctions and sales at SRI. Out of the 41 resale transactions at Watertown last year, 10 of them involved larger units with three or more bedrooms. These units were sold at an average price of $1,854 per sq ft, which is about 9% higher than the condo’s overall average transacted price for the year.The spacious units at Watertown have seen an increase in demand from HDB upgraders and those looking for a primary residence near Punggol MRT Station, according to Eric Liew of SRI. (Photo: SRI)“The majority of interest we have seen comes from HDB upgraders looking for a bargain, as well as individuals who are planning to use the unit as their primary residence due to its close proximity to Punggol MRT Station,” says Liew.Watertown is a luxurious 992-unit condo that boasts 11 residential towers atop a sprawling six-storey mall known as Waterway Point. It offers one- and two-bedroom units ranging from 533 sq ft to 1,003 sq ft, and larger three- and four-bedroom units from 821 sq ft to 1,582 sq ft.Read also: MCL Land and CSC Land Group to preview Elta on Feb 7 with prices from $1.158 milAdvertisementThe six-storey Waterway Point shopping mall features over 200 retail and dining outlets. (Photo: Far East Organization)Located directly above Punggol MRT Station on the North East Line and connected to Punggol LRT Station, the mall was completed in 2017 and was jointly developed by Far East Organization, Frasers Centrepoint, and Sekisui House.Waterway Point also grants easy access to several primary schools in the area, such as Edgefield Primary School at Edgefield Plains, Oasis Primary School at Punggol Drive, Punggol Green Primary School at Punggol Walk, Compassvale Primary School at Compassvale Street, and Punggol Cove Primary School at Sumang Walk.