Waterfront Key stands as one of the most recognisable lakeside condominium addresses in Singapore's east, anchored along Bedok Reservoir Road in District 16. Completed in 2012 and developed by FCL Peak Pte Ltd — a joint-venture vehicle of Frasers Centrepoint Limited — the project comprises 842 units spread across multiple residential towers set against the calming expanse of Bedok Reservoir. With a 99-year lease commencing in 2007 and roughly 80 years remaining as of 2026, Waterfront Key sits squarely in the Outside Central Region (OCR), offering buyers and tenants a quieter, greener alternative to the frenetic pace of central-area condominiums while retaining solid connectivity to the city core. Transaction data tracked by URA places recent psf values in the S$1,659–S$1,936 band, reflecting measured but consistent appreciation since the project's launch nearly two decades ago. This editorial review examines the development's location advantages, unit mix, lifestyle proposition, lease-decay risk, and suitability for the main buyer archetypes active in the D16 market today.
Snapshot as of 2026-05 — figures above reflect publicly available URA/HDB data at the time of this editorial review (as of 2026-05).
District 16 — encompassing Bedok, Upper East Coast, Eastwood, and Kew Drive — has long been regarded as one of Singapore's most liveable heartland districts. Waterfront Key occupies the northern edge of this catchment, adjacent to Bedok Reservoir Park, a 88-hectare freshwater reservoir that functions as both a recreational destination and a natural buffer from urban noise. The project's immediate neighbourhood is populated by the broader “Waterfront Collection” trilogy: Waterfront Waves, Waterfront Gold, and Waterfront Isle, all developed by the same Frasers-Far East consortium along the same reservoir frontage, creating a unified resort-like precinct that is unusual for mass-market OCR Singapore.
From a macro-market perspective, the OCR segment has seen measured price growth through 2024 and into 2025, with URA's private residential price index showing subdued but positive movement in the outside central region. Analysts note that OCR entry prices remain 30–50% more accessible on a per-square-foot basis than comparable CCR addresses, a differential that continues to attract first-time upgraders, dual-income households, and yield-seeking investors. The URA Master Plan has flagged the broader East Coast corridor for ongoing rejuvenation, with the Sungei Bedok MRT interchange (connecting the Thomson-East Coast Line and the Downtown Line) set to reinforce the district's long-term connectivity credentials. For Waterfront Key residents, this infrastructure investment translates into greater employment-centre accessibility without requiring a move closer to the city. Buyers considering the lease dimension should use a lease decay calculator to model how the 80-year residual tenure affects long-term valuation and CPF usage eligibility.
We track 92 sales and 284 rental transaction records for this property. Explore live charts, price trends, rental yields, and investment analytics on the WATERFRONT KEY dashboard.
- Average sale price: $1,769,064 across 92 transactions
- Estimated gross rental yield: 3.1%
- District 16 PSF ranking: Above average (top 44%)
- 99 yrs lease commencing from 2007 · OCR · D16 · 842 units
About WATERFRONT KEY
WATERFRONT KEY is a 99 yrs lease commencing from 2007 condominium, located at BEDOK RESERVOIR ROAD in District 16 (Bedok, Upper East Coast, Eastwood, Kew Drive) (Outside Central Region), developed by FCL PEAK PTE LTD, comprising 842 residential units, completed in 2012.
With approximately 80 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 WATERFRONT KEY:
| Type | Sales | Avg PSF | Avg Price |
|---|---|---|---|
| 2 BR | 21 | $1,409 psf | $1,246,332 |
| 3 BR | 45 | $1,441 psf | $1,750,468 |
| 4 BR | 25 | $1,468 psf | $2,149,196 |
| 5+ BR | 1 | $1,441 psf | $4,080,000 |
Sales Market Overview
WATERFRONT KEY has recorded 92 sale transactions with an average transaction price of $1,769,064, ranging from $1,058,888 to $4,080,000.
| Year | Sales | Avg PSF | Avg Price | YoY |
|---|---|---|---|---|
| 2021 | 27 | $1,195 psf | $1,465,291 | — |
| 2022 | 22 | $1,359 psf | $1,526,995 | ↑ 13.7% |
| 2023 | 15 | $1,515 psf | $1,757,867 | ↑ 11.5% |
| 2024 | 12 | $1,659 psf | $2,332,824 | ↑ 9.5% |
| 2025 | 14 | $1,744 psf | $2,269,092 | ↑ 5.1% |
| 2026 | 2 | $1,691 psf | $1,734,000 | ↓ 3.0% |
WATERFRONT KEY ranks in the top 44% of condos in District 16 by average PSF.
Compared to the OCR average of $1,550 psf, WATERFRONT KEY trades 7% below the segment benchmark.
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Rental Market Overview
WATERFRONT KEY has recorded 284 rental transactions with monthly rents averaging $4,569/mo.
| Type | Leases | Avg Rent | Min | Max |
|---|---|---|---|---|
| 2 BR | 84 | $3,548/mo | $2,400/mo | $4,800/mo |
| 3 BR | 151 | $4,666/mo | $3,000/mo | $8,000/mo |
| 4 BR | 49 | $6,020/mo | $4,000/mo | $9,800/mo |
| Year | Leases | Avg Rent |
|---|---|---|
| 2021 | 51 | $3,404/mo |
| 2022 | 61 | $3,938/mo |
| 2023 | 54 | $5,270/mo |
| 2024 | 53 | $5,124/mo |
| 2025 | 49 | $4,959/mo |
| 2026 | 16 | $5,288/mo |
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Investment Analysis
Based on average rents and sale prices, WATERFRONT KEY delivers an estimated gross rental yield of 3.1%. This is above the Singapore-wide benchmark of approximately 3%.
Competing Condos in District 16
Side-by-side comparison against the most actively traded condos in District 16 (Bedok, Upper East Coast, Eastwood, Kew Drive):
| Condo | Tenure | Units | Avg PSF | Sales |
|---|---|---|---|---|
| PINERY RESIDENCES | 99 years leasehold | — | $2,550 psf | 549 |
| VELA BAY | 99 years leasehold | — | $2,869 psf | 371 |
| SCENECA RESIDENCE | 99 yrs lease commencing from 2021 | 268 | $2,084 psf | 269 |
| THE BAYSHORE | 99-year leasehold | 1038 | $1,232 psf | 245 |
| THE GLADES | 99 yrs lease commencing from 2013 | 726 | $1,613 psf | 226 |
Location Map
Map shows WATERFRONT KEY (centre marker) with nearby MRT stations and schools. Drag to pan, scroll to zoom.
- WATERFRONT KEY
- Bedok Reservoir MRT
- Tampines West MRT
- Temasek Polytechnic
- Institute of Technical Education (College East)
- Tampines Meridian Junior College
Nearby MRT Stations
WATERFRONT KEY is 110m from Bedok Reservoir MRT (Downtown Line), with 2 stations within 1.5 km.
| Station | Code | Line | Distance |
|---|---|---|---|
| Bedok Reservoir | DT30 | Downtown Line | 110m |
| Tampines West | DT31 | Downtown Line | 1.2 km |
Nearby Schools
There are 11 schools within 2 km of WATERFRONT KEY, including 2 within the 1 km priority zone.
| School | Type | Distance |
|---|---|---|
| Temasek Polytechnic | Tertiary | 890m |
| Institute of Technical Education (College East) | Tertiary | 940m |
| Tampines Meridian Junior College | Jc | 1.2 km |
| Casuarina Primary School | Primary | 1.3 km |
| Temasek Primary School | Primary | 1.5 km |
| Bedok North Secondary School | Secondary | 1.7 km |
| Temasek Junior College | Jc | 1.7 km |
| Tampines Primary School | Primary | 1.9 km |
| St. Hilda's Primary School | Primary | 1.9 km |
| Opera Estate Primary School | Primary | 1.9 km |
| Tampines Secondary School | Secondary | 2.0 km |
Waterfront Key's foremost selling point is its rare direct-reservoir frontage. Bedok Reservoir Park, managed by NParks, is a fully activated water-sports and jogging destination where kayaking, wakeboarding, and dragon-boating are available year-round. Upper-floor units facing the reservoir command unobstructed views across 88 hectares of open water — a premium that is effectively irreplaceable in Singapore's land-scarce context. This scarcity premium is reflected in resale premiums for higher-stack, reservoir-facing units, which have transacted at the upper end of the S$1,739–S$2,049 psf current asking range.
On connectivity, the development benefits from proximity to the Pan Island Expressway (PIE), placing the Central Business District within a 20–25 minute drive. Bus services on Bedok Reservoir Road link residents to Bedok MRT (East-West Line) in under 10 minutes, while cycling paths within the park connect to the wider Park Connector Network. The upcoming Bedok South Reservoir MRT station on the Thomson-East Coast Line, planned to open in the late 2020s, could bring a direct rail option within reasonable walking or cycling distance, a positive catalyst for future capital appreciation.
The facility suite is extensive for a mass-market OCR development of its era: a full-length lap pool, tennis courts, a gymnasium, steam rooms, a barbecue deck, and a clubhouse. The large land area — approximately 215,000 sq ft — ensures that communal spaces do not feel cramped, a common complaint at smaller-plot condominiums. Maintenance fees are generally reported as reasonable relative to facility provision. Families will find Temasek Primary School, Bedok Green Primary School, and Anglican High School within a 1–2 km radius, while Bedok Town Hub and Heartbeat@Bedok provide healthcare, retail, and library services within a short drive. Investors tracking rental income should note that D16 gross yields have been observed in the 3.0–4.0% range, providing a viable hold case for long-horizon owners; running the numbers through the cash-flow calculator can help stress-test monthly obligations at current financing rates.
The most structurally significant risk at Waterfront Key is lease decay. With the 99-year tenure commencing in 2007 and approximately 80 years remaining in 2026, the development has crossed the threshold where CPF housing grants start applying reduced usage caps and where bank financing terms for resale transactions can tighten. Buyers who intend to hold for 15–20 years will see the lease fall into the 60-year range, a band that historically correlates with discounted valuations and reduced pool of willing buyers. Prospective purchasers should stress-test resale scenarios using the lease decay calculator and consult HDB eligibility rules if they are concurrently holding public housing.
A second risk layer relates to en-bloc potential. While the large site area and unified precinct structure could theoretically support a collective sale, the remaining lease length (80 years) is below the practical threshold that developers typically require for viable redevelopment economics. En-bloc optimism should therefore be treated as speculative rather than a near-term rerating catalyst.
Market-level risks include OCR price sensitivity to cooling measures and interest-rate cycles. The ABSD regime continues to suppress foreign buying interest in the mass-market segment, narrowing the buyer pool for resale units. Rising interest rates through 2024 have already compressed affordability for leveraged buyers; while rates have moderated into 2025–2026, the era of near-zero financing costs is over. Rental competition from the broader Waterfront Collection — Waves, Gold, and Isle — means that D16 rental rates are partially benchmarked against a large collective supply within the same micro-precinct, which can cap rental growth in soft leasing conditions.
Finally, unit typologies skew toward the mid-to-large range (predominantly 3- to 4-bedroom), which limits the addressable buyer and tenant universe compared with projects with a wider range of studio and 1-bedroom options. Buyers who require a small-ticket entry point will find fewer choices at Waterfront Key than at newer mixed-format developments.
[
{
"persona": "HDB Upgrader (Family, 35–45)",
"fit_color": "green",
"reason": "Waterfront Key is a natural upgrade destination for 4-room or 5-room HDB sellers in the D16 catchment. The 3- and 4-bedroom units match family space requirements, school proximity is strong, and the OCR psf makes the quantum more manageable than CCR alternatives. Lease of ~80 years is adequate for a 15–20-year hold, though CPF usage caps should be verified with a licensed adviser."
},
{
"persona": "East-Coast Lifestyle Buyer (Owner-Occupier)",
"fit_color": "green",
"reason": "The reservoir frontage, park connectivity, and resort-style facilities make Waterfront Key a compelling owner-occupier choice for buyers who prioritise green living, outdoor recreation, and a quieter residential environment over CBD proximity. The well-maintained facilities and active Bedok community support long-term liveability."
},
{
"persona": "Yield-Focused Investor (Local or PR)",
"fit_color": "green",
"reason": "D16 gross yields of 3–4% are competitive for OCR Singapore, and the large-family unit mix attracts long-stay tenants including expatriate families working in Changi or Expo-cluster businesses. Investors should model monthly cash flow carefully given current financing costs; the <a href=\"/calculator/affordability\">affordability calculator</a> and <a href=\"/calculator/cash-flow\">cash-flow calculator</a> are useful tools. Capital appreciation outlook is steady but not explosive."
},
{
"persona": "Foreign Buyer",
"fit_color": "yellow",
"reason": "The 60% ABSD applicable to foreign nationals makes Waterfront Key difficult to justify purely on yield or capital-gain grounds. Foreign buyers with genuine long-stay intent (e.g., EP holders with multi-year employment commitments) may still find value if they qualify for ABSD remission, but should first compare total-cost-of-ownership using the <a href=\"/calculator/stamp-duty\">stamp duty calculator</a> and the <a href=\"/calculator/total-cost\">total cost of ownership calculator</a>."
},
{
"persona": "Retiree Downsizer (55+)",
"fit_color": "yellow",
"reason": "The reservoir park environment and flat-terrain access appeal strongly to retirees seeking an active, low-stress lifestyle. However, the large 3- to 4-bedroom unit mix means quanta are higher than typical downsizer budgets, and the 80-year lease raises questions about estate-planning flexibility. Single-level access within units and lift connectivity to all floors should be verified on a unit-by-unit basis."
},
{
"persona": "Short-Horizon Speculative Buyer (flip within 3–5 years)",
"fit_color": "red",
"reason": "SSD (Seller's Stamp Duty) applies to disposals within 3 years of purchase, materially eroding short-term gains. The OCR segment lacks the sharp rerating catalysts (e.g., MRT within 200m, major commercial anchor) that drive rapid flip profits, and the lease trajectory is now a modest headwind rather than a tailwind. Run the numbers on the <a href=\"/calculator/roi\">ROI calculator</a> before committing."
}
]
Waterfront Key earns its enduring reputation as one of the most liveable reservoir-front addresses in Singapore's east. The combination of a mature, well-maintained development, genuine green-space access, solid school proximity, and steady OCR yield profile makes it a credible long-hold choice for families, upgraders, and income-oriented investors. At current psf levels of roughly S$1,700–S$1,900, the development is priced in line with D16 peers rather than at a significant premium, offering reasonable value relative to its lifestyle proposition.
The headline caveat is the lease. Eighty years is workable for a 10–15-year horizon, but buyers planning to hold into their retirement years or pass the asset to children should model the lease-decay trajectory carefully and account for tightening CPF and bank-financing rules as the tenure approaches the 60-year mark. The en-bloc pathway is not a realistic near-term story at this lease length.
For the right buyer — a family upgrader, a liveability-focused owner-occupier, or a patient yield investor — Waterfront Key remains a solid, well-rounded OCR proposition. Those with a short investment horizon or significant ABSD exposure should explore alternatives on the comparison tool or consult the District 16 market data before committing.
FAQ
What is the average price for WATERFRONT KEY?
What is the rental yield for WATERFRONT KEY?
Is WATERFRONT KEY freehold or leasehold?
How much lease is left on Waterfront Key, and does it affect CPF usage?
Waterfront Key holds a 99-year leasehold tenure commencing in 2007, leaving approximately 80 years remaining as of 2026. CPF usage for properties with shorter remaining leases is subject to the CPF Board's minimum occupation period and age-based rules: broadly, the property's remaining lease must cover the youngest buyer to age 95 for full CPF Ordinary Account usage to apply. With 80 years remaining, most buyers below age 50 should have no immediate restriction, but this should be verified with CPF Board directly or through a licensed financial adviser. You can model the long-run impact using our lease decay calculator.
Is Waterfront Key near an MRT station?
Waterfront Key does not have a dedicated MRT station within walking distance at present. Bedok MRT station (East-West Line) is accessible by bus along Bedok Reservoir Road, typically a 10-minute journey. The upcoming Thomson-East Coast Line extension, with stations including Bedok South and Sungei Bedok interchange, is expected to significantly improve rail connectivity for the broader Bedok Reservoir precinct once fully operational in the late 2020s, which would represent a meaningful positive catalyst for asset values in this micro-market.
What is the ABSD payable for a Singapore citizen buying Waterfront Key as a second property?
Under the prevailing ABSD framework (rates last revised in April 2023), Singapore Citizens purchasing a second residential property are subject to a 20% ABSD on the purchase price or valuation, whichever is higher. Permanent Residents buying their first property pay 5% ABSD. Foreigners pay 60% ABSD. ABSD for joint purchases is assessed at the higher applicable rate among the buyers. You can calculate your full stamp duty obligations — including Buyer's Stamp Duty (BSD) and ABSD — using our stamp duty calculator to understand the total upfront cost before committing.
How does Waterfront Key compare to its sister developments in the Waterfront Collection?
Waterfront Key, Waterfront Waves, Waterfront Gold, and Waterfront Isle together form the Frasers-Far East “Waterfront Collection” along Bedok Reservoir Road. Each was launched sequentially between 2008 and 2012, sharing similar unit typologies, facilities standards, and leasehold tenure. Key differentiators include unit count, precise reservoir orientation, and specific floor-plan layouts. Waterfront Key is the only project in the collection with 842 units, making it the largest and the one with the broadest secondary market liquidity. Buyers comparing across the collection should note that psf levels and remaining lease years differ marginally between projects. Use the ShiokNest property comparison tool to view side-by-side analytics for any pair of D16 condominiums.
Are there en-bloc redevelopment prospects for Waterfront Key?
En-bloc (collective sale) prospects for Waterfront Key are limited in the near to medium term. Developers typically prefer sites with remaining leases of at least 70–80 years combined with land size and plot-ratio headroom that justify the acquisition premium and redevelopment cost. With approximately 80 years remaining in 2026, Waterfront Key still sits at the marginal threshold, but the large site area, the number of consenting owners required (800+ units), and current developer land-cost economics make a successful collective sale a low-probability event over the next 5–10 years. Buyers should not price in an en-bloc premium when evaluating this development.
Methodology & Sources
This analysis covers All available years and refreshes as new data becomes available.
Transaction data sourced from URA REALIS.
- Sales data: 92 transactions analysed
- Rental data: 284 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 WATERFRONT KEY
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