Sources : The Business Times, June 27, 2007
WATTEN Estate Condominium at Shelford Road off Dunearn Rd has been put up for collective sale through an expression of interest exercise.
So far, owners with more than 70 per cent of share values, but short of the minimum 80 per cent required, have signed the collective sale agreement, at a price believed to be around $400 million. This works out to $1,297 per square foot of potential gross floor area inclusive of development charges.
The 220,241 sq ft freehold site is zoned for residential use with a 1.4 plot ratio (ratio of maximum potential gross floor area to land area) and a five-storey maximum height. No development charge is payable, according to DTZ Debenham Tie Leung, which is marketing Watten Estate Condo. The site can be redeveloped into a new condo with about 200 units averaging 1,500 sq ft, market watchers reckon.
Currently, Watten Estate Condo has a total of 104 units comprising a block of apartments and four blocks of townhouses. Property tycoon Ng Teng Fong, who controls Far East Organization, is believed to own two units in the development. The expression of interest for Watten Estate Condo closes on July 20.
The property is near Raffles Girls’ Primary School, Nanyang Primary School, Hwa Chong Institution and National Junior College. The Botanic Gardens is a short drive away.
Lippo Realty recently paid $1,280 psf per plot ratio for Aura Park at Holland Road, which is also near Botanic Gardens.
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