WATERFRONT GOLD: 68 units sold

By The Folks @PropTalk - June 28, 2010 No Comments
Waterfront Gold

The BT today reported that 68 of the 150 units for sale at WATERFRONT GOLD were sold as of yesterday.

These were units released by the developers (Frasers Centrepoint and Far East) last Friday.

The 99-year leasehold condo, which has a total 361 units, is priced at $950psf on average.

Over 70% of units sold were smallish apartments – one bedders, one bedroom + study units and two bedders.

Buyers were predominantly Singaporeans and there was a roughly equal split between those with HDB and private addresses. In absolute price terms, the cheapest unit sold was about $550,000 for a 581sqft one-bedder on the second level. Both penthouses released (about 2000sqft each) were sold at an average price of about $1025psf or $2.1 million each.

Frasers Centrepoint Homes claimed that they are testing the upper end of prices in the upgraders’ market and positioning WATERFRONT GOLD as an upper-mid market condo rather than a mass-market product. This is due to its location and facilities, which includes a sky park with a dedicated express bubble lift. The toilets in the development will also have marble floors.

The developers are offering two of the project’s five blocks, or 150 units, as part of a “deliberate attempt not to sell out the project”. They want to sell progressively and keep the remaining three blocks until the location of the Bedok Reservoir Station on Downtown Line 3 is announced.

WATERFRONT Gold is the third in a series of four condos that Frsers Centrepoint and Far East are developing on the former Waterfront view site.

Waterfront Waves was first released in January 2008 at an average price of about $750psf, followed by the launch of Waterfront Key in July last year at $735psf on average.

The developers have been raising prices in these two projects.

Waterfront Waves is now fully sold and the remaining 100-odd apartments at Waterfront Key are now selling at average prices of $850psf for poolview units and $950psf for reservoir-facing units.

The wife and I wonder if the developers will really stick to their "deliberate attempt not to sell out the project" strategy if buying sentiments return to the previous March/April level and prices start climbing again...

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