“Leveraging our product DNA and experience in developing luxury collection projects like MeyerHouse, a high-end project which saw healthy take-up with all of its 6 penthouses sold, we plan to develop another luxury project with about 200 larger format units on elevated ground”
Business Times – UOL’s chief investment and asset officer Jesline Goh
23 Feb 2024
Jointly Developed By
Register your interest to receive the latest update and be first to view showflat.
Watten House By UOL – Location Map
|Jointly Developed By UOL & SingLand
|36 Shelford Road
|Proposed Residential Development Comprising Low Rise Residential Towers with clubhouse, swimming pool & communal facilities.
|Total Residential Units
|~ 200 (Large Format) TBC
|No. of Carpark Lots
|Residential Carpark lots (include accessible lots & EV lot) – TBC
|Expected Vacant Possession
Watten Estate Condominium Enbloc Clinched By UOL-SingLand JV for S$550.8m
Business Times – October 28, 2021
At the price tag of S$550.8 million, the deal is a 10.2 per cent premium to the S$500 million minimum price announced by the property’s marketing agent JLL in September 2021. WEC’s last collective sale attempt was launched in July 2019 at a reserve price of S$536 million. The property was first put up for en bloc sale in 2007 at the price of S$480 million.
In their respective bourse filings on Thursday (Oct 28), UOL and SingLand disclosed that the tender was awarded to their 80:20 joint venture (JV) between United Venture Investments (UVI) and Singland Residential Development (SRD). UVI and SRD are the wholly-owned subsidiaries of UOL and SingLand, respectively. UOL is a controlling shareholder of SingLand, which was formerly known as UIC (United Industrial Corporation). UVI will pay 80 per cent of the consideration or S$440.6 million for the acquisition based on its proportion of ownership of the JV, with SRD to fund the remainder.
Acquiring WEC is in the ordinary course of business and will enable both groups to replenish their land banks for residential development in Singapore, said both groups in their announcements. SingLand added that the JV parties intend to redevelop the property into a condominium, subject to the necessary approvals from relevant authorities. Both JV parties intend to formalise their terms in connection with the property’s acquisition and redevelopment – and share risks and rewards in proportion to their subsidiaries’ equity stakes in the JV.
“The acquisition is a timely replenishment for UOL Group as most of our projects are substantially sold. The prime freehold site is located in the exclusive residential enclave at Watten Rise, which is within 1 km of 2 prestigious primary schools, Nanyang Primary and Raffles Girls’ Primary schools,” commented UOL’s chief investment and asset officer Jesline Goh.
“Leveraging our product DNA and experience in developing luxury collection projects like MeyerHouse, a high-end project which saw healthy take-up with all of its 6 penthouses sold, we plan to develop another luxury project with about 200 larger format units on elevated ground,” she added.
According to data from the Urban Redevelopment Authority as at Oct 28, units at MeyerHouse have transacted for between S$4.4 million and S$14.2 million, at a unit price range from S$2,351 to S$2,740 per square foot (psf) over the last 2 years.
The Business Times understands from JLL that the estimated breakeven price of WEC’s redevelopment is around S$2,650 psf.
WEC comprises 104 units of townhouses and apartments built around 1983. Spanning 220,241 square feet, the freehold elevated site at 36-44 Shelford Road is zoned residential with a gross plot ratio of 1.4 and an allowable height of up to 5 storeys.
The property can be redeveloped into 286 units based on the mandatory minimum average size of 100 square metres, according to JLL.
In a press statement issued Oct 28, JLL’s executive director of capital markets Tan Hong Boon said the tender for WEC was “hotly contested” with several competitive and close bids above the S$500 million reserve price.
He noted that the $550.8 million sale price reflects a unit land rate of approximately S$1,723 psf per plot ratio, including an 8 per cent bonus gross floor area and the corresponding development charge.
“With this elevated site amidst the predominantly low-rise and landed housings in the surroundings, new units of the proposed development could potentially enjoy unblocked views over lush greenery,” said Tan.
We are pleased to offer you comprehensive information about your private home ownership.
NOTE: Upon submitting this form, permission is given for UOL Homes and their permitted agents to Call, SMS, Whatsapp or Email you on information and updates pertaining to your enquiry.
Proudly developed by:
While every reasonable care has been taken in preparing this wedsite, neither the Developer nor its agents will be held responsible for any inaccuracies or omissions. Visual representations, models, showflat displays and illustrations, photographs, art renderings and other graphic representations and references are intended to portray only artistic impressions of the development and décor and cannot be regarded as representations of fact. All areas and other measurements are approximate measurements and are subject to final survey. The development is subject to final inspection by the relevant authorities to comply with the current codes of practice. All information, specifications, renderings, visual representations and plans are current at the time of publication and are subject to change as may be required by the Developer and/or the relevant authorities. All statements are believed to be correct but shall not be regarded as statements or representations of fact. All plans and models are not to scale unless expressly stated and are subject to any amendments which are required or approved by the relevant authorities. The Sale and Purchase Agreement shall form the entire agreement between the Developer and the Purchaser and shall supersede all statements, representations or promises made prior to the signing of the Sale and Purchase Agreement and shall in no way be modified by any statements, representations or promises made by the Developer or its agents, which are not embodied in the Sale and Purchase Agreement.
The reader relies on the information provided herein at his/her own risk. Any information you may find in this website may be invalid over time, or inaccurate due to human error. The reader should carefully and independently consider and assess the merits and suitability of the information obtained, the investment objective, risk involved and affordability, before committing to buying any property or any investment.
Direct Property Links:
The Gazania Freehold D19 – Bartley MRT TOP Soon: www.the-gazania-lilium.sg Freehold D20, Lentor Modern At Lentor Central Launching 2022, Piccadilly Grand At Northumberland Road www.thepiccadillygrand.com.sg Launching 2022, www.lentormodern.com, The Lilium, Freehold D19 – Bartley MRT TOP Soon: www.the-gazania-lilium.sg, Canninghill Piers By Capitaland & CDL 99Y D06 , The AMO Residences, www.canninghillpiers-launch.sg, The Water Gardens 99Y – Canberra MRTwww.uol-watergardens.sg, Leedon Green Freehold D10 – Farrer Road MRTwww.leedongreen-mcl.com.sg, Midtown Modern 99Y D07 – Bugis MRTwww.guocoland-midtownmodern.com , One Bernam 99Y D02 – Tanjong Pagar MRTwww.01bernam.sg, Ki Residences – Brookvale Landed Enclave www.kiresidences-brookvale.com.sg, Other Property New Launch: www.propertypro.com.sg, Property Market & New Launch, www.wikiproperty.com.sg, AMO Residence, AMO UOL, Meyer House, UOL Homes, UOL Residences, UOL AMK Ave 1, UOL, Propertyguru, Singapore Property, Property, AMO Residence, Lentor Hills, Lentor Modern, Lentor Guocoland, Guocoland,LentorHIlls, Watten House, Watten Estate UOL, Pinetree Hill UOL, Pine Grove Condo, Amo Residences,