Watten Estate Condominium up for collective sale with $500 million minimum price

The property comprises 104 units of townhouses and apartments built around 1983.
The property comprises 104 units of townhouses and apartments built around 1983.PHOTO: SCREENGRAB FROM GOOGLEMAPS

SINGAPORE (THE BUSINESS TIMES) - Watten Estate Condominium in Shelford Road has been put up for collective sale via tender with a minimum price of $500 million, said marketing agent JLL.

Spanning 220,241 sq ft, the freehold elevated site is zoned residential with a gross plot ratio of 1.4 and an allowable height of up to five storeys. At the minimum price, this amounts to about $1,622 per sq ft per plot ratio (psf ppr), or $1,570 psf ppr after factoring in an additional 8 per cent bonus gross floor area and the corresponding development charge.

The property comprises 104 units of townhouses and apartments built around 1983. According to JLL, it can be redeveloped into 286 units based on the mandatory minimum average size of 100 sq m.

The condominium is about 650m away from Tan Kah Kee MRT station. In its vicinity are Coronation Shopping Plaza, King's Arcade Shopping Centre, Crown Centre, Serene Centre, Cluny Court and Adam Road Food Centre.

JLL executive director Tan Hong Boon said: "With strengthening sales from new developments in the Bukit Timah precinct achieving new levels, keen competition from developers to bid well above the owners' minimum price are expected."

The tender will close on Oct 27 at 3pm.