Watten House District 11

[Kuromi]

Watten House (https://propertynew.sg/property/watten-house/)is located at the former Watten Estate Condominium. The freehold development was sold through a collective sales to UOL and Singland. The new development is slated to launch in October 2023. A highly sought after neighbourhood due to its prime district and near to several top schools of Singapore. Popular schools such as Nanyang Primary School, Raffles Girls Primary School. Tertiary schools which are close by are Hwa Chong Jc as well as National Junior College just to name a few.
This luxury condominium will have big floor plates and will be perfect for purchasers who are buying for own stay.

[Kuromi]

Watten House condo is slated to launch in Oct 2023. A luxury new condo at Shelford Road situated at the former Watten Residence Estate. It is built on an elevated hill with 8 blocks of up to 5storeys high.

https://propertynew.sg/property/watten-house/

[New Reporter]

UOL-SingLand sells 57% of Watten House at an average price of $3,230 psf

November 18, 2023

Singapore-listed UOL Group and Singapore Land Group (SingLand) announced that the joint venture partners had sold 102 (57%) out of 180 units on the first day of Watten House's private preview on Nov 18. The average price of the freehold condo on Shelford Road in prime district 11 was $3,230 psf.

"Watten House has ended the year well for UOL and SingLand," comments UOL Group CEO Liam Wee Sin. The new luxury development sits on a 220,241 sq ft site.

Units sold included three of eight penthouses in the development, says Anson Lim, UOL general manager (residential marketing). According to Lim, 96% of the 102 buyers were Singaporeans and permanent residents, purchasing for owner occupation and investment.

Lim attributes the strong sales to the site's "rarity and potential upside due to Watten House's location in a predominantly Good Class Bungalow locale with nearby renowned schools and lifestyle amenities".

Another draw was the design of the project, notes Liam. "Our design concept is of a palatial home characterised by an Asian touch, with vernacular roofs and elegant proportions," he says.

Watten House is a redevelopment of the former Watten Estate Condo, which UOL and SingLand purchased en bloc for $550.8 million in October 2021.
UOL will close Watten House's show flats and sales gallery following the private preview this weekend (Nov 18-19), with the public launch held next year.

More at: https://www.edgeprop.sg/property-news/uol-singland-sells-57-watten-house-average-price-3230-psf

[New Reporter]

Luxe condo Watten House preview sales surprise on the upside

Nov 19, 2023

SINGAPORE – Sales at Watten House in Bukit Timah exceeded expectations at its preview on Nov 18, with more than half of 180 units snapped up, putting paid to concerns that cooling measures have dampened demand for larger luxe homes in the prime district.

UOL Group and Singapore Land Group (SingLand) sold 57 per cent, or 102 units, of the luxury freehold project at an average price of about $3,230 per sq ft (psf) on the first day of Watten House’s preview, according to UOL. The public launch will take place in 2024.

Of the eight penthouses in Watten House, three were sold at between $11.7 million, or $3,440 psf, and $14.5 million, or $3,550 psf, UOL told The Straits Times.

The luxe condo project sits on the site of the former Watten Estate Condominium in Shelford Road that UOL and SingLand clinched via a collective sale in October 2021 at $550.8 million, or $1,723 per sq ft per plot ratio.

Of the 102 buyers, about 96 per cent are Singaporeans and Singapore permanent residents who are buying for their own occupancy, in view of the family-friendly unit size and proximity to numerous schools in the area.

The take-up rate was “beyond market expectations” in view of initial concerns over whether the April cooling measures and the higher overall price quantum for larger luxury homes would dampen demand, said PropNex Realty head of research and content Wong Siew Ying.

“Unlike other launches, there are no one- or two-bedders at Watten House. Prices for the three-bedders start from $3 million, while those for four-bedders are well over $5 million and five-bedders are priced from $7.4 million.

“Therefore, we think that the take-up rate is highly commendable, considering it is a luxe project with premium positioning, larger unit types, and a higher price quantum,” she added.

UOL Group chief executive Liam Wee Sin said: “Watten House has ended the year well for UOL and SingLand. This luxury development is a freehold project with a prestigious address, and we have developed this sprawling 5-acre site into a low density 180-unit development with high density greenery.”

Also fuelling demand is a limited supply of new private condos in the Shelford Road area, and only two of a total of four new freehold projects that debuted in 2023 are located in the prime district, analysts say.

Apart from Watten House, the other prime freehold project is the 78-unit Orchard Sophia in Sophia Road.

The remaining two new freehold projects launched in 2023 are on the city fringe, including Terra Hill in Pasir Panjang and The Continuum at Thiam Siew Avenue, said ERA key executive officer Eugene Lim.

ERA Singapore chief executive Marcus Chu noted that there are only four upcoming freehold projects in the pipeline.

These are located at the sites of the former Meyer Park in Marine Parade, Euro-Asia Apartments in Serangoon Road, Gloria Mansion in Pasir Panjang Road and La Ville in Tanjong Rhu Road. None of these are in the prime district.

He added that “140 out of 180 units in Watten House are large-format homes above 1,500 sq ft. These are rare. In the resale market, some of the highest gainers are large-format units in prime districts. And in the last five years, only 57 units of such sizes were launched in new projects in the vicinity”.

Mr Chu said: “Freehold properties are sought after for legacy reasons. Currently, just 34 per cent of existing new projects across Singapore are freehold. And in the past two years, prices of resale and new freehold properties in the prime district grew four times faster than those of leasehold properties.”

Based on URA Realis, the average transacted price for freehold non-landed new homes in the prime district was about $2.96 million and average unit price was around $3,011 psf in 2023.

Watten House is located near Tan Kah Kee MRT station, Nanyang Primary School and Raffles Girls’ Primary. Other schools in the vicinity include St Margaret’s Secondary, Hwa Chong Institution, Nanyang Girls’ High School and National Junior College.

The development is also near Coronation Shopping Plaza, Serene Centre and the Singapore Botanic Gardens.

Ms Wong noted that the healthy take-up at J’den in Jurong East and Watten House shows there is “ample liquidity to be deployed when highly attractive developments become available. Their healthy sales add a little shine to what has been dull primary market sales in the last few months.”

This should give developers some confidence to launch their projects in 2024, she added.

https://www.straitstimes.com/business/luxe-condo-watten-house-preview-sales-surprise-on-the-upside

[New Reporter]

UOL and SingLand’s Watten House 57% sold in private preview at average of S$3,230 psf

Nov 19, 2023

PROPERTY developers UOL Group and Singapore Land Group have sold 57 per cent, or 102 out of 180 units, at Watten House in District 11.

At the end of a private preview on Saturday (Nov 18), UOL said that the units were sold at an average price of S$3,230 per square foot (psf).

The company also noted that 96 per cent of the 102 buyers are Singaporeans and Singapore permanent residents.

The showflat was closed after the preview and will reopen for the development’s public launch next year.

PropNex Realty chief executive Ismail Gafoor said sales at Watten House surprised on the upside and were beyond market expectations.

“Initially, there were some concerns as to whether buying demand will be severely affected due to the April 2023 cooling measures where the Additional Buyer’s Stamp Duty (ABSD) rates were hiked, and the developer had opted to build larger luxury homes which would mean higher overall price quantum,” he said.

Gafoor also noted that caveat data from the Urban Redevelopment Authority’s Realis platform showed that the average transacted price quantum for the core central region freehold non-landed new homes stood at about S$2.96 million and average unit price was around S$3,011 psf this year.

“The positive buyers’ response at recent launch J’den, and now Watten House, indicates that the market still has ample liquidity to be deployed when highly attractive developments become available.”

He added: “The recent healthy sales add a little shine to what has been dull primary market sales in the last couple of months – probably a good way to round out a year fraught with uncertainties. It should give developers some confidence to launch their projects next year.”

Located in Jurong East, mixed-use development J’den sold 88 per cent of its 368 residential units on launch day at an average price of S$2,451 psf.

Meanwhile, ERA Singapore chief executive Marcus Chu said that there is a very limited supply of new freehold projects, and none of the four upcoming freehold projects to be launched are in prime districts.

“Over the past two years, prices of freehold properties in prime districts grew four times faster than leasehold ones. This indicates a preference amongst prime location homebuyers for freehold properties in the post-Covid property upswing,” he said.

UOL shares closed down 1.8 per cent or S$0.11 at S$6.15, while SingLand shares closed up 1 per cent or S$0.02 at S$1.99 on Friday, before the private preview of Watten House.

https://www.businesstimes.com.sg/property/uol-and-singlands-watten-house-57-sold-private-preview-average-s3230-psf