Bellewaters
Bellewaters is a 651-unit Executive Condominium (EC) on Anchorvale Crescent in District 19 (Anchorvale/Sengkang), developed by Qingjian Realty on a 99-year lease commencing 2013 and obtaining TOP in 2017. As of 2026, Bellewaters has crossed its year 11 milestone (2024) and is now fully privatised — the EC restrictions on citizenship, household income, and corporate ownership have all dropped away, and the project trades as a fully private condominium open to Singapore Citizens, Permanent Residents, foreigners (subject to ABSD under MAS-supervised cooling measures), and corporate buyers.
This review evaluates Bellewaters thirteen years into its life cycle on the dimensions that now matter for a Year-13 fully privatised OCR EC: the residual URA 99-year lease runway (~86 years remaining), the post-privatisation pricing transparency now that the resale market accepts all buyer pools, Sengkang MRT (NEL + Sengkang LRT) connectivity, Compass One mall integration, and how Bellewaters stacks against D19 EC peers and private OCR alternatives in side-by-side comparison. Use the mortgage calculator, affordability calculator, and lease decay calculator to model the lease curve from year 13 through any intended holding horizon.
Snapshot as of 2026-05 — figures above reflect publicly available URA/HDB data at the time of this editorial review (as of 2026-05).
Sengkang and the Anchorvale precinct sit firmly in the Outside Central Region (OCR) per URA Master Plan zoning, with the planning area now mature around Sengkang MRT (NE12) and Sengkang Town Centre. Bellewaters and its earlier sibling Belleview sit on the Anchorvale Crescent strip, a quieter pocket of the broader Sengkang estate that is buffered by Sengkang Riverside Park and the Punggol Park Connector network. The district price heatmap shows D19 (Hougang/Punggol/Sengkang) trading at a structural premium to D27 (Canberra/Sembawang) and at a discount to inland Central districts such as D20 (Bishan/Ang Mo Kio).
Connectivity-wise, Bellewaters relies on the Sengkang LRT (Anchorvale loop) for first-mile access, with Cheng Lim or Farmway LRT stations roughly 3–5 minutes’ walk away, and Sengkang MRT (NE12 on the North East Line) reachable in one LRT stop. The NEL delivers a transfer-free run to Serangoon, Little India, Dhoby Ghaut, and Harbourfront. Compass One, integrated above Sengkang MRT, anchors daily-needs retail and F&B. Drive times to the CBD via the KPE/CTE run 22–28 minutes off-peak. Green relief is anchored by Sengkang Riverside Park, the Punggol Waterway a short cycle north, and the Anchorvale Community Club. School catchments include Anchor Green Primary, Springdale Primary, North Vista Primary, and Compassvale Primary, with Pei Hwa Secondary and Nan Chiau High accessible within the broader Sengkang catchment.
On lease economics: a 99-year tenure from 2013 leaves Bellewaters with ~86 years of runway as of 2026 — still comfortably above the 60-year threshold where CPF usage and bank LTV haircuts begin to bite per MAS lending rules. The structural story is now post-privatisation pricing transparency: with year 11 cleared in 2024, two full years of fully private resale data are accumulating, giving buyers an honest mark-to-market read versus the artificially constrained EC resale window (years 6–10). The 99-year lease curve becomes increasingly material from year 20 onwards, so a 2026 purchase still has a meaningful runway window before lease-decay drag enters serious price modelling.
Overview & Key Facts
Bellewaters is a 651-unit executive condominium at Anchorvale Crescent in Sengkang, developed by Qingjian Realty and designed by ADDP Architects. Completed in 2017 and having passed its Minimum Occupation Period (MOP) in 2022, Bellewaters is now fully privatised and available to all buyers — including Singapore PRs and foreigners — at prices that remain remarkably competitive against newer EC and private condo launches in the northeast corridor.
At an average of $1,485 psf with a median rent of $4,300, Bellewaters delivers a healthy 3.56% gross yield and a profitability score of 84/100 — reflecting the consistent capital appreciation from $1,189 to $1,518 psf over recent quarters. The development’s ten residential blocks (seven 16-storey and three 17-storey towers) are arranged around a central landscaped courtyard, and Qingjian’s signature CoSpace layout system gives owners the flexibility to reconfigure internal walls as their household needs evolve.
Sengkang’s transformation from a sleepy estate to a self-sufficient new town has been one of Singapore’s urban planning success stories, and Bellewaters sits at the heart of it. With Farmway LRT just 340 m away, Sengkang MRT 1.00 km distant, and a cluster of hawker centres, clinics, and supermarkets accessible via a convenient side gate, this is a development that has aged well and continues to reward early buyers handsomely.
Location & Connectivity
Bellewaters occupies a generous plot on Anchorvale Crescent, nestled within Sengkang’s mature residential heartland in District 19. Farmway LRT station is just 340 m from the development — roughly a four-minute walk — while Cheng Lim LRT sits 430 m in the opposite direction, giving residents two feeder options into the Sengkang LRT loop. Sengkang MRT station (North-East Line), the main interchange connecting to the CBD via Dhoby Ghaut in approximately 30 minutes, is 1.00 km away — a 12–15 minute walk or one LRT stop.
Daily amenities are well within reach. The development’s side gate opens directly onto Anchorvale Village, a neighbourhood centre with a Sheng Siong supermarket, coffee shops, medical clinics, and a hawker centre that residents regularly praise for its variety and affordability. Compass One shopping mall at Sengkang MRT offers a broader retail and dining selection, and Sengkang General Hospital — the northeast’s anchor healthcare facility — is within a 1 km radius.
For families, Compassvale Secondary is 800 m away, and Sengkang Green Primary sits at 910 m. Nan Chiau Primary and Compassvale Primary are also within 1 km. The proximity to Sengkang Riverside Park — a 20-hectare green lung with cycling trails, fishing ponds, and a fruit orchard — gives nature-loving residents a weekend escape without leaving the neighbourhood.
Schools & Education
2 primary schools within the 1 km Priority Phase balloting radius.
| School | Type | Distance |
|---|---|---|
| Compassvale Secondary School | secondary | Within 1 km |
| Sengkang Green Primary School | primary | Within 1 km |
| Anchor Green Primary School | primary | Within 1 km |
| Greendale Primary School | primary | ~1.1 km |
| Greendale Secondary School | secondary | ~1.1 km |
| Compassvale Primary School | primary | ~1.1 km |
| Sengkang Secondary School | secondary | ~1.2 km |
| Seng Kang Primary School | primary | ~1.2 km |
Facilities
Bellewaters’ facilities are spread across a well-landscaped central courtyard that prioritises greenery and water features. The 50 m freeform pool is the centrepiece, complemented by a family pool, wading pool, splash pool, jacuzzi, and hydro spa — enough aquatic variety to satisfy every age group. Active residents have a tennis court, fitness alcove with outdoor equipment, and an indoor gymnasium within the clubhouse building. The BBQ area, play fountain, and children’s playground round out the family-oriented amenity set, while garden trails wind through the landscaped grounds, which take on a particularly attractive character at night when accent lighting transforms the pool and garden areas.
“The pool area is surprisingly pretty, especially at night with all the ambient lighting. For an EC, the facilities are very well thought out. Our kids practically live in the splash pool on weekends. The only thing I’d want is a proper function room for larger gatherings — the existing one is on the small side for a development of this size.”
— Owner-occupier, five-bedroom CoSpace unit, since TOP
With 651 units, the facilities can feel busy during peak weekend hours, particularly the main pool and BBQ stations. The overall maintenance standard has been well-regarded, though residents in blocks closer to the TPE expressway note that common-area furniture on north-facing ground-level zones accumulates dust more quickly from road particulates.
Unit Sizes & Layout
Bellewaters is exclusively a family-oriented development — there are no one- or two-bedroom units. The mix starts at three-bedroom (926–1,109 sq ft), progresses through four-bedroom (1,152–1,259 sq ft), and tops out at five-bedroom (1,410–1,507 sq ft). Qingjian’s proprietary CoSpace system is the standout layout feature: it offers reconfigurable partitions that allow owners to add or remove walls, creating home offices, enlarged living areas, or additional bedrooms as life stages change. The CoSpace concept comprises three pillars — Efficiency (space maximisation), Flexibility (adaptable room configurations), and Interactivity (open-plan living options).
Finishes are consistent with EC-grade quality: porcelain tiles in common areas, timber-strip flooring in bedrooms, and functional kitchen appliances. Units that have not been renovated since the 2017 TOP may show some wear in high-traffic areas. Ceiling heights are a standard 2.8 m, and the larger units benefit from dual-key potential that enhances rental flexibility post-MOP.
| Bedrooms | Transactions | Avg PSF | Avg Price |
|---|---|---|---|
| 2 BR | 28 | $1,316 | $1,218,103 |
| 3 BR | 249 | $1,294 | $1,482,956 |
| 4 BR | 37 | $1,226 | $1,836,182 |
Pricing & Market Position
Based on 314 recorded transactions, sale prices range from $950,000 to $2,300,000, averaging $1,500,960 (~$1,495 psf).
Rents range from $3,500 to $5,800 per month across 61 rental transactions. Current rental yield sits at approximately 3.5%.
Price Appreciation
From 2021 to 2026, the average PSF has appreciated by 48.9% (from $1,036 to $1,543 psf).
Neighbourhood Comparison
In the northeast corridor, Bellewaters ($1,485 psf) sits at the value end against Riverfront Residences ($1,583 psf) at Hougang, Florence Residences ($1,741 psf) near Kovan MRT, and Affinity at Serangoon ($1,697 psf). Riverfront Residences is the closest competitor by price and offers Hougang MRT proximity, but it is a larger 1,472-unit development where facilities contention is more acute. Florence Residences commands a premium for its direct Kovan MRT access (250 m) and proximity to popular Serangoon Gardens dining. Affinity at Serangoon offers a Serangoon North address with future Cross Island Line connectivity.
Among post-MOP ECs specifically, Bellewaters competes with nearby projects like The Vales ($1,390 psf) and Treasure Crest — both Sengkang neighbours. Bellewaters’ CoSpace layouts, larger average unit sizes, and the convenient side-gate access to Anchorvale Village give it a practical edge for families, though The Vales is slightly cheaper and may appeal to more budget-conscious buyers.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| BELLEWATERS | 99 yrs lease commencing from 2013 | 2017 | 651 | $1,495 |
| CHUAN PARK | 99 yrs lease commencing from 2024 | 2024 | 916 | $2,596 |
| THE FLORENCE RESIDENCES | 99 yrs lease commencing from 2018 | 2021 | 1,410 | $1,746 |
| RIVERFRONT RESIDENCES | 99 yrs lease commencing from 2018 | 2021 | 1,451 | $1,589 |
| AFFINITY AT SERANGOON | 99 yrs lease commencing from 2018 | 2021 | 1,012 | $1,699 |
| SERANGOON GARDEN ESTATE | Freehold | 2021 | — | $1,735 |
Lease Decay Analysis
The 99-year lease runs from 2013, meaning approximately 13 years have already been consumed. Roughly 86 years remain — still comfortably within the range where most banks will offer full financing without restrictions.
| Year | Lease remaining | Implication |
|---|---|---|
| 2026 (now) | ~86 years | Full bank financing available |
| 2043 | ~69 years | CPF usage still unrestricted for most buyers |
| 2052 | ~59 years | Approaching 60-year threshold — CPF limits begin for some |
| 2072 | ~39 years | Significant financing restrictions for next buyer |
| 2112 | Expiry | Lease reverts to state |
For a buyer purchasing today with a 10-year horizon (exit around 2036), the lease situation is essentially a non-issue — you’d be selling a property with ~76 years remaining, which is still very bankable. The risk profile changes for longer holds.
ShiokNest Scores
Our proprietary scoring system evaluates BELLEWATERS across multiple dimensions.
What Residents Say
“We moved here when it first TOPed and have never regretted it. The side gate to Anchorvale Village is a lifesaver — Sheng Siong, the hawker centre, a clinic, and a coffee shop are all within a four-minute walk. Farmway LRT is just down the road, and our kids cycle to Sengkang Riverside Park every weekend. For the price we paid, we couldn’t have asked for more.”
— Owner-occupier, four-bedroom CoSpace unit, since 2017
“I’m in Block 27 on a higher floor and the TPE noise is definitely audible when windows are open, especially during peak hours. With windows closed and the aircon on, it’s fine. If I were buying again, I’d choose a south-facing block — the blocks away from the expressway are noticeably quieter. Otherwise, it’s a lovely project with lots of greenery and a very friendly community.”
— Owner-occupier, three-bedroom unit, Block 27, 5 years
“As a landlord, Bellewaters has been excellent. The three-bedder rents for $4,300 easily — families love the space and the Sengkang school cluster. The CoSpace layout is a genuine selling point because tenants can configure the unit to suit their needs. Capital appreciation has been solid too: we bought at MOP pricing and we’re already up over $200K.”
— Investor-owner, three-bedroom unit, purchased 2022
1. Fully privatised — transparent pricing and full buyer pool. Bellewaters cleared its year 11 milestone in 2024, removing all EC restrictions. Foreigners, corporate buyers, and Permanent Residents (independent of citizenship pairing) can now transact, which historically delivers a 5–10% structural re-rating versus the EC-only resale years (6–10). Two years of post-privatisation transactions through 2024–2026 are now establishing a clean private-market PSF benchmark for Bellewaters, removing the EC-discount overhang from the comparable set.
2. EC pricing legacy — below-private cost basis carried by long-term owners. Original buyers entered at the developer-mandated EC discount (roughly 20–25% below comparable 2013–2015 private OCR launches), which means even after the 2024 privatisation re-rating, Bellewaters typically transacts at a discount to brand-new private OCR launches on a comparable-PSF basis. For a buyer in 2026, this is an attractive way to access fully private title without paying the new-launch premium — verify the live spread via the district heatmap and comparison tool.
3. Full 651-unit facilities stack. Bellewaters delivers the deep amenity envelope that 651-unit developments support: 50m lap pool, multiple secondary pool decks, gym, function rooms, tennis court, multiple BBQ pavilions, and sky terrace. Maintenance fees scale across a larger resident base, keeping per-unit charges competitive against smaller boutique D19 projects with the same facilities count.
4. Sengkang MRT + Compass One integration. One LRT stop (or a 10–12 minute walk along the park connector) places Bellewaters at Sengkang MRT on the North East Line, with Compass One delivering FairPrice Finest, Kopitiam, multiple F&B clusters, and direct LRT/MRT/bus interchange under one roof. The NEL is one of Singapore’s less-loaded core lines outside of peak Punggol commuter flow, which matters for daily quality-of-life.
5. Mature Sengkang estate plus Punggol Digital District tailwinds. By 2026 Sengkang is a mature self-contained town with primary/secondary schools, polyclinics, hawker centres, parks, and a town centre all within a 10-minute drive. The neighbouring Punggol Digital District (PDD) buildout — JTC’s mixed-use tech node co-located with SIT, anchored by tech tenants and the Punggol Coast MRT extension — is a structural demand catalyst for D19 rental absorption that did not exist when Bellewaters launched.
1. Lease decay enters the conversation by year 20. At ~86 years remaining in 2026, Bellewaters is still in the “lease-curve flat zone”, but buyers with a 10–15 year horizon need to model the slope from year 20 onwards. CPF withdrawal limits and bank LTV haircuts on per-the MAS lending framework start applying meaningfully when residual lease falls below 60 years — still ~26 years away, but young buyers planning a 25-year hold should run the lease decay calculator explicitly.
2. Anchorvale supply overhang — cluster of EC and BTO completions. The Anchorvale and broader Sengkang/Punggol corridor has seen a clustered wave of EC privatisation transitions (Bellewaters, RiverParc, Lush Acres, Heron Bay, Sea Horizon, Twin Fountains) alongside steady BTO completions. This supply density caps the achievable PSF re-rating speed even as each project privatises, and resale absorption velocity can be slower than tight-supply districts.
3. OCR yield ceiling. D19 rental yields historically sit in the 3.0–3.6% gross band — respectable but below RCR pockets (4.0%+ achievable in mature D14/D15 stock) and below the structural Punggol Digital District lift that may take another 3–5 years to fully materialise. Investors should not anchor on headline yield as the primary driver; the capital-appreciation story tied to PDD maturation and the post-2024 privatisation re-rating is the cleaner thesis.
4. LRT-only first mile. First-mile connectivity to Sengkang MRT relies on the Sengkang LRT (Anchorvale loop), which is a one-stop or two-stop hop depending on the LRT direction. LRT trains are smaller and less frequent than MRT, and morning-peak crowding can be material. Residents who value direct MRT walking access (under 7 minutes) will find Bellewaters marginal versus projects directly atop NEL/CCL stations.
5. North East Line congestion at peak. The NEL is loaded in the morning peak from Punggol/Sengkang inbound, with Cross Island Line (CRL) interchange at Hougang offering future relief but not direct CBD-bound capacity. The Cross Island Line Phase 1 opens in stages from 2030 onwards; until then, NEL congestion remains a daily friction point for CBD-bound commuters and a moderating force on rental absorption versus East Region alternatives.
Good fit: Owner-occupier families with a 5–10 year horizon who want a fully private OCR condo with a long lease runway and a below-new-launch cost basis. Buyers prioritising the Sengkang/Compass One/Punggol Waterway ecosystem, with school-age children in the Anchor Green/Springdale/Compassvale catchments, will find Bellewaters fundamentals coherent. Foreign buyers and PR-only households who would have been excluded pre-2024 are now eligible to transact — the post-privatisation buyer pool is one of Bellewaters’ clearest structural advantages.
Marginal fit: Investors prioritising headline yield — D19 OCR gross yields will not match RCR alternatives, and the Punggol Digital District demand-lift is a multi-year build rather than a 2026 catalyst. Buyers with a 15–20 year horizon need to honestly stress-test the lease-decay curve from year 20 onwards using the lease decay calculator and cash flow calculator. Foreign buyers should factor the ABSD overlay (currently 60% as of the 2023 cooling measure adjustment) into their effective cost basis.
Poor fit: Short-horizon flippers (the Seller’s Stamp Duty regime taxes resale within 3 years), buyers who require sub-7-minute MRT walking access without an LRT transfer, and investors expecting RCR-grade yields. Buyers seeking a brand-new project with developer warranty and the freshest fittings should compare against current D19 launches via the side-by-side tool — Bellewaters’ nine-year-old finishes are well-maintained but not new-launch grade. Households below the MSR/TDSR thresholds in MAS Notice 645 at the 75% LTV cap will find the loan ceiling binding.
Verdict: a credible fully-privatised OCR EC pick for owner-occupier families and patient long-horizon investors who want a long lease runway plus structural post-2024 pricing transparency. Bellewaters’ structural appeal at Year 13 (2026) sits in three places: the full privatisation completed in 2024 that has opened the buyer pool to foreigners and corporates, the legacy EC discount cost basis that long-term owners carry into the private resale market, and the 86-year lease runway that keeps Bellewaters in the lease-curve flat zone for at least the next decade. The Sengkang MRT + Compass One + Punggol Digital District triangle gives Bellewaters a maturing OCR exposure profile that the original 2013–2015 EC buyer pool could not have priced.
The honest constraints are the lease-decay slope that begins to bite from year 20 onwards, the clustered Anchorvale/Sengkang EC and BTO supply that moderates resale absorption velocity, the OCR yield ceiling that caps the investment case versus RCR alternatives, and the LRT-only first-mile that adds a transfer for daily MRT commuters. Buyers should size their loan against TDSR (55%) per MAS Notice 645, account for the ABSD overlay if foreign or second-property, and run the lease-decay model explicitly for any holding horizon beyond 10 years.
If your household is buying for owner-occupation with a 5–10 year horizon, values the post-privatisation transparency, and is comfortable with an LRT-first-mile mature OCR address, Bellewaters at Year 13 is a defensible fully-privatised EC pick that should track the broader D19 capital-appreciation curve. If you need short-horizon liquidity, sub-7-minute MRT walking access, or RCR-grade yield, the right vehicle sits elsewhere in the comparison tool’s OCR private resale set or in the RCR yield-oriented stock.
Sources & References
Frequently Asked Questions
Has Bellewaters passed its MOP?
What is the CoSpace layout system?
Which blocks should I avoid for noise?
How far is Bellewaters from Sengkang MRT?
What is the rental yield at Bellewaters?
How does Bellewaters compare to OLA EC?
Is Bellewaters still an Executive Condominium in 2026?
No. Bellewaters obtained TOP in 2017 and crossed its year 11 milestone in 2024, at which point it fully privatised per the HDB EC framework. As of 2026, Bellewaters trades as a fully private condominium with no remaining EC restrictions — foreigners, corporate buyers, and Singapore Permanent Residents (independent of citizenship pairing) are all eligible to purchase.
How much lease is left on Bellewaters?
The 99-year lease commenced in 2013, leaving approximately 86 years of residual lease as of 2026. This keeps Bellewaters in the “lease-curve flat zone” for CPF withdrawal and bank LTV purposes — haircuts begin to apply meaningfully only when residual lease falls below 60 years (currently ~26 years away).
Do I need to pay ABSD on a Bellewaters purchase?
ABSD applies based on buyer profile, not on whether the project is EC or private. Singapore Citizens pay 0% ABSD on the first property, 20% on the second, 30% on the third and beyond. PRs pay 5% on the first, 30% on the second. Foreigners pay 60% on any property (as of the 2023 cooling measure adjustment), and corporate entities pay 65%. Always refer to current MAS-supervised ABSD rates at the time of purchase.
Can I still claim a CPF Housing Grant on Bellewaters?
No. CPF Housing Grants for ECs apply only to first-timer households purchasing directly from the developer (or, in some cases, on first-timer resale within the EC restriction window). Post-privatisation resale purchases of Bellewaters are not eligible for EC grants.
What loan caps apply to a Bellewaters purchase now?
Because Bellewaters is fully privatised, only the TDSR (55%) cap from MAS Notice 645 applies — the MSR (30%) cap that governed the first 5 years of EC ownership no longer binds. LTV is 75% for a first-property buyer with no outstanding home loan; subsequent properties or buyers above 65 years old face stricter LTV ceilings. Bank loans only — HDB loans were never applicable to Bellewaters.