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.