Waterbay is a 383-unit Executive Condominium (EC) sitting on Edgefield Plains in Punggol, District 19, developed by Qingjian Realty (Edgefield Plains) Pte Ltd and completed in early 2016 on a 99-year lease from 2012. With its Minimum Occupation Period (MOP) crossed in January 2021, the development has been fully open to Singapore Citizens and Permanent Residents on the resale market for several years now, and it has quietly become one of the more competitively priced entry points into private-condominium living in Singapore's north-east corridor. Average transacted prices as of late 2025 sit in the S$1,107–S$1,617 psf band, with a mid-range around S$1,435 psf—meaningfully below the S$1,700–S$2,000 psf being asked for new OCR launches nearby. For buyers who missed the EC ballot window but still want the space and facilities of a full condominium at a substantial discount to new-launch pricing, Waterbay warrants a serious look.
Snapshot as of 2026-05 — figures above reflect publicly available URA/HDB data at the time of this editorial review (as of 2026-05).
Punggol has undergone a remarkable transformation since Singapore first designated it a waterfront town of the 21st century. The Punggol Waterway, the New Town Plaza at Waterway Point, and the phased build-out of the Punggol Digital District—a joint venture between JTC and Singapore Institute of Technology targeting to house 28,000 workers in tech and info-communications—have collectively shifted market sentiment from “too remote” to “undervalued growth corridor.” Punggol MRT Station (NE17) sits on the North-East Line and doubles as the terminus of the Punggol LRT network, connecting residents to Dhoby Ghaut in roughly 40–45 minutes. Waterbay itself is located approximately 1.3 km from Punggol MRT, reachable by a pair of bus routes that stop at the development's perimeter gates—a commute that is slightly longer than neighbouring projects directly abutting the LRT loop.
District 19 recorded some of the strongest EC resale momentum in 2024–2025 as new EC launches elsewhere in the country pushed launch prices past S$1,400 psf, making post-MOP ECs like Waterbay look attractively priced by comparison. URA transaction caveats for Waterbay show a steady stream of resale deals, and PropertyGuru listings in early 2026 confirm sub-S$1.3 million entry prices for two-bedroom units remain achievable—a profile that sits squarely within CPF OA limits for many dual-income professional households. Punggol Coast Mall, which opened in March 2025, added a further retail anchor to an amenity base that already includes Waterway Point, Compass One in neighbouring Sengkang, and the Northshore District's waterfront promenade.
We track 182 sales and 85 rental transaction records for this property. Explore live charts, price trends, rental yields, and investment analytics on the WATERBAY dashboard.
- Average sale price: $1,415,890 across 182 transactions
- Estimated gross rental yield: 3.4%
- District 19 PSF ranking: Mid-range (top 72%)
- 99 yrs lease commencing from 2012 · OCR · D19 · 383 units
About WATERBAY
WATERBAY is a 99 yrs lease commencing from 2012 condominium, located at EDGEFIELD PLAINS in District 19 (Punggol, Hougang, Serangoon Gardens) (Outside Central Region), developed by KINGSFORD PROPERTY DEVELOPMENT PTE LTD, comprising 383 residential units, completed in 2018.
With approximately 85 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 WATERBAY:
| Type | Sales | Avg PSF | Avg Price |
|---|---|---|---|
| 2 BR | 17 | $1,177 psf | $997,111 |
| 3 BR | 135 | $1,211 psf | $1,396,368 |
| 4 BR | 22 | $1,150 psf | $1,687,021 |
| 5+ BR | 8 | $893 psf | $1,889,611 |
Sales Market Overview
WATERBAY has recorded 182 sale transactions with an average transaction price of $1,415,890, ranging from $800,000 to $2,398,888.
| Year | Sales | Avg PSF | Avg Price | YoY |
|---|---|---|---|---|
| 2021 | 75 | $1,000 psf | $1,182,835 | — |
| 2022 | 29 | $1,157 psf | $1,362,734 | ↑ 15.6% |
| 2023 | 20 | $1,265 psf | $1,558,589 | ↑ 9.4% |
| 2024 | 27 | $1,369 psf | $1,588,066 | ↑ 8.1% |
| 2025 | 21 | $1,435 psf | $1,768,211 | ↑ 4.8% |
| 2026 | 10 | $1,491 psf | $1,827,800 | ↑ 3.9% |
WATERBAY ranks in the top 72% of condos in District 19 by average PSF.
Compared to the OCR average of $1,550 psf, WATERBAY trades 23.5% below the segment benchmark.
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Rental Market Overview
WATERBAY has recorded 85 rental transactions with monthly rents averaging $4,049/mo.
| Type | Leases | Avg Rent | Min | Max |
|---|---|---|---|---|
| 2 BR | 9 | $3,615/mo | $1,433/mo | $4,500/mo |
| 3 BR | 58 | $3,963/mo | $1,400/mo | $4,900/mo |
| 4 BR | 17 | $4,526/mo | $3,000/mo | $6,000/mo |
| 5+ BR | 1 | $4,800/mo | $4,800/mo | $4,800/mo |
| Year | Leases | Avg Rent |
|---|---|---|
| 2021 | 11 | $2,712/mo |
| 2022 | 12 | $3,900/mo |
| 2023 | 17 | $4,274/mo |
| 2024 | 19 | $4,282/mo |
| 2025 | 17 | $4,344/mo |
| 2026 | 9 | $4,406/mo |
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Investment Analysis
Based on average rents and sale prices, WATERBAY delivers an estimated gross rental yield of 3.4%. This is above the Singapore-wide benchmark of approximately 3%.
Competing Condos in District 19
Side-by-side comparison against the most actively traded condos in District 19 (Punggol, Hougang, Serangoon Gardens):
| Condo | Tenure | Units | Avg PSF | Sales |
|---|---|---|---|---|
| CHUAN PARK | 99 yrs lease commencing from 2024 | 916 | $2,596 psf | 860 |
| THE FLORENCE RESIDENCES | 99 yrs lease commencing from 2018 | 1410 | $1,746 psf | 844 |
| RIVERFRONT RESIDENCES | 99 yrs lease commencing from 2018 | 1451 | $1,589 psf | 622 |
| AFFINITY AT SERANGOON | 99 yrs lease commencing from 2018 | 1012 | $1,699 psf | 596 |
| SERANGOON GARDEN ESTATE | Freehold | — | $1,735 psf | 462 |
Location Map
Map shows WATERBAY (centre marker) with nearby MRT stations and schools. Drag to pan, scroll to zoom.
- WATERBAY
- Cove MRT
- Damai MRT
- Meridian MRT
- Oasis MRT
- Punggol MRT
- Singapore Institute of Technology
- Punggol Secondary School
- Punggol Primary School
Nearby MRT Stations
WATERBAY is 240m from Cove MRT (Punggol LRT), with 16 stations within 1.5 km.
Nearby Schools
There are 16 schools within 2 km of WATERBAY, including 9 within the 1 km priority zone.
| School | Type | Distance |
|---|---|---|
| Singapore Institute of Technology | Tertiary | 110m |
| Punggol Secondary School | Secondary | 250m |
| Punggol Primary School | Primary | 280m |
| Oasis Primary School | Primary | 350m |
| Waterway Primary School | Primary | 470m |
| North Spring Primary School | Primary | 580m |
| Horizon Primary School | Primary | 610m |
| Punggol Green Primary School | Primary | 650m |
| Edgefield Primary School | Primary | 860m |
| Greendale Secondary School | Secondary | 1.5 km |
| Greendale Primary School | Primary | 1.6 km |
| Rivervale Primary School | Primary | 1.6 km |
Waterbay's headline strength is its value proposition relative to the new-launch market. Buyers who purchase a post-MOP resale EC face no income ceiling, no HDB resale levy, and no five-year lock-up on resale; the unit is treated identically to a private condominium from year ten onwards. At the S$1,435 psf midpoint, a 1,163 sqft three-bedroom unit transacts at roughly S$1.67 million—a figure that buys materially less space in most comparable OCR condominium launches in 2025–2026. Buyers who are prepared to forgo a brand-new unit gain immediate liquidity and eliminate the construction-risk period.
The development's facilities specification is generous for a 383-unit project. A 50-metre lap pool, floating haus, hydro gym, tennis court, reading pavilion, children's lounge, and a cascading waterfall feature give residents a resort-like experience that would require a substantially higher price point to replicate in a new launch. The six blocks of 17-storey towers sit on a mid-sized land parcel that avoids the overdense feel common in 600–800-unit mega-developments.
Punggol's long-term masterplan upside is a material tailwind. The Punggol Digital District is scheduled to progressively open through to 2026 and beyond, with anchor tenants including Grab, Razer, and the Singapore Institute of Technology campus. Job-creation within a 5 km radius tends to support both rental demand and resale values in surrounding residential estates. Gross rental yields in District 19 averaged approximately 3.56% as of 2025, above the island-wide private residential average, reflecting genuine rental appetite from young professionals employed at the nearby technology campuses. The District 19 market overview on ShiokNest tracks rental and resale trends in granular detail.
Qingjian Realty, a subsidiary of the established China-based Qingjian Group, has a track record in Singapore that spans Bellewoods, Bellewaters, and Visionaire ECs. The company is recognised for thoughtful space-planning—Waterbay's dual-key and four-bedroom layouts in particular have drawn positive feedback from multi-generational households. Management and MCST maintenance reviews on property forums generally report the estate as well-kept, with responsive MCST governance and clean common areas, which is not a given in older EC developments.
Lease decay is the primary long-term consideration. With a 99-year lease commencing in 2012, Waterbay will have roughly 86 years remaining on its lease by the time a buyer completes a purchase in 2026. While that sounds comfortable, Singapore's pro-rated CPF usage rules and loan LTV haircuts begin to bite from approximately 60 years remaining. Buyers intending to hold for more than 15–20 years should model the declining resale pool carefully—our Lease Decay Calculator illustrates how lease shortening affects theoretical market value under different scenarios.
The BCA and Kingsford Development clarification is essential reading for research purposes. Waterbay EC was developed by Qingjian Realty, not Kingsford Development—a distinction that matters because Kingsford Development faced a string of well-documented regulatory actions between 2017 and 2019. The Building and Construction Authority (BCA) issued a stop-work order on Kingsford's Kingsford Waterbay condominium project in Hougang in December 2017 after site inspections revealed deviations from approved plans across windows, barriers, and common shelters. Kingsford Construction was also fined S$130,000 by the Ministry of Manpower for repeated safety lapses at its Hillview Peak worksite. The Urban Redevelopment Authority subsequently imposed a no-sale licence on Kingsford's Normanton Park project in 2019 for failing to meet Controller of Housing requirements. These incidents relate exclusively to Kingsford Development Pte Ltd and its related construction entities—they do not implicate Qingjian Realty or the Waterbay EC at Edgefield Plains. Buyers who have conflated the two “Waterbay”-branded projects (one in Hougang by Kingsford, one in Punggol by Qingjian) should note they are entirely separate developments by different developers with different quality histories.
Distance to MRT is a recurring buyer objection. At approximately 1.3 km, Punggol MRT is walkable in principle but uncomfortable in Singapore's heat and humidity for daily commuters. Bus frequency is adequate, but the development lacks a direct LRT connection, which puts it at a modest disadvantage relative to projects sited closer to the Punggol LRT loop stops such as Cove or Coral Edge. Buyers prioritising transit-first living should assess bus journey times at peak hours before committing.
Supply competition is intensifying in the north-east corridor. Multiple EC and condo launches in Sengkang and Punggol between 2023 and 2026 are expanding the resale pool available to buyers, which could cap near-term price appreciation relative to more supply-constrained OCR districts. The Sengkang EC supply wave in particular—where several developments are approaching or have recently crossed MOP—adds lateral competition to Waterbay's resale listings.
[
{
"persona": "HDB Upgrader Couple (household income S$10k–S$14k)",
"fit_color": "green",
"reason": "Waterbay is textbook EC-upgrade territory. As a post-MOP resale EC with no income ceiling applicable, this household can use CPF OA savings and an HDB loan bridge to fund a two-bedroom entry. The S$1.1–S$1.3 million price band for smaller units is attainable, and they gain full private-condominium status from day one of purchase. Use the <a href=\"/calculator/affordability\">Affordability Calculator</a> to model CPF drawdown against outstanding OA balance."
},
{
"persona": "Multi-Generational Family (parents + adult child)",
"fit_color": "green",
"reason": "Waterbay's dual-key four-bedroom layouts allow two independent living quarters under one roof while sharing facilities. The 1,292–1,604 sqft range of larger units provides genuine room separation. Punggol's relative affordability versus Bishan or Ang Mo Kio means the family captures meaningful space at a lower absolute quantum."
},
{
"persona": "Young Professional Couple (first private home, dual income)",
"fit_color": "green",
"reason": "A couple earning a combined S$12,000–S$16,000 monthly can service a S$1.3–S$1.5 million mortgage on a three-bedroom unit within MAS TDSR limits. The development's established management and full facilities mean lower frictional costs than a new launch that requires furnishing from scratch. Run a full cost breakdown with the <a href=\"/calculator/total-cost\">Total Cost of Ownership Calculator</a>."
},
{
"persona": "Yield-Focused Investor",
"fit_color": "yellow",
"reason": "District 19 rental yields of approximately 3.5% are above average for Singapore, and Punggol Digital District employment growth supports tenant demand from tech workers. However, lease decay will progressively narrow the resale upside window, and supply competition from newer EC and condo launches in Sengkang limits aggressive capital appreciation assumptions. Stress-test net yield after sinking fund, property tax, and agent fees with the <a href=\"/calculator/roi\">ROI Calculator</a>."
},
{
"persona": "Foreigner or PR Without SC Co-Applicant",
"fit_color": "red",
"reason": "EC resale units after MOP may be purchased by Permanent Residents and Singaporeans—not foreigners. A foreigner purchasing individually remains ineligible. A PR co-purchasing with a Singapore Citizen is permitted from year six onwards (MOP crossed). Confirm eligibility status with HDB's official EC guidelines before viewing."
},
{
"persona": "Downsizer from Larger Private Property",
"fit_color": "yellow",
"reason": "A Singaporean downsizer from a larger OCR condo or landed home can purchase freely with no income ceiling. The caveat is that Punggol may feel peripheral if the household is accustomed to Districts 9–15 or Bishan. Weigh the lifestyle tradeoff against the meaningful price differential and use the <a href=\"/compare\">Property Comparison Tool</a> to stack Waterbay against comparable resale ECs in more central locations."
}
]
Waterbay EC represents a credible and fairly priced entry into Singapore's private condominium market for buyers who are comfortable with the Punggol location and the lease-tenure trajectory that comes with a 2012-vintage 99-year leasehold property. The development's quality pedigree under Qingjian Realty is sound, its facilities specification punches above its unit count, and the macro tailwind from the Punggol Digital District employment cluster provides a genuine medium-term demand driver. The MOP crossover in 2021 has already absorbed the initial illiquidity discount, meaning buyers today purchase with full open-market flexibility.
The key caveats are honest ones: MRT distance requires bus dependency; supply competition from nearby EC and condominium launches is elevated; and the lease clock, while still generous at 86+ years remaining, will matter to buyers planning multi-decade holds. For HDB upgraders and dual-income couples looking to make a first step into the private residential market at a price point that mainstream new launches can no longer offer, Waterbay merits a shortlist position—but approach the purchase with a clear exit horizon modelled against realistic lease-decay assumptions, and verify all eligibility conditions against HDB's authoritative EC guidelines before committing.
FAQ
What is the average price for WATERBAY?
What is the rental yield for WATERBAY?
Is WATERBAY freehold or leasehold?
Is Waterbay fully privatised and can anyone buy it?
Yes. Waterbay EC cleared its five-year Minimum Occupation Period (MOP) in January 2021 and reached its ten-year mark in January 2026, at which point it becomes fully privatised—treated identically to a private condominium. Singapore Citizens and Singapore Permanent Residents may purchase resale units on the open market with no income ceiling and no HDB resale levy payable. Foreigners remain ineligible to purchase EC units, even after full privatisation, as ECs are classified under the Residential Property Act restrictions that apply to non-citizens.
How do I get to Punggol MRT from Waterbay, and how long does the CBD commute take?
Waterbay sits on Edgefield Plains, approximately 1.3 km from Punggol MRT Station (NE17 on the North-East Line). Multiple bus services stop outside the development's gate, with journey time to the MRT of around 5–8 minutes by bus. From Punggol MRT, the NEL connects to Dhoby Ghaut (NE6/CC1/NS24) in approximately 40–45 minutes, where commuters can interchange to the Circle, North-South, or Downtown Lines. The development does not have a direct LRT connection, which is the primary transit disadvantage versus EC projects sited closer to the Punggol LRT loop.
Who developed Waterbay EC and is the build quality reliable?
Waterbay EC was developed by Qingjian Realty (Edgefield Plains) Pte Ltd, a subsidiary of the China-listed Qingjian Group with a Singapore portfolio that includes Bellewoods, Bellewaters, and Visionaire ECs. Qingjian has not faced the regulatory actions that affected Kingsford Development—a separate, unrelated developer whose Kingsford Waterbay condominium project in Hougang (a different development with a confusingly similar name) received a BCA stop-work order in December 2017 and a Ministry of Manpower fine of S$130,000 for worksite safety lapses. Resident feedback on Waterbay EC's maintenance has been largely positive, with the MCST generally described as responsive and the common areas well-maintained. Buyers should always conduct a thorough unit inspection and request the defect rectification history from the seller before committing.
What CPF and financing rules apply when buying a resale EC like Waterbay?
Purchasing a resale EC after MOP is treated as a private property transaction. You may use CPF OA savings to fund the purchase, subject to the Valuation Limit (VL) and Withdrawal Limit (WL) rules—CPF OA usage is capped at 100% of the VL, with an additional 20% drawdown allowed up to the WL if you set aside the Basic Retirement Sum. Financing is from commercial banks only (no HDB concessionary loan). Loan-to-Value limits are capped at 75% of the purchase price or valuation (lower of the two) for a first property loan. Note that with approximately 86 years of lease remaining in 2026, neither CPF usage limits nor LTV haircuts triggered by sub-60-year lease rules apply yet, but buyers holding beyond 2052 should model the inflection point. The Mortgage Calculator and TDSR Calculator on ShiokNest can help stress-test affordability across different interest-rate scenarios.
Does the Punggol Digital District materially affect Waterbay&apos;s investment outlook?
The Punggol Digital District (PDD) is a government-backed mixed-use development jointly managed by JTC Corporation and the Singapore Institute of Technology, designed to house approximately 28,000 workers in the info-communications and technology sectors. Anchor tenants and campus institutions have been progressively opening since 2023, with further phases expected through 2026–2028. For Waterbay owners and prospective buyers, the PDD represents a structural demand driver for both rental tenants (young tech professionals seeking proximity to their workplace) and future resale buyers (families relocating for employment reasons). That said, investment outcomes depend on broader market conditions, competing supply, and individual unit characteristics—the PDD is a positive tailwind rather than a guaranteed appreciation catalyst. Always conduct independent due diligence and consult a licensed property professional for personalised investment advice.
What are the key ongoing costs of owning a unit at Waterbay?
Beyond the mortgage, Waterbay owners should budget for: (1) MCST monthly maintenance fees, which for a mid-size condominium in this category typically run S$250–S$400 per month depending on unit size and sinking fund contributions; (2) property tax, assessed on the Annual Value—owner-occupiers benefit from progressive rates starting at 0% on the first S$8,000 AV, while investors (non-owner-occupiers) pay higher rates from the first dollar of AV; (3) fire insurance, typically S$150–S$300 per annum; and (4) any renovation or fitting-out costs for units purchased in original condition. Use the Cash Flow Calculator to model net monthly carry cost against anticipated rental income if you are considering a buy-to-let strategy.
Methodology & Sources
This analysis covers All available years and refreshes as new data becomes available.
Transaction data sourced from URA REALIS.
- Sales data: 182 transactions analysed
- Rental data: 85 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 WATERBAY
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