The WaterGardens at Canberra by UOL

The WaterGardens at Canberra by UOL

The WaterGardens at Canberra is a new launch condominium by UOL.

πŸ“ŒTop Buyer Questions for WaterGardens are:

  • Is this the Most Affordable New Condo Near MRT?
  • So far away! Will Sembawang Condo Actually Make Money or Not?
  • Can Sembawang Condo Appreciate?
  • Why not buy the Executive Condo Nearby?
The WaterGardens at Canberra

πŸ“Œ VIDEO TRANSCRIPT: The WaterGardens at Canberra by UOL

Hi guys, welcome again to another video by us, here at the property den channel. Today we’ll be doing a review of the latest development coming up in the Canberra area for The WaterGardens at Canberra.

What, where and what exactly is The WaterGardens at Canberra? Right. So this is a 448 units development. Located within 5 mins walk to Canberra MRT station. And as you can see from the slide over here, the blocks are low rise over here, one to level five, most of them are in the north south orientation. So you will not get like a west side facing.

watergardens at canberra

In terms of the unit mix. They got two to four bedrooms. There are no one bedrooms. And as you can tell from some of the perspectives, a lot of nature.

watergardens at canberr

Personally, I like UOL, Kheng Leong projects because they usually have a very nice inside & outside, a lot of landscaping. You can see from the picture itself, there’s a lot of lawn area, and I am actually a fan of their projects.

So I’m very sure that the landscaping will not fail the buyers.

he WaterGardens at Canberra

You will have a nice landscaping inside and outside. You’re actually quite near to the Sembawang Park. This is the site. The winning bid was $650/psf ppr. It is actually in the landed enclave.

watergardens at canberra

This is The WaterGardens at Canberra. It is a very long piece of land and quite near to the MRT. Very quiet area. So from here, it is about 350m walk from Canberra MRT. You can see the MRT from this location.

Canberra MRT is just opposite Canberra Plaza. So in terms of amenities, there will be lots of convenience, a lot of shopping and F&B.

watergardens at canberra

We have compiled the top 4 questions on buyers minds, starting with the very first one.

πŸ“Œ Most affordable new condo near MRT. True or not?

I think for this condo, to be honest, it might not appeal to most people.

Common thoughts: Sembawang is quite far away. But remember, the key selling point for this project is MOST affordable new condo near MRT.

And that is really true because even the developers gave us this tagline. This is actually from the developer.

  • 2Bed $91X,000
  • 3Bed from $1.2Xm,
  • 4Bed from $1.7Xm

Typical unit is from $1,3XX per square foot. So that is unheard of. So is this considered one of the cheapest new launch in the market?

So these are the numbers given from developers. Shall we break down these numbers into details so that our viewers can have a better idea of what’s cheap or what’s not?

Let’s do it! This the unit mix.

The indication prices for each unit type. Mainly two-bedroom units? Yes, mainly two bedrooms, four bedrooms.

πŸ“Œ The WaterGardens at Canberra compared with Provence Residences and other Condos

Okay, this is actually a breakdown. Source from Edgeprop

So these are based on the breakeven estimate. Bear in mind it is the breakeven price, not land price, all these are Executive Condo (EC). Back in 2011, One Canberra EC, the breakeven price is about $612 psf. That’s breakeven price! And until recently, you can see that this Provence Residence breakeven price is about $1,012 psf. These are the estimates from Edge prop.

One common trend you can realize is that through the years from Year 2011 to 2009. Prices have been increasing.

Why I keep on emphasizing the word Breakeven is because Provence EC, the breakeven is $1,012 psf. Even if developers were to sell to you at no profit. It has to cost at least $1,000 psf. Exactly! So this is the way you look at the numbers.

Provence residences is actually located at the cross junction. The Red Star indicates The WaterGardens at Canberra’s location, about 350m from Canberra MRT. So for Provence it’s about 710m away to Canberra station.

Right as of 11 July itself, Provence residence had been 60% sold, so left about 40%. And for the remaining units, 3bedroom range from $937k to $1.5m. Price is quite near to WaterGardens. Bear in mind that it is an EC, subjected to the HDB ruling, such as 5 years MOP. And it’s only privatized after 10 years. You can sell to foreigners after 10 years only.

You have to wait for the building to be completed in about 4 years, plus 5 years MOP. That will be about 9 years. With some delays, it might take 10 years.

Over here, we have the breakeven for the private condo segment. Now, as you can see over here, not many examples because there hasn’t been anything new here since Eight Courtyard was launched. The land was sold in 2010. There hasn’t been a new launch here for quite a while.

For the plot of land that is now called The WaterGardens (parcel B), it was sold together about same timing with land parcel A.

Parcel A has been launched. Remember, these are breakeven prices & the developer has not factored in any profit yet.

For Eight Courtyard & Canberra residence, they are release in 2014 and 2013. So during that period of time, they were sold for about $900 to $1,000 per square foot. That was about 7 to 8 years back. For now the price of $1,300 per square foot for WaterGardens is considered quite okay.

πŸ“Œ Prices back then during The Sail’s launch

This is an example of how prices were like back then. And prices for right now. So the classic example that a lot of property agents always use will be The Sail.

Why The Sail? because The Sail is one of the most iconic project in Marina Bay. And believe it or not, when it was launched, it was not even $1,000 psf.

The Sail was launched at a time when Marina Bay Sands was not ready. It’s literally you see a lot of barren land or a lot of construction. So people cannot imagine how Singapore will look like we just MBS. But now he has become an icon of Singapore. So for those who are in the market for quite some time, you know that during the era, about $1,000 per square foot for the area is considered expensive.

I remember a lot of seniors told me during that time, $1,000 per square foot, you can buy Orchard Road. That was about 2004. We cannot turn back the clock because now, to be honest, I think a lot of buyers will see that $1,300 per square foot for The WaterGardens at Canberra.

That is crazy. But if you look back at the history and the numbers right, all supported by the numbers, land price, on the left-hand side, you see that The Sail price being launched at about near $1,000 per square foot in 2004.

But you look on the other side, the future Tengah EC. The selling price is expected to be about $1,250 per square foot. Higher than The Sails in 2004.

Bear in mind that Tenggah is still not a town yet. It is going to be a town-to-be and there’s EC price. So I believe that EC forms the base base price for all condos. For EC, you must follow strict HDB rulings. And you’ll get only privatized after 10 years. So EC has to be the so-called base price for condo. So if EC is going to be selling $1,200 per square foot. So I think all the other prices will will have to rise in tandem as well.

Basically, the point that we’re trying to drive is that whatever that seem expensive back then will look very cheap ten years or 20 years later. And this is a very classic example. Ten years ago, EC were about $650 to $750.

Then all the way to projects in the CCR, which is the core central region $1,500 to $2,500. But just five years ago, you can see that it has increased in the CCR region from $1,800 to $3,000 and EC from $750 to $850.

CCR is the most expensive per square foot among the rest. So CCR has to be higher than RCR. RCR higher than OCR and OCR higher than EC and so on. So, when the base price is being pushed up, the rest will rise in tandem. What about the future?

I think a lot of people have heard of the prediction by Morgan Stanley back in 2017. They predicted that Singapore prices would double by the year 2030. It is based on lot numbers and stats, despite Covid now, there has been an increase in prices.

So I think this trend will likely to be continued. Without going into the details or numbers, just bear in mind that land price is increasing, you know that when Tenggah future EC will be sold for more than $1000 per square foot. The rest has to rise. $1,300 per square foot for typical unit for Water gardens is low entry price.

But to be honest, the place is in Sembawang, not very central.

Lucky that it is near MRT. So for this price, it is considered affordable for Northern Town. Actually, it is very attractive entry price.

πŸ“Œ Sembawang is so far away

I think to be fair, for those who are not familiar with Sembawang, it is quite far away. And I think even our government acknowledged this part. That’s why there’s this huge master plan that is called north-south corridor, this is going to an Expressway. There are about 21.5 kilometers that runs from the north all the way to the south. From Woodlands area to the city.

So if you notice at the red arrow, the government is aware that the northern part is a bit far away. So they built this north-south corridor to cater to those people who are living in the North. So it will ease traffic from North into city and vice versa. This expressway will help to solve this issue. This is actually a picture of how the north-south corridor looks like when it’s completed in 2026. I’m quite impressed. I look forward to this expressway because on the top, there’ll be dedicated cycling tracks for pedestrian and for cyclists.

And beneath, is the expressway so called under the ground expressway where there’ll be the dedicated bus lane. So I think it’s quite cool. Can you imagine when it is completed you can cycle from the north all the way to the south.

That’s actually quite futuristic. So, the timeline is 2026. So this is recent news, the north-south corridor contract has been awarded. So once awarded, things will move into place.

The WaterGardens at Canberra is about two minutes drive to the nearest entrance to this north-south corridor. So this will bring convenience to the future resident.

And that will mean that if I were to stay in WaterGardens, my drive to the city will be a lot more faster.

In future when you travel to the City, it will be as fast as 25 minutes. Okay there’s a lot more faster. Okay.

Next, I think a lot of people know this. This delay in this JB. It is like having your own personal train to JB.

πŸ“Œ Travelling to Johor Bahru

Johor Bahru, Singapore RTS, rapid transit system. So after a lot of negotiation and the change of government in Malaysia, now this plan has been realized, and they have signed a contract to continue. So good news for those people who would like to travel to JB.

To be fair, sembawang is not near to the city town, but it actually is quite near to a Johor Bahru. In future when RTS is built. You can actually take the train all the way to the Bukit Changar station.

So for those people who living in the North, your nearest city will be JB. Woodlands North MRT station sits on the Thomson East Coast Line (TEL).

πŸ“Œ Will Sembawang Condominium Appreciate?

Yes, a classic question. Because people always wonder if will any condo there actually make money or not? It’s a fair concern! But the answer to the question is simply yes, it does, actually.

So what we have over here is the transactions of nearby condo-One Canberra. It is an EC that just MOP last year. And we have highlighted two columns for you guys to look at it the SOLD-ON date, one is THE-PROFIT date.

So this is actually arranged by profit date. So as you can tell, yes, it does make money. And not only does it make profit, it is all within the 6 figure sum.

This is just for the EC, that is a little bit more further from the MRT.

I think the returns ROI is about 3 to 4%. But to be fair, most or all ECS will likely make profit. This is a good indicator, but not very fair comparison, shall we look at Non EC as well?

That’s why we included non EC transactions. And what you see over here is Eight Courtyard, which was one of the pieces of land that was available about 10 years back, and you look at the profit margins over there. Everyone made a six-figure sum except for the second last transactions. So for EC– Yes,make money. Regular condos- Yes, make money too.

Let’s take a look at the next slide which shows to me For comparison, we look at the older condo- Yishun Sapphire. So Yishun Sapphire of all the developments is actually the closest to the MRT station.

But what is interesting is it is pretty old condo, TOP in 2001.

But despite its age, let’s look at the column over there on the profit column. It still makes money even for development that is on the older side. So the short answer to that question is: Will Sembawang condo appreciate?

What are the other reasons that will appreciate?

Appreciate, probably they are not familiar with Sembawang or they have not been there. So in Singapore all prices will appreciate because of inflation. So we assure you the newly MOP EC, fairly new resale condo as well as old condo, all will appreciate.

It is just a matter of how much and what is percentage like?

We have just shared some facts and figures and when you asked-Will there be capital appreciation, then my question will be-Are there GROWTH story?

Are there a lot of grassland around. I like to look- if there is lot of grassland for developments that may be growth story. Growth story means more building being built e.g. commercial and residential. And there will jobs and more works, more tenants and the prices will rise.

πŸ“Œ Looking at the URA Masterplan

Okay, let’s look at this URA master plan. So I think a lot of people are familiar term called Regional Center. So we have Tampines Regional center. Beside that, we also have this North Coast innovation corridor, as well as the southern part with this greater southern waterfront development. These two long stretch-They are earmarked for longer term employment area.

If you zoom in, this water gardens is actually part of this North Coast innovation corridor. So there’ll be growth plans.This is under the Draft Master Plan. So Woodlands regional center, as well as the woodlands north coast building, there’s a alot of developments being planned there. So this is actually the commercial side, lot of mixed development, industrial development.

You may ask, how does it affect you? because when you bring in the commercial factor into this area, there’ll be more business, they’ll be more vibrancy, more business, more tenants, then the prices will rise. More employment opportunities. And that’s why we come into this, Chip giant global foundries is going to be building this $5.4 billion plant.

The world is facing shortage of circuit chips. So this will bring in a lot of high value jobs for Singapore. So more jobs, more workers more tenants, that will bring up the price of condo.

We have showed you the Woodlands masterplan, now we look at Sembawang. Look at the blue star, The Canberra MRT and Canberra Plaza has been completed.

Next will be Bukit Canberra. So Bukit Canberra is actually a very interesting mixed hub with integrated hawker centre, Polyclinics and sports facilities over there.

But once completed, it will bring a lot of convenience to the nearby residents. Bukit Canberra is actually quite near to WaterGarden.

πŸ“Œ Why not buy the EC nearby?

There are two EC nearby WaterGardens. Parc Canberra, and Provence residence. Parc Canberra, as of this moment, has only one unit left. So we will not be touching much about Parc Canberra. But we will be focusing on Provence Residence.

So for Provence residences, it was an EC that launch earlier in this year, and as you can tell, in terms of the PSF selling about $1,001 PSF. Now, this gap is not very far off from where WaterGardens is looking to launch, because as we have mentioned earlier in the video, for brand new EC, there should always be a substantial gap between the EC and proper condo status.

Yes! EC follows HDB ruling. You will need to wait for five years. MOP unlike for this private condo where you can buy it today, you can sell after three years without SSD.

So the benefit of getting a regular condo-like WaterGardens is that it has no restrictions. You can technically sell the moment you buy it but just that you’ll be subjected to the three years Sellers Stamp duty.

So on this slide that we have over here we are showing you Provence residence and Parc Canberra, but we’ll be focusing on provence, on average about $1,001 psf, highest up to $1,200 psf which is very close to where WaterGardens is looking to launch and in terms of the proximity to MRT, water gardens is actually nearer to Canberra MRT then compared to provence residence.

As you can look from this slide over here we have really showed you how much is our provence selling for the three and four-bedroom and the estimates for WaterGardens three-bedroom, probably about a $1.2 million range for the three-bedroom and $1.7m range.

I think I need to explain abit for this slide. For the yellow part for the Provence residence, the price is the actual listed prices. For WaterGardens, the one in red with the red arrow, these are estimates. The actual prices is not out yet. But based on the PSF estimate, i.e. based on $1,350 per square foot to $1,525 per square foot, these are estimates and we realized that actually the difference is not that big.

Because as we mentioned, EC follows HDB rulings and are more restricted.

So by right they have to have a substantial price difference from the normal condo itself. Yes, because when we look at the actual selling price for provence residences versus the estimates for water gardens, the difference is not as substantial as we thought so because WaterGardens will have less restrictions compared to a brand new EC. Actually WaterGardens look like a better buy right in this case.

Just a simple analogy, for a investor who’s looking to buy a condo, he can buy from day one. And then three years down the road, when the project TOP, he can sell after three years without seller stamp duty so. But for EC, first of all, you must qualify under HDB strict ruling. For some your income ceiling must not hit a certain level, go through balloting and you must wait for three to four years to get your keys.

Your MOP starts from the day you get your keys. Four years of waiting, five years of MOP, about nine to ten years. For private condo, within that same period of time (nine years). Assuming TOP in three years, you can buy and
sell three rounds. Technically, you can do that. That is the key difference here.

So WaterGardens really have that added advantage, compared to a brand new EC.

To be fair, between EC and private condo, if you qualify for EC. But if you want less restrictions and if you can afford it, go for The WaterGardens at Canberra in this case. And with that, we go for the EC, because quantum will be more.

Just want to show you guys the estimated price. These are estimated prices, not confirmed.

How does this table work? No one knows the final price yet. But we based on developer indication, for example, two bedrooms start from $91XK, three bedrooms or from $12XX psf. So based on their input, we do a breakdown so-called price matrix or analysis.

The typical unit is about $13XX per square foot.

That is one of the greatest selling points of this WaterGardens – the attractive entry price.

πŸ“Œ Interested in The WaterGardens at Canberra?

Do come down to the showflat, take a look. If you’d like the showflat, then we can go into the final price analysis. Who knows maybe you do not like the place, then the price does not matter.

So if you want to view the show, just give us a call We will arrange for this appointment. Or if you want to arrange for a breakdown e.g. Are you able to take Max loan? how should we go about proceeding to book a unit or is this project for you? Simply just call us and we will do a one on one consultation for you.

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Dennis Lim

Dennis has more than a decade of experience investing in real estate. Like many fellow Singaporeans, he grew up in a HDB flat with dreams to live in a condominium. Through careful financial planning & hardwork, this became a reality when he was 30. He now owns 3 private properties in Singapore and has helped hundreds of Singaporeans to achieve their goal of upgrading their homes in land-scarce Singapore.

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