Water Place occupies one of the most scenically privileged addresses in Singapore’s District 15 — a waterfront pocket along Tanjong Rhu Road where the Kallang Basin meets the city fringe. Developed by Far East Organization and completed in 2005, the 437-unit development sits on a 99-year leasehold plot that commenced in 1998, leaving approximately 71 years on the tenure as of 2026. Five residential towers of varying heights rise above a landscaped podium, offering water and skyline views that remain rare in the Rest of Central Region (RCR) at this price point.
What changed the investment calculus for Water Place — and for the entire Tanjong Rhu enclave — was the opening of Tanjong Rhu MRT Station on the Thomson-East Coast Line (TEL) Stage 4 in June 2024. Residents who once relied entirely on private transport or a single bus corridor to reach the CBD now have a direct one-stop link to Marina Bay Financial Centre and a two-stop link to Shenton Way, fundamentally repositioning the neighbourhood on Singapore’s connectivity map. Water Place is arguably the closest of the established condominiums to the new station, a distinction that carries measurable price support.
Snapshot as of 2026-05 — figures above reflect publicly available URA/HDB data at the time of this editorial review (as of 2026-05).
Tanjong Rhu has always been an enclave rather than a mainstream address. Hemmed by Kallang Basin to the west, East Coast Park to the south-east, and the Geylang River to the north, the neighbourhood is defined by water on three sides. The result is an unusual combination of city-fringe density and genuine recreational quiet — jogging paths, kayak launch points, and unobstructed sunrise views coexist with a ten-minute drive to Orchard Road.
District 15 as a whole is one of Singapore’s most established private residential corridors, encompassing Katong, Marine Parade, and Siglap alongside Tanjong Rhu. URA transaction data consistently shows D15 among the five most actively traded districts for resale private condominiums, underpinned by strong owner-occupier demand from professionals and expatriate families who prize the East Coast lifestyle. Within this district, Tanjong Rhu commands a premium over its inland neighbours because of the waterfront setting and the low new-supply density — almost all stock is at least fifteen years old, and the recently awarded Tanjong Rhu Road Government Land Sale (GLS) site will not deliver new units until 2028 at the earliest.
Water Place itself reported approximately 100 resale transactions in the dataset reviewed, with prices ranging from around S$1,524 psf to S$2,038 psf in recent months, averaging roughly S$1,832 psf. That range reflects significant variation by floor level, facing, and unit size: the waterfront-facing stacks on the higher floors command meaningful premiums over the road-facing, lower-floor units. For buyers conducting comparisons, the ShiokNest comparison tool allows side-by-side PSF and yield analysis against neighbouring projects such as Pebble Bay and Sanctuary Green.
The broader Kallang Alive Master Plan, which envisions a transformation of the Sports Hub precinct and adjoining waterfront into a major live-work-play hub, adds a long-horizon catalytic element. Improvements to pedestrian and cycling connectivity between Tanjong Rhu and the Sports Hub are already underway, and the rezoning of adjacent parcels to include hotel and commercial uses should progressively animate the street-level environment over the coming decade. Buyers with a five-to-ten-year horizon are therefore purchasing into a neighbourhood that is structurally improving, not merely coasting on legacy prestige.
We track 99 sales and 444 rental transaction records for this property. Explore live charts, price trends, rental yields, and investment analytics on the WATER PLACE dashboard.
- Average sale price: $2,061,266 across 99 transactions
- Estimated gross rental yield: 3.2%
- District 15 PSF ranking: Above average (top 39%)
- 99 yrs lease commencing from 1998 · RCR · D15 · 437 units
About WATER PLACE
WATER PLACE is a 99 yrs lease commencing from 1998 condominium, located at TANJONG RHU ROAD in District 15 (Joo Chiat, Amber Road, Katong) (Rest of Central Region), developed by TANJONG PROPERTIES PTE LTD, comprising 437 residential units, completed in 2005.
With approximately 71 years remaining on its 99-year lease, the property qualifies for full bank financing and CPF usage.
Unit Mix Distribution
Transaction data breakdown by bedroom type at WATER PLACE:
| Type | Sales | Avg PSF | Avg Price |
|---|---|---|---|
| 2 BR | 7 | $1,730 psf | $1,521,429 |
| 3 BR | 61 | $1,639 psf | $2,015,027 |
| 4 BR | 31 | $1,582 psf | $2,274,151 |
Sales Market Overview
WATER PLACE has recorded 99 sale transactions with an average transaction price of $2,061,266, ranging from $1,260,000 to $3,100,000.
| Year | Sales | Avg PSF | Avg Price | YoY |
|---|---|---|---|---|
| 2021 | 19 | $1,322 psf | $1,656,895 | — |
| 2022 | 20 | $1,505 psf | $1,977,034 | ↑ 13.9% |
| 2023 | 21 | $1,638 psf | $1,983,804 | ↑ 8.8% |
| 2024 | 15 | $1,773 psf | $2,301,533 | ↑ 8.2% |
| 2025 | 20 | $1,860 psf | $2,315,039 | ↑ 4.9% |
| 2026 | 4 | $1,919 psf | $2,640,000 | ↑ 3.2% |
WATER PLACE ranks in the top 39% of condos in District 15 by average PSF.
Compared to the RCR average of $2,047 psf, WATER PLACE trades 20.5% below the segment benchmark.
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Rental Market Overview
WATER PLACE has recorded 444 rental transactions with monthly rents averaging $5,538/mo.
| Type | Leases | Avg Rent | Min | Max |
|---|---|---|---|---|
| 1 BR | 3 | $3,233/mo | $2,700/mo | $3,700/mo |
| 2 BR | 39 | $4,101/mo | $2,700/mo | $5,200/mo |
| 3 BR | 334 | $5,394/mo | $2,800/mo | $8,200/mo |
| 4 BR | 66 | $6,529/mo | $3,800/mo | $10,800/mo |
| 5+ BR | 2 | $28,500/mo | $27,000/mo | $30,000/mo |
| Year | Leases | Avg Rent |
|---|---|---|
| 2021 | 88 | $4,073/mo |
| 2022 | 94 | $5,174/mo |
| 2023 | 87 | $6,244/mo |
| 2024 | 79 | $5,904/mo |
| 2025 | 80 | $6,355/mo |
| 2026 | 16 | $6,013/mo |
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Investment Analysis
Based on average rents and sale prices, WATER PLACE delivers an estimated gross rental yield of 3.2%. This is above the Singapore-wide benchmark of approximately 3%.
Competing Condos in District 15
Side-by-side comparison against the most actively traded condos in District 15 (Joo Chiat, Amber Road, Katong):
| Condo | Tenure | Units | Avg PSF | Sales |
|---|---|---|---|---|
| GRAND DUNMAN | 99 yrs lease commencing from 2022 | 1008 | $2,537 psf | 909 |
| EMERALD OF KATONG | 99 yrs lease commencing from 2023 | 846 | $2,640 psf | 844 |
| THE CONTINUUM | Freehold | 816 | $2,790 psf | 754 |
| TEMBUSU GRAND | 99 yrs lease commencing from 2022 | 638 | $2,462 psf | 634 |
| AMBER PARK | Freehold | 592 | $2,544 psf | 392 |
Location Map
Map shows WATER PLACE (centre marker) with nearby MRT stations and schools. Drag to pan, scroll to zoom.
- WATER PLACE
- Tanjong Rhu MRT
- Stadium MRT
- Nicoll Highway MRT
- Promenade MRT
- Promenade MRT
- St. Andrew'
- One World International School (Mountbatten)
- St. Andrew'
Nearby MRT Stations
WATER PLACE is 340m from Tanjong Rhu MRT (Thomson-East Coast Line), with 6 stations within 1.5 km.
| Station | Code | Line | Distance |
|---|---|---|---|
| Tanjong Rhu | TE23 | Thomson-East Coast Line | 340m |
| Stadium | CC6 | Circle Line | 810m |
| Nicoll Highway | CC5 | Circle Line | 1.1 km |
| Promenade | CC4 | Circle Line | 1.3 km |
| Promenade | DT15 | Downtown Line | 1.3 km |
| Katong Park | TE24 | Thomson-East Coast Line | 1.4 km |
Nearby Schools
There are 4 schools within 2 km of WATER PLACE.
| School | Type | Distance |
|---|---|---|
| St. Andrew's Junior School | Primary | 1.8 km |
| One World International School (Mountbatten) | International | 1.8 km |
| St. Andrew's Secondary School | Secondary | 1.9 km |
| St. Andrew's Junior College | Jc | 1.9 km |
TEL connectivity is the single largest value driver for Water Place in 2026. Tanjong Rhu MRT Station, operational since June 2024, places the project within the Thomson-East Coast Line network, which is Singapore’s newest and most comprehensively air-conditioned MRT line. From Tanjong Rhu, commuters reach Marina Bay in one stop, Shenton Way in two stops, Orchard in five stops, and Woodlands (for the JB Rapid Transit System) at the northern terminus. The TEL has materially reduced the “island penalty” that historically suppressed demand at Tanjong Rhu relative to comparably priced units in Marine Parade or Katong with green-line (EWL) access. An analysis by EdgeProp highlighted Water Place and Pebble Bay as among the condominiums most likely to benefit from TEL Stage 4 completion, given their proximity to the station exit. Use the affordability calculator to model how the reduced commute translates into effective household value when weighed against mortgage costs.
Waterfront living with genuine East Coast Park access. The development’s northern edge faces the Kallang Basin, while the southern perimeter connects via a short walk or cycle to the 15-kilometre East Coast Park seafront. For residents who cycle or run, this is a day-to-day amenity rather than a weekend excursion. The basin-facing stacks benefit from an unobstructed water view that is effectively protected by zoning — the water body itself cannot be built upon — adding an element of view permanence that inland units in other districts cannot guarantee.
Established facilities and community maturity. Water Place was completed in 2005, meaning all snagging, maintenance teething issues, and management disputes typical of the first five post-TOP years are long resolved. The MCST (management corporation) is well-run and the development features a full suite of facilities: 50-metre lap pool, children’s pool, tennis courts, gymnasium, clubhouse, and BBQ pavilions. Mature landscaping provides genuine canopy cover around the pool decks, a quality that newly completed projects with bare planting cannot replicate. The development’s five-block layout and 437-unit scale is large enough for professional estate management but not so large as to feel impersonal.
School proximity for families. Dunman High School — one of Singapore’s top independent schools and an integrated programme (IP) institution — is located approximately 1.5 kilometres from Tanjong Rhu Road. Chung Cheng High School (Main) and Kong Hwa School are also accessible within the broader D15 corridor. For families with children in the IP pipeline or in primary-school priority zones, this cluster is a meaningful draw. Proximity to the Katong and Joo Chiat enclave (a fifteen-minute bus or a ten-minute cycle ride) provides a rich dining and retail catchment that complements the quieter residential setting of Tanjong Rhu itself.
Lease decay is the most significant structural risk. With a 99-year lease commencing in 1998, Water Place will have approximately 71 years remaining in 2026, declining to around 55 years by 2040 and 40 years by 2055. Singaporean banks and the HDB follow the CPF Housing Withdrawal rules: CPF usage and bank loan quantum progressively restrict as remaining tenure falls below 60 years, then below 30 years. In practical terms, buyers in the 2035–2040 window may find financing options narrowing, and en-bloc prospects — while possible — require unanimous or super-majority owner consent at valuations that clear each seller’s outstanding mortgage. Buyers should run a lease-decay scenario using the lease decay calculator and cross-check against their planned holding horizon before committing.
Ageing building stock requires ongoing capital expenditure. A development that received its Temporary Occupation Permit around 2004–2005 is now over twenty years old. While the estate appears well-maintained, residents and prospective buyers should review recent MCST annual general meeting minutes for any planned major upgrading works — repainting, waterproofing, lift modernisation, M&E overhauls — which can translate into special levies on top of regular maintenance fees. Some user reviews have noted dated finishes in lift lobbies and common area ventilation concerns, which are typical of estates of this vintage.
Pricing headroom is constrained by the resale ceiling. At S$1,832 psf average in recent transactions, Water Place is already priced at or near its RCR comparables for a development of this age and lease profile. The upcoming Tanjong Rhu Road GLS new launch — awarded in Q1 2026 to CDL Constellation and Bedrock Ventures for approximately S$709 million — is expected to launch at north of S$2,800–3,000 psf, which will establish a new primary-market reference for the micro-location. While the new launch will likely lift the aspirational ceiling for the area, buyers purchasing Water Place as a capital-appreciation play must accept that the resale discount to new-launch pricing will likely persist and potentially widen given the diverging lease profiles.
Limited retail and F&B within walking distance. Tanjong Rhu Road is a residential enclave with minimal street-level retail. The nearest hawker centre and supermarket options require a short drive or bus ride to Kallang Wave Mall or the Katong cluster. Residents seeking the walkability of East Coast Road or Siglap will find Tanjong Rhu relatively self-contained but lacking in ground-floor urban vibrancy — a genuine lifestyle trade-off versus the premium for waterfront positioning.
[
{
"persona": "CBD professional seeking reduced commute post-TEL",
"fit_color": "green",
"reason": "One-stop TEL access to Marina Bay and two stops to Shenton Way makes Water Place viable as a work-from-near-home base. The waterfront lifestyle premium is substantial and the commute penalty has been largely eliminated by the June 2024 station opening."
},
{
"persona": "Family with school-age children targeting Dunman High / IP schools",
"fit_color": "green",
"reason": "Proximity to Dunman High School and the broader D15 school cluster, combined with East Coast Park recreational space and a mature, quiet residential environment, is well-matched to family needs. Unit sizes (mostly 1,200–2,000 sqft) accommodate family configurations."
},
{
"persona": "Yield-focused investor with 5–8 year horizon",
"fit_color": "amber",
"reason": "Gross yields at Tanjong Rhu typically run 2.8–3.3% for similar vintage stock, below the Singapore average for newer launches. TEL has tightened vacancy but rental upside is capped by the competing new GLS supply arriving in 2028. Model your returns carefully with the <a href=\"/calculator/cash-flow\">cash flow calculator</a> before proceeding."
},
{
"persona": "Downsizer or retiree seeking waterfront lifestyle",
"fit_color": "green",
"reason": "Mature landscaping, direct East Coast Park cycling access, quiet streets, and a full-facility condo make Water Place a strong lifestyle match for owner-occupiers who prioritise environment over investment yield. TEL also makes car-free living genuinely feasible."
},
{
"persona": "Long-term capital gain speculator",
"fit_color": "red",
"reason": "With ~71 years of lease remaining and a new-launch GLS site likely to launch at S$2,800+ psf, the resale discount gap versus new stock will widen over the next decade. Lease decay accelerates in valuation impact from 2035 onward. Capital gain upside is structurally limited relative to a freehold or newer 99-year asset."
}
]
Water Place delivers a rare combination in Singapore’s RCR landscape: genuine waterfront living, newly unlocked MRT connectivity via the TEL, and a mature, well-run residential community at price points that remain meaningfully below new-launch benchmarks in the same micro-location. For owner-occupiers — particularly professionals commuting to Marina Bay or Shenton Way, and families prioritising the East Coast school and lifestyle ecosystem — the value proposition is compelling and the fundamentals are structurally improving thanks to the Kallang Alive Master Plan and TEL network effects.
The key caveat is lease decay. Buyers who plan to hold beyond 2035 should model the CPF restriction impact carefully and stress-test exit liquidity at the 60-year lease threshold using the lease decay calculator. Those targeting a five-to-eight-year horizon for owner-occupation or rental income will likely find the risk-reward acceptable, particularly if they purchase in the lower half of the current price range and are not relying on aggressive capital appreciation to justify the investment. Buyers seeking maximum capital growth should weigh Water Place against newer 99-year or freehold alternatives in District 15 before committing.
FAQ
What is the average price for WATER PLACE?
What is the rental yield for WATER PLACE?
Is WATER PLACE freehold or leasehold?
Is Water Place walkable to an MRT station?
Yes. Tanjong Rhu MRT Station on the Thomson-East Coast Line (TEL Stage 4) opened in June 2024 and is approximately a 5–8 minute walk from Water Place. This was the single most significant connectivity upgrade in the development’s history, providing direct access to the Marina Bay, Shenton Way, and Orchard corridors without interchange.
How much lease is left on Water Place and does it matter for financing?
The 99-year lease commenced in 1998, leaving approximately 71 years as of 2026. Current financing is broadly unaffected. However, when the remaining tenure falls below 60 years (around 2037), CPF usage restrictions begin to apply and bank LTV ratios may tighten. Buyers who plan to hold into that window should model the impact using the lease decay calculator and review the CPF Housing Withdrawal rules with their mortgage broker.
What is the typical PSF range for Water Place resale units in 2025&ndash;2026?
Based on URA transaction data, resale prices at Water Place have ranged from approximately S$1,524 psf to S$2,038 psf over the past twelve months, with a recent average of around S$1,832 psf. Higher-floor, water-facing stacks command the upper end of this range. Absolute prices for typical 3-bedroom units (around 1,300–1,500 sqft) have transacted between S$2.0 million and S$3.0 million. Always verify against the latest URA real estate information system before making an offer.
How does Water Place compare to the upcoming new Tanjong Rhu Road GLS launch?
The Tanjong Rhu Road GLS site was awarded in Q1 2026 to CDL Constellation and Bedrock Ventures for approximately S$709 million, implying a land cost of around S$1,500–1,600 psf per plot ratio. Analysts expect the new launch to be priced above S$2,800 psf. Water Place currently trades at an average of S$1,832 psf — a discount of roughly 35–40% to projected new-launch pricing. The discount partly reflects the 27-year age difference and diverging lease profiles. Use ShiokNest’s comparison tool to model the trade-off.
What schools are accessible from Water Place?
The most prominent school within reach is Dunman High School (an independent school and Integrated Programme institution), approximately 1.5 km away. Kong Hwa School and Chung Cheng High School (Main) are also within the broader D15 and D14 corridor. Families should verify Phase 2C priority distances directly with the Ministry of Education, as registration rules are subject to annual review.
What are the main facilities at Water Place?
Water Place features a 50-metre lap pool, a children’s pool, tennis courts, a fully equipped gymnasium, a function room and clubhouse, BBQ pavilions, and mature tropical landscaping throughout the podium deck. The five-block layout creates a natural subdivision of the estate, and the managed grounds benefit from over twenty years of tree and shrub maturity that newer developments cannot replicate.
Methodology & Sources
This analysis covers All available years and refreshes as new data becomes available.
Transaction data sourced from URA REALIS.
- Sales data: 99 transactions analysed
- Rental data: 444 lease records analysed
- Gross yield = (avg monthly rent × 12) / avg sale price
Median values used to minimise outlier impact. PSF = price per square foot.
View Live Data for WATER PLACE
Access the full interactive dashboard with real-time sales trends, rental yields, and investment calculators.