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Watertown, the residential component of the Waterway Point integrated development in Punggol, will see a three-bedroom unit up for auction through SRI on Feb 26.
The 1,281 sq ft unit, currently under a mortgagee sale, has a guide price of $2.4 million, which translates to around $1,874 per square foot. The same unit was previously listed in SRI’s January auction with the same guide price, but only received one bid before being withdrawn due to the bid falling short of the reserve price.
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Located on the 13th floor, the unit boasts a combined living and dining area, an open-concept kitchen, a utility room and toilet, and a south-facing balcony that overlooks one of the condo’s 20 swimming pools. It also features an ensuite master bedroom, two additional bedrooms, and a common bathroom.
The unit was originally purchased from the developers in October 2013 for approximately $1.8 million, or $1,281 per square foot, according to URA caveats.
Since the beginning of the year, only one unit in Watertown has changed hands. A 958 sq ft two-bedroom unit was sold for $1.7 million, or about $1,775 per square foot, on Jan 19. In 2020, the development recorded 41 resale transactions at an average price of $1,700 per square foot.
According to Eric Liew, manager of auctions and sales at SRI, larger units in the development typically sell for higher per square foot prices and have a stronger market demand. Last year, 10 of the 41 resale transactions at Watertown were for three or more bedroom units, which sold for an average price of $1,854 per square foot. This is about 9% higher than the condo’s overall average transacted price for the year.
Liew explains that the majority of interest in Watertown comes from HDB upgraders looking for a good deal, as well as those planning to use the unit as their primary residence due to its proximity to Punggol MRT Station.
Watertown is a 992-unit condo complex consisting of 11 residential towers built on top of the six-storey Waterway Point shopping mall. It offers one- and two-bedroom units ranging from 533 to 1,003 square feet, as well as three- and four-bedroom units ranging from 821 to 1,582 square feet.
Punggol MRT Station, which is located on the North East Line and is connected to Punggol LRT Station, is directly joined to Waterway Point. Waterway Point was completed in 2017 and was jointly developed by Far East Organisation, Frasers Centrepoint, and Sekisui House.
Several primary schools are located near Watertown, including 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.