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.
In a note on Monday, Citi analyst Brandon Lee 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.
source: The Business Times
