Many aspire to own waterfront properties and prices of resale condominiums can fetch up for 10% more when they come with such a view. But now, even HDB flats have waterfront views to offer.
Waterfront HDB flat units more desirable?
For the longest time, Marine Parade was one of the only HDB estates to offer sea views. Units in the estate are known to be rare and expensive, even in the resale flat market.
Prices of resale HDB flats with such views can fetch 3% to 5% more.
Now, Punggol will join its ranks and while the flats will only be ready in 2023, and even then units will not hit the resale market until 2028, it may not be too soon to think about the potential value of these flats.
Some industry experts are saying that waterfront living will not provide much of a leverage in terms of price. Location, price and amenities are likely to be the main factors guiding selling prices when they do finally come into the market.
Young families are expected to be most keen on these units at the new Punggol Point District. 2 BTO (build-to-order) projects – Punggol Point Cove and Punggol Point Woods – will be launched later this month.
Punggol’s first 4 waterfront districts offered 25,700 flats
Punggol Point will be the 5th of seven districts planned for Punggol. The previous 4 have already yield 25,700 units and this new launch will push out another 2,000 more. The current flats with waterfront views include Waterway Terraces I and II in Punggol Walk. The new town will be located near the Punggol Coast MRT station and the Singapore Institute of Technology’s new campus.
The take-up rate for this new launch is expected to be healthy as has the demand for flats in Punggol been this year. There were 919 registered transactions in the first 7 months of this year.
Sengkang was a close followup with 924 units. In addition, most of the three- to five-room flats units in non-mature estates were 2 to 5 times oversubscribed in May.