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About Watten Estate Condominium Sold at $550.8 million | Singapore Land Group and UOL won Watten Estate Condominium with a bid of $550.8 million. The condo is situated on Shelford Road specifically in the prime Bukit Timah area. Executive director of capital markets at JLL Tan Hong Boon said that the bid of $550.8 million used to buy Watten Estate Condo translates to a land rate of approximately $1,723 per square foot per plot ratio (psf ppr). In this, also the corresponding development charge and 8% bonus gross floor area were included.
Additionally, the vendors, especially the sole marketing agent that were involved in this deal were advised by Rajah and Tann Singapore LLP. On top of that, the sold condo, Watten Estate, was established in 1983. Moreover, the building consists of 104 units, including the apartments and townhouses. The condo sits on a freehold land measuring 220,241 sqft, having a gross plot ratio of about 1.4 according to (URA) Urban Redevelopment Authority’s 2019 Master Plan.
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Similarly, based on the average size of land measuring 1,076.4 sqft (100 sqm); the units could be revamped into a new development with 286 units. You can easily locate this building. That means; it is situated within one km of some two well-known primary schools such as the Raffles Girls as well as Nanyang.
On the other hand, the UOL Venture Investments formed the 80:20 joint venture companies also known as UVD4 or United Venture Development (No. 4), which is a wholly- owned subsidiary of Singland Residential Development and UOL Group which again is a wholly- owned subsidiary of Singapore Land Group.
Moreover, the joint venture, UOL Venture consists of 40 ordinary shares at $1 apiece, which stand for an 80% interest, whilst Singapore Land Group is much concerned in 10 ordinary shares.
To read on more upcoming launches, you may like to view Evelyn Newton (District 11), Kovan Jewel (District 19) and Sophia Regency (District 9).
