Watten Estate Condo to launch $536 mil collective sale bid

By
/ EdgeProp Singapore
|
July 29, 2019 2:59 PM SGT
Watten Estate Condominium, a 104-unit development on Shelford Road in the Bukit Timah area, is up for collective sale. The freehold development is on the market for $536 million, or about $1,738 psf per plot ratio (ppr).
Factoring in the upfront non-remittable 5% additional buyer’s stamp duty will bring the land rate to $1,825 psf ppr. The public tender for the sale of the site, located in District 11, will be launched on Tuesday, July 30, announced marketing agent Huttons Asia.
Watten Estate Condominium, a 104-unit development on Shelford Road, is on the market for $536 million (Picture: Huttons Asia)
Recent en bloc transactions in the area include Royalville and Crystal Tower, which were bought by Allgreen Properties for $477.94 million ($1,960 psf ppr) and $180.65 million ($1,840 psf ppr) respectively. City Towers was also sold for $401.9 million ($1,847 psf ppr), reportedly to a business unit linked to Hong Kong tycoon Li Ka Shing. Dunearn Gardens was sold to a subsidiary of EL Development for $468 million ($1,914 psf ppr).
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The 220,234 sq ft site has a plot ratio of 1.4, and a total allowable gross floor area of 308,341 sq ft. It could be redeveloped into a 242-unit project with an average unit size of 1,270 sq ft. No development charge is payable due to the site’s high baseline.
Since the July 2018 property cooling measures were imposed, the en bloc market has seen few investment transactions. Thus, the marketing agent has taken the initiative to engage with an architect to study the site and propose a design for the new development.
“We have engaged a team of architects to design by adopting the slopes of the undulating site so as to capitalise on its redevelopment potential. The concept incorporates our vision of what the site can be transformed into and the architects have adopted a modern vernacular design in well-spaced out buildings for best tropical comfort,” says Terence Lian, head of investment sales at Huttons Asia.
The architects were Charles Lee & Team from Dots Studio.
For price trends, recent transactions, other project info, check out the Watten Estate Condominium, Royalville, Crystal Tower, City Towers, and Dunearn Gardens project details page
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A proposed design for the redevelopment of Watten Estate Condo. The site could be redeveloped into a 242-unit project with an average unit size of 1,270 sq ft (Picture: Dots Studio)
Angela Lim, deputy head of investment sales at Huttons Asia, says: “The Bukit Timah area is perfect for family living, as it is close to green lungs such as the Botanic Gardens, MacRitchie Reservoir, Bukit Timah Nature Reserve and Singapore Island Country Club. 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 site is close to Tan Kah Kee MRT Station on the Downtown Line. It is also within 1km to Raffles Girls Primary School and Nanyang Primary School.
The tender will close on Oct 18.
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