Punggol waterfront sees wave of launches

Four new projects set to join the 7 condos, 5 ECs launched since 2010

Published on Sep 15, 2012

By Esther Teo, Property Reporter

Residential Projects in the North-East

Comparison of private condo projects in Punggol

THE WAVE of property launches in waterfront Punggol that has left home buyers spoilt for choice is about to grow even bigger.

At least seven private condominiums have been launched in the past year along with five executive condominium (EC) projects since EC development Prive - the first in Punggol - was launched in December 2010.

Another mega private condo project, Allgreen Properties' 920-unit RiverSails will be launched at the end of the month while Qingjian's 383-unit Waterbay EC is expected to be open for applications next month.

On top of that, two more ECs are in the works in the area.

One EC land parcel was recently sold while another site is on the confirmed list of the Government Land Sales (GLS) programme and is slated for sale next month.

While the take-up for projects launched so far has been healthy, the increasingly stiff competition has prompted developers to pull out all the stops to differentiate their projects from others.

For instance, EC Heron Bay offers some buyers their own jacuzzi pool while RiverSails will provide a dazzling array of 50 amenities for residents, including a sky lounge and a tea party lounge.

Experts say that most of the private condos in Punggol have the advantage of either being close to transportation links or close to the area's recently opened 4.2km man-made waterway, offering a slew of recreational activities.

These factors aside, buyers should also consider the exact location, size, number of bedrooms, and the price of the unit to ensure affordability before making a purchase, said Mr Chris Koh, director of Chris International.

The expect date of completion is also an important consideration, he said.

Mr Koh offered a few points of comparison.

The 618-unit Parc Centros, for instance, comes with five-bedroom units, while the 610-unit River Isles and the 590-unit Riversound Residence come with dual-key units that allow for multi-generational living.

On the other hand, the 992-unit mixed-use project of Watertown would seem to win hands down for having the convenience of being integrated with a retail mall and having the Punggol MRT station at one's doorstep. It is, however, the most expensive project, with an average price of $1,200 per sq ft (psf).

Depending on what a home buyer is looking for, he can then narrow down his choices.

Allgreen's RiverSails is the latest project in the area and has upped the ante in a bid to stand out from the crowd with pricing, size and quality of finish.

Its first phase is expected to be launched on Sept 28 at an average price of $838 psf, excluding an early bird discount of between 1 per cent and 3 per cent.

The project's units range from 500 sq ft to 1,400 sq ft and are price from $500,000 to $1.35 million. There will also be 31 penthouse units up for grabs with sizes ranging from 1,400 sq ft to 3,000 sq ft at prices from $1.2 million to $2.5 million.

Mr Yong Voon Chen, Allgreen's director of sales, said that about 85 per cent of the 920 units will be priced under $1 million.

He also said that RiverSails will be "hard to beat in terms of pricing, layout and quality of finishes". For instance, all bedrooms will be large enough to fit a queen-sized bed, with the larger-sized units having at least two bedrooms with an attached bath.

All units will also come with high-end sanitary fittings, while the living, dining area and master bedrooms of all units will be laid with marble flooring.

"We got the land cheap so we want to give back to buyers with better furnishings, layout and specifications," said Mr Yong.

"We are giving to RiverSails and bringing to suburban areas what we usually give to our district 9 projects... so they get all these additions at the same price, if not lower than surrounding projects' prices."

Square Foot Research director Ooi Yi Tung said that new guidelines capping the number of homes that can be built in each non-landed development outside the central area should not affect land prices in Punggol.

The majority of the existing launches there have about 20 per cent to 30 per cent fewer units than the limit, he noted.

"The main attraction in Punggol is its affordability, the infrastructure from its LRT network and the slew of new amenities and those in the pipeline that keep the estate well differentiated from the other mass market districts," Mr Ooi said.

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