Condo Review – Kingsford Waterbay (D19)

Located along the Sungei Serangoon River and Park Connector, Kingsford Waterbay is Hong Kong-based Kingsford Development’s second project in Singapore. The massive development has sold more than 600 units so far.

Details

KWB

Pros

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Without a doubt, the price is easily the most attractive element about this project. With the 2 and 3 bedders going below $1 million, and their 4 bedders well below the $1.2 million range (average $1.1k to $1.2k psf), the barrier of entry to acquire a private property for homestay is very low. It’s competitive pricing also means exiting (selling) won’t be difficult. Avid joggers will rejoice since the massive project is located along the Punggol Park Connector. The project also contains a childcare centre and six retail space. Not really a ‘shopping mall’ but hey, it’s better than nothing.

Another of the projects main selling point is in the project surrounded by water. On the benefits of staying near water, read this article Science Explains How Staying Near Water Can Change Our Brains. I would prefer the units facing the Sungei Serangoon River since there is potential for the government to improve it further with its Active, Beautiful, Clean (ABC) Waters Programme. Kingsford Waterbay is also a peculiar development where the pool facing units (which are usually the premium priced units) is also the west-facing units. Value buyers who love pool-facing and don’t mind a little sun will be delighted.

Cons

Kingsford Waterbay isn’t exactly near Hougang MRT (3 bus stops), so buyers who are looking for a home within walking distance to MRT will be disappointed. But hey, there is 2 years free shuttle service and the units are priced from $1.1k-$1.2k psf, it’s safe to say that the gains outweigh the losses – unless you die-die want a condo near MRT to which you also have to pay a premium price.

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Kingsford Waterbay is Hong Kong-based Kingsford Development’s second project in Singapore. So they have a lot to prove if they want to compete with the big boys for buyers. The first project is Kingsford Hillview Peak in Hillview Rise, which almost sold out except for the last handful of penthouse units. The development has some minor defects (as with most new developments) but the developer has – and I quote – “been helpful and willing” to resolve the issues.

Another concern for potential buyers are probably the number of units in the development. Kingsford Waterbay has 1,165 units altogether. More units may result in higher competition for tenants or for sale when MOP day comes, so buyers buying a unit here purely for investment might be disappointed. At the same time, if we take a look at Kingsford Waterbay’s most identical competitor The Minton, 1,145-unit development which completed in 2014 transacted 34 sales and 202 rentals in just year 2016 alone (source: The Edge Property). So maybe, the concern of oversupply and competition is unwarranted.

The Verdict

Overall, I think Kingsford Waterbay is a safe and good buy simply because of its very attractive pricing. This project will be good for buyers looking to upgrade. I’m not exactly sold on the idea of it being a investment development but only time will tell, and maybe with the government’s intervention, first movers will be rewarded after all. RW

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Share this article with your friends! The above review represents the writer’s honest opinion on the project and does not reflect the sentiments of any real estate agency or developer. Want to buy and need more info? You can reach me at 9-833-6450 or eugenetayhy@gmail.com. The author is a licensed real estate salesperson with Propnex.