Monday, August 27, 2012

Bedok Reservoir lures home buyers with waterfront charm

Home buying interest along Bedok Reservoir Road has been boosted by the rise of more than 2,300 private condo units in the area, according to Alan Cheong, Head of Research at Savills Singapore.

Dominating the area are four condos in the Waterfront Collection that are being jointly developed by Far East Organization and Frasers Centrepoint.

The 405-unit Waterfront Waves was the first development to be completed last year while the fully sold 361-unit Waterfront Gold and 437-unit Waterfront Key, with median prices of S$996 psf and S$734 psf respectively, are expected to be completed in a few years.
Meanwhile, UOL Group’s 577-unit Archipelago was launched in December with around 485 homes sold. Units have a median price of about S$1,118 psf, slightly higher than the S$980 psf median price for units at Waterfront Isle.

While a road separates the Waterfront condos from the reservoir, most of the units, particularly those on higher floors, enjoy unblocked water-facing views.

Lee Sze Teck, Senior Manager of Training, Research and Consultancy at Dennis Wee Group, said older condos near the new developments have recorded higher median prices such as Aquarius by the Park, which saw a median price of S$864 psf in Q2 2012, up from S$799 psf a year earlier.

Although the area has no MRT station, a new Downtown Line is slated to open in 2017. At the same time, the refurbished reservoir park together with a restaurant and outdoor adventure centre are expected to add appeal to the area.

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