A UOL-SingLand joint venture have successfully won a tender to purchase Watten Estate Condominium (WEC) for $550.8 million. This deal is a 10.2 percent premium to the $500 million minimum price announced by the property’s marketing agent JLL in September 2021.
WEC’s last en bloc attempt was launched in July 2019 at a reserve price of $536 million. The property was first put up for en bloc in 2007 at the price of $480 million. The prime freehold site is located in the exclusive residential enclave at Watten Rise, which is within 1km of 2 prestigious primary schools, Nanyang Primary and Raffles Girls’ Primary Schools.
It is understood from JLL that the estimated breakeven price for the redevelopment of Watten Estate Condominium is around $2,650 psf.