SINGAPORE (EDGEPROP) - Watten Estate Condominium (WEC), an elevated residential site at 36 to 44 Shelford Road in the prime Bukit Timah locality, has been launched for sale by tender on Sept 15. JLL is the sole marketing agent for the sale.

Read also: Watten Estate Condo to launch $536 mil collective sale bid

Built around 1983, WEC comprises 104 units of townhouses and apartments, with more than 80% of the owners’ consent to the collective sale.

WEC sits on a 220,241 sq ft site zoned for residential use at a gross plot ratio of 1.4 and an allowable height of up to five storeys. Based on the minimum price of $500 million, this translates to a unit land rate of approximately $1,622 psf per plot ratio (ppr). Taking into account an additional 8% bonus gross floor area and the corresponding development charge, the unit land rate will reduce to $1,570 psf ppr.

“WEC, with its popular District 11 address within 1km of two very well-sought after primary schools, namely Nanyang and the Raffles Girls’, can potentially be redeveloped into 286 residential units based on the minimum average size rule of 100 sq m,” says Tan Hong Boon, executive director at JLL.

WEC is situated amidst a primarily landed housing enclave. Other schools in the vicinity include Hwa Chong International School, Hwa Chong Institution, Nanyang Girls’ High School, Methodist Girls’ School, Saint Margaret’s Secondary School, National Junior College and NUS Bukit Timah Campus. Prominent international schools include the Singapore Korean International School, Hollandse School and Swiss School.

Tan Kah Kee MRT station on the Downtown line is within walking distance from WEC. It is also connected to other parts of Singapore via the Pan Island Expressway and major artery roads such as Dunearn Road, Bukit Timah Road and Farrer Road.

“With strengthening sales from new developments in the Bukit Timah precinct achieving new levels, keen competitions from developers to bid well above the owners’ minimum price are expected,” says Tan.

The tender for Watten Estate Condominium closes on Oct 27 at 3pm.

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