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A three-bedroom unit in the Watertown integrated development in Punggol will go under the hammer at SRI’s upcoming auction on Feb 26.
The 1,281 sq ft mortgagee sale unit has a guide price of $2.4 million, which translates to approximately $1,874 psf. The same unit was previously listed at SRI’s January auction with the same guide price but only received one bid. It was withdrawn as the bid did not meet the reserve price.
Located on the 13th floor, the unit features 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. There is also an ensuite master bedroom, two additional bedrooms, and a common bathroom.
Based on URA caveats, the unit was purchased from the developers for approximately $1.8 million ($1,281 psf) in October 2013.
As of Feb 4, Watertown has seen one unit sold this year – a two-bedroom unit of 958 sq ft that fetched $1.7 million ($1,775 psf) on Jan 19. Last year, the condo recorded 41 resale transactions at an average price of $1,700 psf.
Larger units in the development are in demand and can fetch higher psf-prices, according to Eric Liew, manager of auctions and sales at SRI.
Out of the 41 resale transactions at Watertown last year, 10 involved larger units with three or more bedrooms. They were sold at an average price of $1,854 psf, or about 9% higher than the condo’s overall average transacted price for the year.
Liew notes that interest usually comes from HDB upgraders looking for a bargain and those planning to use the unit as their primary residence due to its proximity to Punggol MRT Station.
Watertown is a 992-unit condo with 11 residential towers atop the six-storey Waterway Point shopping mall. Its units range from 533 to 1,003 sq ft for one- to two-bedroom units and 821 to 1,582 sq ft for three- and four-bedroom units.
Waterway Point is integrated with Punggol MRT Station, which sits on the North East Line, and is also connected to Punggol LRT Station. Completed in 2017, Waterway Point was jointly developed by Far East Organisation, Frasers Centrepoint, and Sekisui House.
Several primary schools can be found in the area, including Edgefield Primary School, Oasis Primary School, Punggol Green Primary School, Compassvale Primary School, and Punggol Cove Primary School.
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