This Condo Beat Almost Every Other Tampines Project For 10 Years, And It Wasn’t Even Near An MRT

The market for two-bedroom units is an interesting segment to examine in 2026. Anecdotally, we’ve heard from buyers, agents, and developers that there is a growing acceptance that some two-bedders are an appropriate size for family homes.

On the other hand, there is a common perception that two-bedroom units are better suited as investment or rental assets, or targeted for singles buying their own condo home. From a buyer’s perspective, this can complicate their purchasing decisions, especially when it comes to mapping out exit strategies.

Thus, we’ve come out with our own analytical series of the top-performing two-bedroom units in different planning areas, especially ones that fall under the radar. To kick things off, we examine the two-bedroom segment in Tampines, and the top performers in that segment there over the past 10 years.

The outstanding condo that turned up in this analysis was Waterview. Here’s our deep dive to uncover why it’s doing so well.

A look at top performing two-bedders in Tampines over the past 10 years.

For the following, we looked only at sub sale and resale transactions.

Based on our analysis, Waterview emerged as the top-performing project for two-bedder units in Tampines over the past 10 years.

While a handful of projects posted higher average returns, it would be unfair to identify these as top performers since their performance is based on just one or two outlying profitable transactions which isn’t representative of the entire two-bedroom segment.

Thus, Waterview stood out not just for its returns, but for delivering them consistently over a healthy transaction volume.

A quick overview of Waterview

Waterview is a 99-year leasehold condo developed by Sim Lian Group. The 696-unit condo, located along Tampines Avenue 1 in District 19, was completed in 2014. This development also sits at the boundary between Bedok Reservoir and Tampines, and nearby condos include Q Bay Residences, The Santorini and The Alps Residences.

In general, our take is that the Waterview is not within a comfortable walking distance to an MRT station, and the closest is Tampiones West on the Downtown Line, but it does benefit from its proximity to Bedok Reservoir Park. In addition, some of its blocks are within 1km of St. Hilda’s Primary School.

Waterview also consists of two- to four-bedroom units, which strengthens its appeal among families and owner-occupiers.

Why did Waterview outperform? 

We first need to examine how units at Waterview were priced when it launched for sale. Typically, a condo’s strong resale performance stems from the fact that it was a good value buy when it entered the market. This means that it was priced lower than surrounding projects which gave it more room for its resale prices to appreciate.

Here’s a look at how the units at Waterview were priced, relative to surrounding condos, when it was launched in 2010.

*Note: For the following and all subsequent discussions, do note that we are comparing and referring to two-bedder units only, as this is the subject of our series.

According to the transactions compiled by Stacked, the two-bedroom units at Waterview were not exceptionally cheap when the project launched for sale. In fact it had the highest average $PSF of $902, putting it ahead of nearby projects such as Double Bay Residences ($820 psf) and Modena ($780 psf).

However, its overall absolute price, or quantum, was lower. The average transaction price of its two-bedders is around $757,000, which sits in the middle of the cluster of condos there. This stems from the fact that its unit sizes were more compact than many neighbours.

Nonetheless, this is not something we consider to be an exceptional value buy, and we can eliminate an affordable launch price as one of the factors for the success of the two-bedders at Waterview’s.

Does Waterview’s location provide any unique advantages?

To find out, let’s see how Waterview compares to the other condo developments in Tampines. We’ll look for any common locational advantages, which stand out among the top performers. 

The data suggests that proximity to an MRT station doesn’t seem to be a leading deciding factor for condos in Tampines. Several developments within walking distance of Simei MRT (EWL) posted fairly modest returns, while some of the stronger performers were located further away from any MRT station.

In fact, being close to an MRT station can sometimes work against future price appreciation. That’s because buyers usually have to pay an upfront premium for the convenience, which leaves less room for price appreciation later.

A pattern that also emerges is that many of the stronger-performing projects, including Waterview, Q Bay Residences and Arc at Tampines, are clustered around Tampines Avenue 10. The main locational advantage comes from this area’s proximity to Bedok Reservoir Park, and schools such as St. Hilda’s Primary School and Poi Ching School.

Thus, it tells us that access to green spaces, schools, and a more liveable residential environment are the strongest drivers of capital growth among condos in this area.

However, we should dig deeper since several neighbouring projects also have traits like schools and green spaces, but didn’t achieve the same level of profitability.

Was there something unique at Waterview, such as its build quality, facilities, or other design elements?

Overall, the data doesn’t point to a conclusive factor, and Waterview doesn’t appear to excel in any single category. It isn’t the lowest-density private residential development in this area, nor did it offer the largest two-bedders.

Older projects such as Changi Green, Savannah Condopark and Changi Court provided significantly more land area per unit, and Tropical Spring and Melville Park have much larger-sized two-bedders.

Where Waterview seems to have done well is its ability to strike a balance for buyers. Its smallest two-bedder is 786 sq ft, making it noticeably more compact than many of the older projects.

But when judged against recent new developments, a size of 786 sq ft would be considered a two-bedroom+study or premium two-bedroom unit. Thus, the size of the two-bedders at Waterview keep the entry quantum affordable, while being a viable size to accommodate the needs of families today.

Waterview also sits in a good middle ground when it comes to residential density. With 696 units on a 341,646 sq ft site, the overall distribution of units relative to the land size is not as tightly packed as newer projects such as The Alps Residences, The Santorini or Q Bay Residences.

Finally, Waterview’s unit mix may have also helped it stand out. There are no uncomfortably compact ‘shoebox’ units and Sim Lian focused on two-bedder or larger configuration units. This strengthens its appeal as a family-oriented development.

All in all, Waterview’s success may not have come from any one specific factor, but a sweet spot between affordability, practicality and liveability.

Next, let’s look at the layout of two-bedroom units at Waterview, and compare them against nearby condo alternatives.

This helps us gauge if its edge also comes from a more improved unit layout efficiency, a better sized kitchen, more sizeable bedrooms, or any other of such factors. We will compare its smallest two-bedder against the smallest two-bedder at Double Bay Residences, a project on Simei Street 4 that launched a year before Waterview in 2009.

While these are the smallest two-bedders in both projects, it’s not an exact comparison as Double Bay Residences is much larger at 915 sq ft. At this size, it would be close to a new three-bedroom unit, but this is the most reasonable point of comparison we have to work with.