Freehold condominium Watten Estate will be up for collective sale by public tender on July 30 with a reserve price of S$536 million. This translates to a land rate of S$1,738 per square foot per plot ratio (psf ppr), sole marketing agent Huttons said on Monday.
The 104-unit development is located at 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, this can be redeveloped into 242 modern resort homes with an average size of 1,270 sq ft (118 square metres). 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 S$1,825 psf ppr, Huttons added.
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 a team of architects were engaged in the design of the property which adopts the slopes of the undulating site to capitalise on its redevelopment potential.
“We are fully aware that the residential en bloc market has been affected by last July’s cooling measures, and therefore, it is important to embark on a different approach in marketing a mega prime site like Watten Estate Condominium,” he added.
The public tender for the site closes on Oct 18 at 12 noon.