Why is there a drop in PSF for Waterbay Executive Condominium?

Waterbay EC, completed in 2016 and now fully eligible for resale to all buyers after privatisation, has seen its price per square foot (PSF) range from S$1,123 to S$1,597 in recent transactions, with an average around S$1,444 psf. The drop in PSF reflects broader market dynamics in Singapore's EC and private residential sector as of late 2025.

Key factors contributing to the PSF decline include:

- Increased resale supply: Resale private home transactions have risen significantly, from below 3,000 units per quarter in 2022-2023 to around 3,800-3,881 units in 2024-2025, creating downward pressure on secondary market prices like Waterbay's.
- Shift to new EC and condo launches: Strong demand for new ECs (e.g., 96% sell-through for 2025 launches) and upcoming 2026 projects (4 EC launches expected, the highest in a decade) draws buyers away from older resales, as new units offer better value and attributes at subsidised prices.
- Oversupply concerns in private condos: Around 1,000 unsold new condo units from recent launches, combined with fewer but still competitive new private condo supply (8,113 units in 2026 vs. 11,430 in 2025), softens resale pricing in the mass-market segment where Waterbay competes.
- Stabilising interest rates and selective demand: While lower mortgage rates (1.55%-1.8% by late 2025) support overall sales, buyers prioritise new launches amid high land costs and competitive pricing strategies by developers, leading to PSF adjustments in older ECs like Waterbay.

Waterbay remains attractive for its Edgefield Plains location near amenities and transport, but expect continued softness until new supply peaks post-2028. Check EdgeProp Singapore for the latest transaction data and trends.