More than a decade ago, in around 2013, the private housing market was riding a boom that was fueled by the low interest environment as markets recovered after the Global Financial Crisis. At the time, property prices in Singapore were also surging and it seemed possible that the government would step in to cool the housing market.
Stepping into the housing market at that time was Waterwoods, an executive condominium along Punggol Field Walk in District 19. The 373-unit development launched for sale in November 2013. It sold 140 units in its first six months, setting an average price of $800 psf.
In the years that followed, the government would intervene in the market with a series of property cooling measures. Just months before the launch of Waterwoods, the Total Debt Servicing Ratio (TDSR) framework was introduced.
This significantly reduced borrowing capacity for many households, limiting monthly loan repayments – plus outstanding debt obligations – to 60% of monthly income (today it’s lowered further to 55%).
As a result, the sales launch of Waterwoods was much more modest compared to previous EC projects. Buyer sentiment had weakened and developers were increasingly cautious about pricing.
Fortunately, Waterwoods could bank on the usual EC subsidies and the development was built for long-term homeownership. Over 95% of the total unit mix at Waterwoods comprise large-sized units like three-bedders and larger unit types. Four- and five-bedders alone account for more than 60% of the total units in the project.
As the development turned into a fully private housing development, and resale units entered the market, this development strategy paid off. The appeal for its larger sized units has grown over time.
Let’s take a closer look at the performance of this EC development.
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A snapshot of Waterwoods as of the end of 2025.
| Lease start year | 2013 |
| Completion year | 2015 |
| Land size (sqm) | 14,307 |
| No. of units | 373 |
| Unit types available | 2, 3, 4, 5 |
Average transacted prices for Waterwoods in 2025
| Unit type | Average $PSF | Average price | Transaction volume |
| 2-bedroom | $1,505 | $1,215,000 | 2 |
| 3-bedroom | $1,513 | $1,573,555 | 5 |
| 4-bedroom | $1,388 | $1,867,127 | 7 |
Likely buyer profiles
- Buyers who prioritise larger unit sizes over having a newer lease
- HDB upgraders looking for a private housing alternative in District 19
- Families seeking four- and five-bedders at a lower $PSF than many newer projects
Less suitable for
- Buyers seeking the newest project with the latest facilities and finishes
- Investors chasing the strongest historical capital appreciation in the area
- Buyers looking for a clear scarcity advantage, given the large number of competing ECs and condos nearby
Let’s begin by looking at how District 19 has performed, to frame our expectations for Waterwoods
All tenures
| Year | D19 | All non-landed private properties |
| 2015 | $1,019 | $1,180 |
| 2016 | $1,011 | $1,232 |
| 2017 | $1,054 | $1,304 |
| 2018 | $1,181 | $1,435 |
| 2019 | $1,291 | $1,560 |
| 2020 | $1,275 | $1,513 |
| 2021 | $1,273 | $1,600 |
| 2022 | $1,402 | $1,712 |
| 2023 | $1,479 | $1,869 |
| 2024 | $1,788 | $1,886 |
| 2025 | $1,649 | $2,092 |
| Annualised | 4.93% | 5.90% |
99-year leasehold
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