Published April 27, 2007

Simefield buys Watten Rise site for $80.8m

SIMEFIELD Pte Ltd, a subsidiary of niche property developer Sin Heng Chan, has bought a mixed landed residential site at Watten Rise for $80.8 million - a new benchmark of $872 per sq ft.

The strata-title development, comprising 52 units at 20-44 Watten Rise, was put up for sale through an expression-of-interest exercise last month.

The en bloc sale was handled by collective sale specialists Credo Real Estate. The exercise closed on Tuesday and attracted 16 submissions from developers, said Credo executive director Tan Hong Boon.

Under the 2003 Master Plan, the site is zoned for two-storey mixed landed houses. Sin Heng Chan can choose to build a combination of conventional terraced, semi detached and detached houses, as well as strata terraces, strata semi-detached houses and strata bungalows.

Sin Heng Chan was among the first to venture into strata landed housing with the award-winning Gilstead Brooks at Gilstead Road in 2002. Its subsequent projects include Barker Terraces and three detached bungalows in Victoria Park. It is currently promoting two Good Class Bungalows at Leedon Road and Belmont Road.

The Watten Rise site has a land area of 92,628 sq ft. It is near several schools including Raffles Girls' Primary School, Nanyang Primary School and Hwa Chong Institution.