In a major announcement of an en bloc sale, Watten Estate Condominium was launched for sale on July 30.
The reserve price for the freehold site has been set at S$536 million. Taking note of the reserve price the rate of land for this site is S$1,738 psf ppr.
This was informed by Huttons Asia, the sole marketing agent for the sale.
The property had been launched for collective sale back in 2007 where S$480 million had been set as the reserve price.
Located along Shelford Road, the 104-unit condo has been zoned residential as per the Master Plan of 2014.
The site has 1.4 gross plot ratio and covers 220,234 square feet land area. This would allow the developer to build GFA up to 308,341 square feet.
An official for the marketing agent said that the site has good redevelopment potential and would be able to yield 242 modern luxury resort homes taking 118 square metres or 1,270 square feet as the average unit size.
Watten Estate has a high development baseline and hence won’t attract any development charges.
The spokesperson added that the property has been priced very attractively and taking into consideration the non-remittable component of the ABSD (additional buyer’s stamp duty) the land rate translates to S$1,825 psf ppr
Among the recently concluded sales in the close vicinity are Crystal Tower that went at S$1,840 psf ppr, Dunearn Gardens at S$1,914 psf ppr and Royalville that bagged the highest rate at S$1,960 psf ppr.
Watten Estate is well located and just one kilometer from Nanyang Primary School and Raffles Girls’ Primary School. The Tan Kah Kee MRT Station is only 7-minute walk from this site.
Head of Investment Sales at Huttons Asia, Terence Lian said that his company had to adopt a new approach for residential collective sales as the market was hit hard by the new cooling measures that were announced last year July 2018.
They brought in architects to create a futuristic design concept for this freehold property prior to its launch.
Deputy Head of investment sales, Angela Lim added that the idea behind this design concept was to show the real potential of the site which can be redeveloped into a 242-unit resort style homes that leverage the natural landscape and environment.
This would serve as a big attraction for families that are looking for upscale properties with greenery in Bukit Timah Area
The tender closing date for Watten Estate Condominium is October 18.