SINGAPORE - Freehold Watten Estate Condominium will be up for collective sale on July 30 with a reserve price of $536 million. This translates to a land rate of $1,738 per sq ft per plot ratio (psf ppr), sole marketing agent Huttons said on Monday (July 29).
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 sprawling 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 sq m). 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 $1,825 psf ppr, Huttons said. Recently concluded deals in the area include Royalville, sold at $1,960 psf ppr; Crystal Tower at $1,840 psf ppr, City Towers at $1,847 psf ppr and Dunearn Gardens at $1,914 psf ppr.
The condominium is located within a kilometre of Raffles Girls' Primary School and Nanyang Primary School. It is also a seven-minute walk from Tan Kah Kee MRT station.
Terence Lian, Huttons Asia head of investment sales, said that in the light of how the residential collective sale 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.
Elaborating, Ms 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 12 noon.