Frasers Centrepoint and Far East Organization begin to preview today their 99-year leasehold WATERFRONT GOLD condo along Bedok Reservoir at an average price of about $950psf. This is according to a report in BT today.
About 150 units or two blocks will be released for the preview. The entire development comprises 361 units in five blocks.
WATERFRONT GOLD will be the first condo in Singapore to feature a skypark, according to the developers. The 8,000sqft park, on the roof of the 15-storey project, will serve as an observation and exercise deck offering view of the reservoir.
WATERFRONT GOLD comprises one-bedders to four-bedroom apartments and penthouses. The cheapest one-bedder (581sqft) will cost $560,000. Two-bedders (893sqft) will be priced from $800,000, while the minimum price for a three-bedroom apartment (1,012sqft) is $900,000. Four-bedders will cost from $1.17 million upwards for a 1378sqft apartment. All starting prices refer to second-floor units.
WATERFRONT GOLD is the third in a series of four projects that Far East and Frasers Centrepoint are developing on the former Waterfront View site.
Prior to the latest condo, they released Waterfront Waves, which is fully sold, and Waterfront Key, a 437-unit condo of which 309 units were sold as at end-May.
The final project, which may be released next year, is expected to have about 500 units.
The entire series, dubbed the Bedok Waterfront collection, has been master-planned to maximize views and access to the reservoir.
As some of you may recall, the Waterfront View site was bought by Frasers Centrepoint/Far East in a much publicized en-bloc deal back in mid-2006 for $385 million. Each of the 583 owners was paid about $660,000. Property consultant then estimated that about 1,400 condominium units can be built at a breakeven cost of about $450psf.
Looking at the current Bedok Waterfront collection that is built on this 800,000sqft ex-HUDC site, i.e.Waterfront Waves – 405 units, Waterfront Key – 437 units, Waterfront Gold – 361 units, Another upcoming project – 500 units, this will all add up to more than 1,700 units at an average price of over $900psf.
Not a bad day’s work at the office for the two developers, if you ask us…
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