In this article, we’ll unpack the performance of an Executive Condominium (EC) in Pasir Ris that made waves among buyers and investors when it first hit the market back in 2012.
If you were on the lookout for a new EC at the time, you might remember the speculation building up to the launch of Watercolours, a 416-unit development along Pasir Ris Link in District 28.
The weeks leading up to the sales launch of the Watercolours saw speculation that the project might not be well-received by buyers. The development was far from Pasir Ris MRT station, and it would be several years before Downtown East would be transformed into the hub of amenities that we know it to be today.
I recall that back then, Downtown East was just a smaller selection of shops, a cinema, a bowling alley, as well as an aging chalet complex. Its transformation only really kicked off after 2015.
However, when the Watercolours actually hit the market, its take-up rate upset the initial expectations and the EC was more than two times oversubscribed during its first sales launch. This strong turnout largely stemmed from its competitive pricing which buyers quickly homed in on.
The sales launch was unexpectedly aided by the performance of nearby projects, like Sea Esta and Ripple Bay, which entered the market at around the same time in 2012. Buyers quickly took note of the lower prices at Watercolours compared to these other new developments.
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