TL;DR Watergardens At Canberra is a home within verdant landscapes and an aquatic garden sanctuary. Developed by the reputable UOL, this new launch boasts a reasonable price, coupled with attractive landscape designs and assured quality. Its compatibility with the low-rise, low density residential character of the site, previously forested land is also appealing.
The Development
The Watergardens At Canberra is a home within verdant landscapes and an aquatic garden sanctuary. It is the first private development to launch in Sembawang after the opening of Canberra MRT station in November 2019.
This low-rise project comprises 16 five-storey buildings, offers a mix of two to four-bedroom units, ranging in size from 646 square feet to 1,528 sq ft. It is developed by United Venture Development (2020) Pte. Ltd which is a joint venture between UOL, Singapore Land Group and Kheng Leong Company in the prime location of District 27.
We expect to see some potential demand for this condominium project in the Canberra area originating from the residents in the Sembawang housing enclave. The Watergardens at Canberra also features a nature-inspired landscape. It is also accessible via Seletar Expressway and the future North-South corridor, which will cut travel time to the Central Business District by half come 2026. Plus, the exciting part of this project is that it features all the water-theme facilities and play spaces where we can unleash our inner Aquaman!
Location Analysis
Aerial view of the Watergardens At Canberra
Watergardens at Canberra is located within the mature estate of Sembawang, in the northern part of Singapore. This neighbourhood has been fast-evolving with new developments. It is also enriched with its iconic hot spring and parks (Jalan Kemuning Park and Canberra Park) to preserve its rustic charm.
Watergardens at Canberra is nestled between Canberra Plaza and Sembawang Shopping Centre. So you can step out of your abode and be spoiled for shopping and food choices.
Sembawang also houses the famous food market Chong Pang Market & Food Centre, with its delightful range of hawker food. There is also the popular Sembawang White Beehoon, a must-try for everyone.
Project Details
The 448-unit condominium is the first private residential development in the budding Canberra area.
The new development comprises 16 five-storey blocks. The developer is offering a mix of two- to four-bedroom unit types, with larger-sized premium options available for two- and three-bedroom units.
About the Developer
The Watergardens At Canberra will be the latest of UOL’s portfolio of Masterpiece Homes, after the successful launch of Clavon in Clementi.
UOL is well-known for its commercial and residential developments like the Tre Ver, with awards like the President Design Award and Urban Land Institute Awards for Excellence in their stellar performance.
Singapore Land Group Limited, formerly known as United Industrial Corporation (UIC) is a listed property investment and development company in Singapore. They aim to build landmarks that provide long-term sustainability to their clients. UIC’s dedication to quality is also evident in developments like Avenue South Residence and V on Shenton.
Collaborator Kheng Leong Group ventured into property development and real estate investment with a strong portfolio. They have a keen interest in direct investment or collaboration with strategic partners that span across the Asia Pacific region from Shanghai and Hong Kong to Sydney.
With a strong branding presence, the Group has developed quality houses in Singapore and have established itself in retail and commercial projects in prime locations.
UOL’s projects have generally sold well, even those not within walking distance of an MRT station. It is possibly due to their reputation for quality landscaping designs coupled with their often reasonable pricing.
Project Bid Price, Tender Results, Breakeven Price of Developer
UOL was awarded the site under a state tender which closed in March last year for S$270.2 million, works out to approximately S$650 per square foot per plot ratio (psf ppr).
At the bid price, it should achieve breakeven at a price of $1,140 after factoring in the construction cost and other expenses. This would translate to an indicative selling price of the Canberra Drive parcel to be in the range of $1,256 to $1,320 psf.
Maintenance Charges
District and Area Price Trend
In District 27, we see the properties in this area beginning to appreciate in terms of value. Looking at the numbers, the prices in the area have started to trend up in 2018 with the new private residential developments like Kandis Residences, North Park Residences and upcoming commercial hub in the area.
Pricing Analysis with other Nearby New Launches
Price Performance
New Launches Transactions
Based on our latest research, we compare Watergardens At Canberra with another four new launches. As there are no nearby Condo that are as new, we will compare these 99-years leasehold condos in the region.
They are Kandis Residence, Parc Botannia, The Essence (District 26) and Jadescape. Let us begin our review. If we were to look at the Watergardens at Canberra’s estimated selling price of $1300 psf, it is pretty reasonable considering its locality, the new amenities and upcoming development planned in the area. Developed by the reputable UOL, the price is pretty reasonable, coupled with their attractive landscape designs and its assured quality.
The nearby new launch, Kandis Residence’s initial launch price was set at an average of $1,250 psf. Hence, at an indicative price of around $1300 psf for Watergardens at Canberra, we would say it is pretty reasonable. Kandis Residence is a 130-unit small condominium at Kandis Link comprising four low-rise blocks. Conceptualised by award-winning architectural firm Ong & Ong, the project is designed to look like homes in the woods due to its location next to a forested area. As seen from the chart on price performance below, the Kandis Residence has been faring fairly well this year.
Also, referring to its location near the future North Coast Innovation Corridor, we believe The Watergardens at Canberra is in a region with strong growth potential. This suburban location is likely to draw owner occupiers, and some buyers may opt for bigger sized units owing to the attractive price per square foot as compared to the projects in other areas. We also expect to see a larger number of buyers who are the HDB upgraders from the north region, such as Woodlands, Sembawang and Yishun.
Price performance – Kandis Residence
Pricing Analysis with nearby Resale Comparables
Price Performance
All these condos are 99 years leasehold and are found in close proximity to the Watergardens at Canberra. As we can see from the chart, the North Park Residences are performing well over the past few years. There is a high possibility that we will expect to see similar capital upside in the medium to long term when the new commercial developments are ready in the area. These condos are located near to the MRT stations and upcoming commercial developments which we will showcase later.
According to the developer, a two bedroom-unit will start from below S$920,000, while a three-bedroom unit will be priced at below S$1.3 million and a four-bedroom unit from below S$1.8 million.
In our opinion, the price can also be justified by the fact that it is situated close to the charming Sembawang Hotspring Park and Sungei Khatib Bongsu. We also think that the appealing part of this project site would be its compatibility with the low-rise, low density residential character of the zone, so it is essentially exclusive and more private in that sense.
Site Plan Analysis & Stack Analysis
The site of the Watergardens condo was previously forested land, sold by URA under the GLS program. At the east of the site is a small HDB precinct and on its west, it is the Sembawang Springs Estate and Jalan Kemuning Park. Sembawang Springs Estate is a landed housing estate that has been around for a very long time. It is part of a sprawling low-rise residential enclave around Sembawang Shopping Centre.
Hence, the development creates a smooth and seamless transition between the landed housing and its surrounding parkland which work together in a perfect harmony.
From the site plan as shown below, units at the elongated stretch facing the low-rise landed enclave are likely to be priced higher than the rest of the development. Units facing the Canberra Drive and the newly completed HDB flats are likely to be priced lower.
The site is also close to Canberra MRT Station on the North-South Line. The design of Watergardens at Canberra is inspired by nature, given its proximity to park connectors and greenery. There will be two side gates along the stretch that provides residents a shortcut to the Canberra Mrt station and the Canberra Plaza. How convenient it is!
For those who are looking for more privacy or tranquillity, you might want to go for these stacks: 45,4 9, 50, 51, 54, 61 ,67, 70, 71, 74. These stacks facing the 50m long lap pool provide a balance between vibrancy and serenity and they are found further away from the main children’s play area.
Unit/Floor Plan Analysis
Judging from the unit mix size, it is slightly smaller than usual so as to keep the absolute price quantum lower. First, we shall review the 2 bedder and 2 bedroom premium, size totalling at 646 – 969 sq ft.
2 bedroom, 2 bedroom premium
The 2-bedroom premium layout offers an efficient and unique design. In Type 2P1-PH, we have 2 bathrooms and the bedrooms seem to be fairly large. This unit has a sizable balcony and a rather spacious living room. The appliances are from Electrolux, Grohe, Franke, Monic, Inspirione, Geberit, Hager. According to the developer, the ceiling height of the living room is 2.79m which is considered generous. We also understand that the common bedroom is sized at 9.9 sq. meter which is quite rare in today’s recent developments.
3-Bedroom + Study
Source: Taken at the Virtual show flat
This 3 bedroom + study unit is sized at 1012 sqft, which some might find it to be quite small in today’s context. We would say it is pretty standardized. Do note there is a household shelter room and a balcony which may be considered as underutilised space. We also understand from the developer that the balcony size for a 3 bedder (958sqft) is 7.7sqm. This is quite a decent size.
4-Bedroom Premium
At 1528 sqft, this penthouse unit comes with a wine chiller that is provided by the developer. Needless to say, the unit has one of the efficient layouts and there is a yard, a household shelter and a dry kitchen as well.
Condo Facilities Overview
The condominium is accompanied by a childcare centre with a swimming pool and communal facilities, basement car park along Canberra Drive. It is suitable and perfect for young families looking for a new home that provides a tranquil experience for future homeowners to unwind and relax in this verdant sanctuary.
You can also unleash your inner Aquaman in this water garden living concept as you surround yourself with a landscape of lush gardens and water-theme facilities and pools.
Amenities
In the neighbourhood of the project are a number of supporting amenities. The nearest is the recently opened 3-storey Canberra Plaza, with 70 shops spread over 118,000 square feet of retail space. This neighbourhood centre is about a few minutes’ walk away, directly linked to Canberra MRT station.
In addition, there is the existing Sembawang Shopping Centre and Bukit Canberra, the 12-hectare Sembawang Integrated Hub currently under construction. This is a low-rise cluster of facilities scattered around the landscaped grounds of Admiralty Hill.
Upcoming Developments
Northern Agri-Tech and Food Corridor
A new economic corridor of the North will improve the strategic ecosystem of Lim Chu Kang’s farms, Republic Polytechnic and the Senoko Food Zone to create new opportunities for Singapore’s Agri-Food industry. With innovative and new technology coming together, coupled with changing demographics of the region, the economic growth of the North is expected to grow in coming years.
Upcoming Woodlands Regional Centre
The Woodlands Regional Centre is situated within the Northern Agri-Tech and Food Corridor, and will introduce a diverse mix of office, retail, business park and industrial spaces to revitalise the agri-tech ecosystem, bringing many job opportunities to residents of the North.
In addition to that, there are exciting developments upcoming in this town set to increase the property value of Watergardens at Canberra. Woodlands North Coast will be the unique mixed-use Waterfront Destination. Whereas, Woodlands Central will be a regional business hub, with office and retail developments close to new homes.
In addition, future mixed-use development with residential, office and retail components are well-connected to the newly opened Woodlands Thomson-East Coast Line MRT station.
North Coast Innovation Corridor
This North Coast Innovation Corridor is made up of Woodlands Regional Centre, redeveloped Sembawang shipyard, future Seletar Regional Centre and Punggol Creative Cluster.
The Watergardens @ Canberra is also three stops away to Woodlands MRT station, where the long-awaited Thomson-East Coast Line is currently being constructed. By 2024, getting from the North to the East side of Singapore will be as quick and easy.
North South Corridor
The Watergardens @ Canberra residents will enjoy the benefit of The North South Corridor which is Singapore’s longest Transit Priority Corridor, featuring dedicated bus lanes, cycling trunk routes and pedestrian paths. Once completed, it will directly connect the Northern region and the city center. The North–South Corridor spanning 21.5 km, connects the city to the northern region and is now set to be completed by 2026.
Bukit Canberra
Bukit Canberra is an upcoming communal amenity that includes an elderly care centre, polyclinic, swimming pools and an indoor sports hall. Additionally, await the opening of the Woodlands Healthcare Hub, an integrated healthcare hub that will be opened gradually from 2023 onwards.
Bukit Canberra Aerial View
Our Take
Personally, if we had to choose a place to live in the area, Watergardens at Canberra would be at the top of the list. What makes this new development unique is that it is situated in a rather serene neighbourhood with lush greenery spaces and low-rise landed enclave. Plus, the theme of the project emphasizes an aquatic garden sanctuary. Also, the long established reputation of being the premier property developer, in this case UOL also plays an important role in property valuations. It is certainly one of the deciding factors for us in the process.
We expect strong demand for the new project, as it will be the first private development to be launched in the area following the opening of Canberra MRT Station in November 2019.
Also, a key threshold between Singapore and Johor Bahru, the North Coast will be a thriving site of waterfront development in the coming years. With these developments that are underway and the limited land expansion, we could potentially see a great capital upside in this locale. We hope you find this article helpful. Stay tuned for our next PLB latest research and featured insights! For those who are interested in finding out more or would like to start planning for your property portfolio, you may contact our PropertyLimBrothers team! Take care!
