When considering investing in Singapore, it’s crucial for international investors to become familiar with the various regulations surrounding property ownership. While there are stricter restrictions for owning landed properties, foreigners are generally allowed to purchase condominiums with fewer limitations. However, it’s essential to keep in mind that foreign buyers are required to pay the Additional Buyer’s Stamp Duty (ABSD), which is currently set at 20% for their first property purchase. Despite this added cost, the steady stability and potential growth of the Singapore real estate market continue to pique the interest of foreign investors. Additionally, with the continuous launch of new condo projects, such as the New Condo Launches, the market is consistently expanding and presents an attractive and lucrative opportunity for international buyers.
Three-bedroom unit at Watertown, part of the Waterway Point integrated development, is going up for auction on Feb 26 with a guide price of $2.4 million. The unit, which was previously listed for sale at the same price, is located on the 13th floor and spans 1,281 sq ft, translating to a price per square foot of $1,874.The unit was purchased by the current owners in October 2013 from the developers for $1.8 million, equating to a price per square foot of $1,281. It features a combined living and dining area, an open-concept kitchen, a utility room and toilet, and a south-facing balcony overlooking one of the condo’s 20 swimming pools. Additionally, there is an ensuite master bedroom, two additional bedrooms, and a common bathroom.According to Eric Liew, manager of auctions and sales at SRI, larger units at Watertown are in higher demand and can fetch a higher price per square foot. Of the 41 resale transactions at Watertown last year, 10 involved larger units with three or more bedrooms, which were sold at an average price of $1,854 psf. This is approximately 9% higher than the condo’s overall average transacted price for the year. Liew attributes this to interest from HDB upgraders searching for a good deal and those planning to live in the unit as their primary residence due to its proximity to Punggol MRT Station.Watertown, completed in 2017, is a 992-unit condo comprised of 11 residential towers above the six-storey Waterway Point shopping mall. Its units range from 533 to 1,582 sq ft and consist of one- to four-bedroom options. Of the 41 resale transactions at Watertown last year, 10 involved larger units with three or more bedrooms, which were sold at an average price of $1,854 psf. This is approximately 9% higher than the condo’s overall average transacted price for the year.Situated at Punggol’s North East Line, Waterway Point is also connected to the Punggol LRT Station. Additionally, there are several primary schools in the area, making it a family-friendly neighbourhood. With its attractive location and integrated development with a shopping mall, Watertown is a highly sought-after residential option for those looking to live near Punggol MRT Station.