Watertown in Punggol almost 97% sold

Watertown in Punggol almost 97% sold

The Watertown integrated development in Punggol is almost 97per cent sold, according to developer Far East Organization yesterday.
The remaining 34 units are mainly those with three or four bedrooms, and range in size from 1,173 sq ft to 1,550 sq ft.

These are among the "best-facing units within the development overlooking the Punggol Waterway", said Far East, which is co-developing the project with Sekisui House.

Watertown is Punggol's first project with both a retail and residential component.

The retail portion, called Waterway Point, will feature a "24-hour basement" level, with a FairPrice Finest supermarket and Shaw Theatres operating round the clock.

FairPrice Finest will occupy about 30,000 sq ft of space at Waterway Point, making it one of the chain's largest outlets here.

Mr Christopher Tang, the chief executive of Frasers Centrepoint Commercial, said yesterday: "We are delighted that NTUC FairPrice Finest has committed to be one of the early anchor tenants.
"We are confident that the mall will be the centre of attraction at Punggol waterfront."

With total development costs estimated at over $1.6 billion, Watertown is the largest private development in the Punggol Central master plan, Far East added.

Shops will occupy 40per cent of Waterway Point, while eateries will take up 30per cent. The rest will be occupied by entertainment and other service providers, such as educational establishments, banks, and civic and community amenities.

In August, Hyundai Engineering & Construction was awarded the main construction contract, worth US$380million (S$466million), for the Watertown development. Construction of the retail component has just started and is scheduled for completion by 2015. The residential component is expected to be completed by 2017.

Separately, Far East said it has sold 96per cent of the units at another of its mixed-use projects, The Hillier at Hillview Avenue.

The 528-unit development was launched in January and 21 units are left.

Source: The Straits Times – 6 October 2012