THE Watergardens at Canberra moved about 60 per cent of its 448 units - which works out to roughly 268 units - over its launch weekend on Aug 28 and 29.Prices started from below S$920,000 or S$1,424 per square foot (psf) for the two-bedroom units, below S$1.3 million or S$1,438 psf for the three-bedroom units, and below S$1.8 million or S$1,382 psf for four-bedroom units.
UOL told The Business Times (BT) that the per-square-foot (psf) pricing for “typical units sold” ranged from S$1,400 psf to almost S$1,550 psf.
On monday estimated that the overall selling price at the 99-year leasehold condominium stood at around S$1,450 to S$1,500 psf, within the research team’s expectations and higher than the S$1,100 to S$1,200 psf achieved at nearby projects.
The price range of S$1,450 to S$1,500 psf would translate to a profit-before-tax margin of 14-17 per cent, based on breakeven of S$1,240 psf and revalued net asset value (RNAV) accretion of 0.3-0.4 per cent, according to Citi’s estimates.
However, the sale volume "may have fallen slightly short of selected investors' expectations" following Pasir Ris 8's 85 per cent take-up last month, and given that The Watergardens is only the second major non-executive condominium mass-market project to be launched this year, Mr Lee added.
Located in the Sembawang/Yishun area, The Watergardens is the first private residential development in the northern part of Singapore to come to the market in more than six years.
UOL Group chief investment and asset officer Jesline Goh said in a statement that the buyers at the launch weekend were mostly homeowners, and the sales were "well spread across all unit types". More than 85 per cent of the buyers were Singaporeans, the company told BT.Ms Goh noted: "Based on what we observed, buyers are particularly attracted to the project's strong product attributes, lush greenery, as well as its proximity to Canberra MRT station and the future North Coast
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