Despite the increment in property transaction figures, the famous developer Bukit Sembawang Estates has phenomenally sold a minimum of 18 units under a Watercove development.
Located at Wak Hassan Drive in Sembawang, there are 80 freehold strata terrace units at Watercove. The property is going to be officially launched on 8th of July 8.
Based on the caveats lodged at the Urban Redevelopment Authority, 18 units fetched the price of about S$2.3 million. The unit sold for an average S$738 psf.
Watercove, a seafront project, has units of various sizes which range from 3,200-4,400 sq ft. The estate has semi-detached units, a mix of terrace and corner terrace units.
“Watercove has a great potential to grow tremendously,” said Margaret Thean, executive director of Edmund Tie. “We believe that the development will fetch good rental yields in the future,” she added.
According to the press release, for the first year, the developer will be offering shuttle bus services from Sembawang MRT station.
In the coming years, transportation in the Sembawang area is expected to improve. By 2019, Canberra MRT station, which is located between Sembawang and Yishun MRT, along with Canberra Link, will be completed. By 2020, North-South Expressway will also connect the estate with the city.
According to the press release and the project’s joint marketing agents, CBRE and Edmund Tie, Watercove will be completed just at the right time when all three major transport connections will be completed.
Due to its substantial landbank, the developer Bukit Sembawang Estates has witnessed the shares going up this year.
Earlier in March, a report from DBS noted that the rubber company which changed into a property developer owns one of the largest tracts of freehold land in Singapore. Before the land was developed into a property estate, it was a rubber plantation.
Just about 75 percent of the land owned by Bukit Sembawang Estates is undeveloped. A large part of 2.8 million sq ft landbank is now allotted for landed properties, mostly in Sembawang, Seletar, and Ang Mo Kio. This is according to DBS analysts Rachel Tan and Derek Tan. Amidst limited supply of land and the land-hungry developers, a large part of the undeveloped land will make the company an attractive takeover target.
As of 1:45pm Wednesday, June 5, the company was trading at S$6.46, which was S$0.04 up from the previous day.
A great and practical residential residential property to acquire is the Watercove. It is the latest development that displays a wide arrays of waterfront features. This talk of the town development can be located in at 203 Wak Hassan Drive, District 27 , Singapore. It provides strata that are semi -detached, landed houses that are matched with seamless floor plan and layout that definitely answers a peaceful but luxurious lifestyle at a very reasonable price. Watercove is under the development of Sembawang Estates Ltd.
