Upsurge in Preview Sales for Luxe Condo Watten House
Watten House in Bukit Timah surpassed expectations during its preview on Nov 18, with over 50% of the 180 units sold, dispelling concerns about cooling measures affecting demand for high-end homes in the prime district.
UOL Group and Singapore Land Group (SingLand) successfully sold 57%, or 102 units, of the luxury freehold project at an average price of approximately $3,230 per sq ft (psf) on the first preview day, according to UOL. The public launch is scheduled for 2024.
Out of the eight penthouses, three were sold at prices ranging between $11.7 million, or $3,440 psf, and $14.5 million, or $3,550 psf, as per UOL’s statement to The Straits Times.
Situated on the former Watten Estate Condominium site in Shelford Road, acquired by UOL and SingLand through a collective sale in October 2021 at $550.8 million, or $1,723 per sq ft per plot ratio, Watten House attracted about 96% Singaporean and Singapore permanent resident buyers who are purchasing for personal use. The family-friendly unit sizes and proximity to numerous schools contributed to the high take-up rate.
Despite initial concerns over the April cooling measures and higher overall prices for larger luxury homes, the project’s success is considered “beyond market expectations,” noted Wong Siew Ying, PropNex Realty head of research and content. The absence of smaller units, with three-bedders starting from $3 million, four-bedders over $5 million, and five-bedders from $7.4 million, contributed to the commendable take-up rate.
Liam Wee Sin, UOL Group CEO, expressed satisfaction with Watten House’s performance, highlighting its freehold status, prestigious address, and transformation into a low-density 180-unit development on a sprawling 5-acre site with high-density greenery.
The limited supply of new private condos in the Shelford Road area and the scarcity of prime district freehold projects in 2023, with only two, including Watten House, located in the prime district, contributed to the project’s success. Analysts note that the healthy sales at J’den in Jurong East and Watten House demonstrate ample liquidity for highly attractive developments. This positive trend is expected to boost developers’ confidence in launching projects in 2024.
