Watten Estate Condominium up for sale with S$536m reserve price

Watten Estate Condominium up for sale with S$536m reserve price

According to the marketing agent, the site can be redeveloped into 242 modern resort homes

Tue, Jul 30, 2019

VIVIENNE TAY


FREEHOLD Watten Estate Condominium is up for collective sale on July 30 with a reserve price of S$536 million.

This translates to a land rate of S$1,738 per square foot per plot ratio (psf ppr), sole marketing agent Huttons said on Monday. It was first put up for en bloc sale back in 2007, with a price tag then of S$480 million.

The 104-unit development is located in Shelford Road, and is zoned for residential use with a gross plot ratio of 1.4. It has a land area of 220,234 sq ft and a total allowable gross floor area of 308,341 sq ft.

According to Huttons, the site can be redeveloped into 242 modern resort homes with an average size of 1,270 sq ft (118 square metres). No development charge would be payable due to Watten Estate's high baseline.

After factoring in the upfront non-remittable additional buyer's stamp duty, Watten Estate is "attractively priced" at a land rate of S$1,825 psf ppr, Huttons said.

Recently concluded deals in the area include Royalville, sold at S$1,960 psf ppr; Crystal Tower at S$1,840 psf ppr, City Towers at S$1,847 psf ppr and Dunearn Gardens at S$1,914 psf ppr.

The condominium is located within one kilometre of Raffles Girls' Primary School and Nanyang Primary School. It is a seven-minute walk from Tan Kah Kee MRT station.

Terence Lian, Huttons Asia head of investment sales, said that in light of how the residential en bloc market has been affected by last July's cooling measures, the firm took a different approach in marketing a big prime site like Watten Estate Condominium by hiring a team of architects to come up with a design concept for the site.

Angela Lim, Huttons Asia deputy head of investment sales, said: "The concept shows how the site can be redeveloped into 242 beautiful modern resort homes, which blend in well with its natural terrain and environment. Families looking for a home in the Bukit Timah area would appreciate such large and resort-styled homes with lush greenery on an undulating site."

The public tender for Watten Estate Condominium closes on Oct 18 at noon.