Majority of Watertown buyers are Singaporeans

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Over 90 percent of the more than 550 units sold so far at Watertown condo in Punggol have been snapped up by Singaporeans, proving that the additional buyer's stamp duty (ABSD) imposed recently has succeeded in cooling foreign buying.

According to a Business Times report, this is down from a share of around 80 percent at other suburban condos launched last year, including The Tennery in Bukit Panjang, euHabitat at Jalan Eunos and The Greenwich in Seletar Hills.

Singaporeans also accounted for 80 percent of the total buyers at The Hillier project, which was previewed last month, just after the cooling measure was announced on 7 December, although options to buyers were given only from 1st January this year.

As for the Watertown project, about 50 percent of the total buyers are from District 19 (Hougang, Serangoon, Sengkang and Punggol) while two-thirds reside in HDB flats.

“Interestingly, some of our buyers are purchasing the units at Watertown for their weekend/holiday homes and also for retirement,” said Chia Boon Kuah, Chief Operating Officer of Property Sales at Far East Organization, which is jointly developing the project with Frasers Centrepoint and Japan's Sekisui House, Ltd.

“Many are also buying for their children as well,” he said.

Explaining the strong sustained sales momentum for Watertown, Chia pointed to the project's uniqueness.

“It's a one-of-its-kind mixed use development that offers waterfront living integrated with a mall (Waterway Point) and the Punggol MRT station.”

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