With developers placed huge interests in prime sites within CCR again in 2021, JLL Singapore presented them with Watten Estate, a medium site with price tag at S$500 million.
According to the property consultant, this is the owner’s 3rd attempts and over 80% of them have consented to the collective sale.
The property first put up for en bloc sale was back in 2007, with a reserve price set at S$480 million.
In 2019, the tender was launched again at the collective sale market, during that time the owners want S$536 million, which translated to a land rate of S$1,738 psf ppr.
Without success of their last 2 attempts and seeing the golden opportunity has arrived in 2021, the owners launched again, hoping that a buyer will be found this time.
The land price works out to around S$1,622 psf ppr base on the RP, after factored in additional 7% bonus GFA, the rate will bring down to S$1,570 psf ppr and the associated development charge.
Built in 1983, the freehold property consists of 104 townhouses and residential units. According to JLL, based on the necessary minimum average size of 100 sqm, it may be converted into 286 apartments.
The freehold elevated prime site which spans 220,241 square feet, is primary zoned for residential use, has a gross plot ratio of 1.4 and a maximum height of five storeys.
Tan Kah Kee MRT is around 450 meters distant from the redevelopment site.
The condo is served by many amenities in the area such as Adam Road Food Centre, Crown Centre, Coronation Shopping Plaza, Serene Centre, Cluny Court and King’s Arcade Shopping Centre. All are all within walking distance.
“With increasing sales from new developments in the Bukit Timah precinct reaching new heights, fierce rivalry from developers to bid much over the owners’ minimum price is expected,” said Tan Hong Boon, executive director at JLL.
The public tender for Watten Estate site will close on Oct 27, 2021 at 3pm.