Watten Estate Condo Sold En Bloc To UOL-SingLand

Watten Estate Condo Sold En Bloc for S$550.8 million

En Bloc Fever Temperature in Singapore Went Up Again with Watten Estate Condo Site Latest Acquisition

Watten Estate Condominium, a district 11 collective site has successfully sold en bloc for S$550.8 million

UOL Group and Singapore Land Group (SingLand) won the tender bid and have acquired the site.

This might be the largest collective sale transaction in Singapore’s residential market this year 2021.

The sale price of S$550.8 million is a 10.2 percent premium over the property reserve price.

The tender was given to their 80:20 joint venture (JV) between United Venture Investments (UVI) and (SRD) Singland Residential Development, according to UOL and SingLand’s respective market filings on Thursday Oct 28.

UVI and SRD are UOL and SingLand’s completely owned subsidiaries, respectively. UOL owns a majority stake in SingLand, which was originally known as UIC (United Industrial Corporation).

UVI will pay 80% of the purchase price, or S$440.6 million, based on its share of the JV’s ownership, with SRD covering the remaining costs.

Both businesses stated in their releases that acquiring WEC is in the regular course of business and will help them to refill their land banks for residential construction in Singapore.

The JV parties want to rebuild the enbloc site into a luxury condominium, according to SingLand, pending the appropriate clearances from relevant authorities.

Both JV partners plan to formalize their agreements in connection with the acquisition and renovation of the property, and to share risks and gains in accordance to their subsidiaries’ equity shares in the JV.

Watten Estate Condo One of the Top Sales in 2021

Sold at S$550.8 million, Watten Estate Condo Site is the 2nd Highest Collective Sale in 2021.

Singapore En Bloc 2021 Record Sales

Prime Districts (CCR) is still the developer’s favourite hunting ground for land acquisition.

Watten Estate condo became the fourth sites that picked up by the hungry land Acquisitors in this prime zone.

Early this year, Mount Emily Road site at district 9 was sold, followed by district 11 Surrey Point redevelopment site.

In May, Maxwell House site in district 1 within CBD was sold to the joint venture of Chip Eng Seng, SingHaiyi and Chuan Holdings.

Hotly Contested Site with Several Bidders

Tan Hong Boon, JLL’s executive director of capital markets, stated in a press statement published Oct. 28 that the bidding for WEC was “hotly fought,” with numerous competitive and close offers exceeding the S$500 million reserve price.

He said that the $550.8 million sale price incorporates a unit land pricing of roughly S$1,723 psf per plot ratio, which includes an 7% bonus gross floor area and development fee.

“With this elevation location amidst the mostly low-rise and landed housings in the immediate vicinity, new luxury apartments of the proposed development might possibly have unobstructed views over lush vegetation,” Tan explained.

WEC Timely Acquisition and Redevelopment Plan

“The purchase comes at a good moment for UOL Group, since most of our projects are nearly sold out.

The premium freehold property is in the elite Watten Rise residential enclave, about 1 kilometer from two prominent primary schools, Nanyang Primary and Raffles Girls’ Primary “Jesline Goh, UOL’s chief investment and asset officer, noted.

We want to construct another luxury project with roughly 200 bigger format apartments on elevated ground.

Leveraging our product DNA and expertise in producing premium collection projects like MeyerHouse, a high-end property that experienced good take-up with all of its 6 penthouses sold,” she added.

Units Sale Price Around the Prime Zone

According to statistics from the Urban Redevelopment Authority as of Oct 28, apartments at MeyerHouse had sold for between S$4.4 million and S$14.2 million over the previous two years, with unit prices ranging from S$2,351 to S$2,740 per square foot (psf).

According to JLL, the expected breakeven price for WEC’s new project is roughly S$2,650 per square foot.

WEC is a 104-unit townhouse and apartment complex established in 1983.

The freehold elevated site at 36-44 Shelford Road is designated residential under URA Master Plan and spans 220,241 square feet.

It has a gross plot ratio of 1.4 and a maximum height of 5 storey.

According to JLL, the property may be rebuilt into 286 apartments based on the required minimum average size of 100 square meters.

Watten Estate Condo En Bloc All Details
Watten Estate Condo Sold En Bloc Pinterest
  • Status: SOLD

  • Tenure: Freehold

  • Land Size: 220,241 square feet

  • Total Units: 104

  • Gross Plot Ratio: 1.4

  • Nearest MRT: Tan Kah Kee (450m)

  • Address: 36 – 44 Shelford Road

  • District: 11

  • Singapore Region: Core Central Region

  • Marketing Agents: JLL Singapore

  • Reserve Price: S$500 million

  • Sale Price: S$550.8 million

  • Date of Sale: October 2021

  • Buyer: UOL-SingLand JV

  • New Development: TBA

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