Waterfront Key is a 99-year leasehold condominium located in the vibrant Eastern region of Singapore. Waterfront Key is one of the developments in the Waterfront Collection developed by FCL Peak Pte Ltd, which consists of Waterfront Waves, Waterfront Key, Waterfront Gold and Waterfront Isle.
Completed in 2012, Waterfront Key boasts a total of 437 residential units, offering a variety of living spaces to cater to different preferences and lifestyles. One of Waterfront Key’s most distinctive attributes is its seamless integration of nature into everyday living. Located along Bedok Reservoir, it combines tranquillity, convenience, and exclusivity, setting a new benchmark for waterfront living in Singapore. The development is surrounded by abundant greenery and features meticulously landscaped gardens that harmonise with the reservoir’s natural beauty, creating a serene and relaxing environment that enhances residents’ well-being.
If you are interested to find out more about Waterfront Key, read on as we delve deeper into the project details, location, site, price, and MOAT analysis.
*This article was written in October 2024 and does not reflect data and market conditions beyond.
Project Details
Location Analysis
Waterfront Key is located along Bedok Reservoir Road, and it is in close proximity to Bedok Reservoir MRT station on the Downtown Line (DTL), providing residents with a convenient commute to various parts of the city.
In addition, the Pan Island Expressway (PIE) is right around the corner, allowing quick access for drivers to travel to other regions of Singapore.
One of the most attractive features of this development is its proximity to Bedok Reservoir, which is literally right at the doorstep. Nature lovers and fitness enthusiasts will find this location particularly appealing, with the reservoir offering a perfect spot for outdoor activities, from jogging and cycling to simply enjoying the serene views.
Waterfront Key is also strategically situated close to a number of shopping malls, providing residents with a diverse range of retail, dining, and entertainment choices just a short distance away. The closest shopping destination is Bedok Mall, located roughly five bus stops from the development, making it easily accessible for daily shopping needs. For more shopping and dining options, the Tampines cluster of malls (Tampines 1, Tampines Mall, and Century Square) and Eastpoint Mall provide a larger variety of shops and restaurants.
As for education, several well-regarded schools such as Fengshan Primary School, Red Swastika School, and Yu Neng Primary School are situated within a 1km radius, providing excellent options for families.
Site Plan & Unit Distribution
Waterfront Key comprises 437 units in total set on a spacious, rectangular plot spanning 19,336 square metres. It comprises five residential blocks, divided into eight distinct towers, each rising 13 stories high, providing a mix of elevated views and serene waterfront living.
There are three distinct orientations for the units. The first is the front-facing view, which overlooks Bedok Reservoir. Residents on higher floors are treated to breathtaking, unobstructed views of the reservoir, while those on lower floors enjoy a tranquil, lush greenery landscape.
The second option offers an inward view, overlooking the well-designed internal facilities, including the clubhouse, pools, and communal areas, creating a serene and resort-like ambiance.
Lastly, the back-facing option, which opens up towards Bedok Town Park and Pan Island Expressway (PIE). This orientation offers a pleasant, open view of the park’s greenery, however, residents may experience some slight noise due to the proximity of the expressway.
Facilities:
Waterfront Key has full condo facilities. At the heart of the development, one will find the 50-metre freeform main pool, perfect for residents that are looking for a relaxing swim. There are other pool options such as the Wading pool, Children’s fun pool and the hydro-theraphy pool. Additionally, at the rear of the development, there is a tennis court, providing a perfect space for those who enjoy an active game of tennis.
The beautifully landscaped gardens, along with BBQ pits and dining pavilions, create perfect spots for social gatherings and outdoor entertainment. For those seeking relaxation, residents can unwind in the soothing Jacuzzi or take a peaceful stroll along the serene water features, while children have their own space to play at the playground. The key Villa houses a fully-equipped gym, complete with a wide variety of fitness equipment, enabling residents to maintain their fitness routine without leaving the community. Additionally, the steam room offers an extra touch of luxury for those looking to rejuvenate and relax.
There is also a gated access point that directly connects to Bedok Town Park, offering residents the perfect opportunity to enjoy nature and outdoor activities. From there, it’s just a short and convenient walk to Bedok Reservoir MRT station, making daily commutes or leisurely travel incredibly easy for those living in the area.
Waterfront Key offers a diverse selection of units, including 2-bedroom, 3-bedroom compact, 3-bedroom, 3-bedroom plus study, and 4-bedroom units, as well as luxurious penthouses.
The majority of the units are 3-bedroom configurations, accounting for approximately 30% of the total, and four-bedroom units make up around 25%. This flexibility in unit sizes caters to a diverse range of lifestyles and preferences, making it easier for individuals and families alike to find their ideal living environment.
Price Analysis
When considering comparable 99-year leasehold developments in the surrounding area, we have Waterfront Gold completed in 2014 and Waterfront Waves completed in 2011.
The chart above illustrates the average growth rate over the past five years for the developments. Among them, Waterfront Key stands out with the highest growth rate of 57%, accompanied by the highest average PSF at $1,872. In comparison, Waterfront Gold recorded a growth rate of 24%, with an average PSF of $1,615, while Waterfront Waves demonstrated a respectable growth rate of 41% and an average PSF of $1,518.
The data clearly indicates that Waterfront Key has outperformed its peers in both growth rate and pricing, signalling a robust appreciation in value. This substantial increase, coupled with its leading price per square foot, positions Waterfront Key as a standout investment opportunity in the area.
MOAT Analysis
The MOAT analysis is a comprehensive tool that we use to evaluate the attractiveness of a property in Singapore to potential homebuyers. We employ ten specific criteria that cover various aspects of the property, from its location to its amenities, to provide you with a thorough and impartial assessment. This analysis is intended to equip you with the information you need to make informed decisions when it comes to investing in property. If you’re interested in learning more about the methodology behind the MOAT analysis, we recommend checking out our article for a detailed explanation.
According to our MOAT Analysis, Waterfront Key has a score of 60%.
Waterfront Key stands out with an exceptional MRT proximity rating of 5/5. Other factors also score impressively, such as the Parents’ Attraction Effect and Bala’s Curve Effect, both rated at 4/5. Due to Waterfront Key’s location, just a short walk from MRT, this makes it highly convenient for commuters as well as the rentability for the development. The high Parents’ Attraction score is driven by the abundance of schools in the vicinity, a major draw for families. Additionally, with the property’s TOP in 2012, the Bala’s Curve shows a very healthy remaining lease of 87 years, ensuring long-term value for buyers or investors.
However, the development does face a few challenges, particularly in the areas of Quantum Effect, Land Size Density Effect, Exit Audience, and Rental Demand, with each of these factors receiving a score of 2/5.
The lower score in the Quantum Effect is largely due to the higher price points of the units, which reflect their premium nature. This is especially true for those rare units that offer unblocked views of Bedok Reservoir—an attractive feature, but one that drives up the quantum due to its scarcity.
As for the Land Size Density Effect, the development may feel more compact compared to other projects with larger land areas. However, the developer has maximised the use of space with a well-thought-out design that balances functionality and aesthetics. Despite the smaller footprint, the development offers a range of well-maintained amenities and green spaces that help create a sense of openness and community. The clever layout ensures that common areas, such as the pool, gym, and gardens, are easily accessible and efficiently utilised, making the most of the available space.
Additionally, the lower Exit Audience score is influenced by the limited supply of HDB upgraders in the immediate area, which can narrow the pool of potential future buyers. However, this is set to change with several new BTO developments nearby. We will provide more details on this later on.
Lastly, the Rental Demand has seen a decline over the past three months, with no recorded rental transactions during this period. This drop in demand could be attributed to several factors. One possibility is the increased competition from surrounding developments that may offer newer or more affordable rental options, drawing potential tenants away. Additionally, market fluctuations or seasonal trends could also be influencing the temporary dip in demand. It’s important to note that while rental activity has slowed recently, the development’s strong MRT proximity and desirable amenities could still attract future tenants.
Floor Plan Analysis
2-Bedroom
The 2-bedroom units at Waterfront Key range from 840 to 1,087 sqft, offering a variety of options to suit different preferences. Whether you’re looking for a unit with a balcony, a patio, or no outdoor space, there’s something to cater to your lifestyle needs.
Upon entering the unit, you’ll be greeted by a spacious and well-designed living and dining area that seamlessly connects to the balcony, creating an inviting space for relaxation or entertaining. The kitchen boasts a practical landscape layout, providing ample room for cooking and storage, along with an adjoining home shelter that adds even more functionality.
These units come with two bathrooms, a thoughtful feature that ensures convenience and privacy, as each bedroom enjoys access to its own en-suite bath, making this layout ideal for young families or for those considering renting out a room.
3-Bedroom
For the 3-bedroom units, there are two layout options available: the 3-Bedroom Compact, ranging from 969 to 1,076 sqft, and the Standard 3-Bedroom unit, offering a more spacious size at 1,206 and 1,485 sqft. Both options provide ample living space for comfort and functionality.
Upon entering the unit, you’ll find an inviting living and dining area that extends to a balcony, complemented by a planter space, offering a perfect blend of indoor and outdoor living. The kitchen features a practical layout with a home shelter for additional storage and a WC.
The layout includes two common bedrooms that share a well-appointed common bathroom, along with a master bedroom that comes with its own en-suite bath, ensuring privacy and comfort.
3-Bedroom + Study
The 3+Study units at Waterfront Key offer a generous living space, ranging from 1,313 to 1,604 sqft. These units are similar in layout to the 3-bedroom options, with the key distinction being the addition of a dedicated study room. This extra space is strategically located between the master bedroom and bedroom 2, offering versatility and functionality.
The study room is an excellent feature that adds significant value to the unit. It can serve as a quiet home office, perfect for those who work remotely or require a peaceful space for study and productivity. Alternatively, it can be easily converted into a cosy reading nook, a playroom for children, or even an additional storage area. The flexibility of this room allows homeowners to tailor the space to their specific needs, making the layout adaptable for different stages of life or changing family dynamics.
4-Bedroom
The 4-bedroom units at Waterfront Key offer a generous living space, ranging from 1,442 to 1,518 sqft, making them ideal for families or multi-generation families.
As you enter the unit, you’re welcomed by a spacious living and dining area that flows seamlessly towards the balcony. This outdoor space offers a perfect spot to relax and enjoy breathtaking views of Bedok Reservoir or other views within the development. Whether it’s a peaceful morning coffee or an evening gathering with friends, the balcony enhances the overall experience of indoor-outdoor living.
The kitchen is well-equipped with a practical layout, featuring a yard area that offers additional utility space. It also includes a home shelter, ideal for extra storage, and a WC for added convenience.
The layout includes three generously-sized common bedrooms. These bedrooms share the common bathroom. The master bedroom, however, is truly a standout feature. It comes with ample space for a walk-in wardrobe, allowing for organised and luxurious storage, and includes an en-suite bathroom.
Future Growth Potential
The growth potential surrounding Waterfront Key is significantly bolstered by the upcoming BTO projects currently under development in the Tampines West area. Some of these developments have already achieved Temporary Occupation Permit (TOP) status, while others are still under construction, with completion expected within the next 4 to 5 years.
This influx of newly developed housing is anticipated to lead to an increase in the number of HDB homeowners looking to upgrade to private properties. As these homeowners seek more premium housing options in the vicinity, Waterfront Key stands to benefit in the years ahead.
In addition to the upcoming BTO projects, a mixed-use development in the area is set to be launched for sale via tender. This new development will feature a combination of residential, commercial, and retail spaces, creating a vibrant, self-contained community. What this means for Waterfront Key is a significant boost in the area’s overall appeal and convenience.
In Summary
Waterfront Key is a distinctive residential development nestled in the peaceful Bedok Reservoir area of Singapore, offering residents a harmonious blend of modern living and natural beauty. Known for its picturesque views and serene surroundings, the development provides a rare waterfront lifestyle that seamlessly integrates contemporary architecture with lush greenery and calming water features. With exceptional MRT connectivity, a family-friendly environment, and strong investment potential, Waterfront Key appeals to both busy professionals and families seeking convenience and comfort. Overall, it remains a highly sought-after choice for those who desire a well-balanced, tranquil lifestyle in one of Singapore’s most coveted waterfront locales.
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