Punggol EC expected to be well received

Yet another executive condominium (EC) is being launched today, the seventh EC to be put on the market this year.

Property consultants expect Waterbay, in Punggol, to garner healthy interest from buyers, thanks, in part, to its location.

Waterbay, a 383-unit project at the junction of Punggol Central and Edgedale Plains, is being built by Chinese developer Qingjian Realty (South Pacific).

The company is behind several other upcoming condos in the area such as River Isles and Riversound Residence.

The smallest unit in Waterbay, a two-bedder, is 753 sq ft and has an indicative price of about $590,000 or about $780 psf.

Unusually for an EC, five-bedders are also available. These 1,496 sq ft units will cost about $1.05 million or about $700 psf.

Dual key units, which allow for multi-generational living or leasing, are also on offer.

Waterbay's launch comes about two weeks after the launch of Heron Bay EC at Upper Serangoon View, where there were 1,664 interested buyers for just 394 units.

Not all launches this year have done well, industry watchers said, noting that buyers have been selective about price and location.

For instance, the 416-unit Watercolours at Pasir Ris was almost twice oversubscribed, but was only 56 per cent sold as of end August.

Interested buyers for Waterbay can submit e-applications between Oct 12 and Oct 16. If demand outstrips supply, a ballot will be held. Successful applicants can choose their units from Oct 19.

Source: The Straits Times – 6 October 2012