Hello š Hope you are well.
As promised, hereās part 2 of my Oct Property SpotlightĀ
The 1st launch I covered was Jāden, and the 2nd one is Watten House š
Major Launch 2 - Watten House
- District 10
- Freehold
- Large Formats ( Rare & Sought after in luxury market)
- Within 1km to Nanyang Pri & Raffles Girls Pri School
- Huge site area, but only 180 units
- 220,240.37 sqftĀ (For comparison, nearby Leedon Greenās land size is 290k sqft, but has 638 units)
- UOL + Singapore Land Group
What is the Value of Such Projects ?
When it comes to Prime locations, and the luxury market, the large formats are a benefit that buyers truly value.Ā
Here are some examples:
The Nassim – Interesting to note the 4 Bedder at 4k sqft, has made up to $4mil. Very strong gains.
Boulevard 88 – D10 Freehold
Already gone from $3.6k psf to $5k psf
NEW FUTURA – Another example, D9 Freehold
I always love to take a look at the transactions in these areas, because the numbers/ profits are so ābigā and nice to look at haha.
When Is The Next āWatten Houseā?
No more Government Release of freehold land means upcoming stock needs to come from En-bloc.
Here are the existing projects in the area that satisfies Freehold, Big Landsize, and 1km to Nanyang Pri + Raffles Girls Primary.
- The Shelford – 231k sqftĀ
- Gallop Gables – 253k sqft
- Spanish Village – 327k sqft (tried to enbloc, failed)
- Leedon Green – 296k sqft
- Leedon Residence – 476k sqftĀ
Most the projects here are either unbuilt/brand new, or fairly new. So not likely to see any new launches here anytime soon.
The only potential one is Spanish Village, but as we all know itās getting increasingly tough for enbloc sales to go through, Sellers want high prices, Developers are facing higher costs, affected by the latest GFA rulings, etc.
Even if it goes through, who knows that may take, and if they might build something similar to Leedon Green, with over 600 units. (Maximize profitability)
So for Watten House, with such a massive land size and only 180 units.
ā
In the current market where developers usually try to minimize space to increase profits..
This is something truly for the Freehold lovers who need and enjoy luxurious space š
FYI this launches 28 Oct 2023
Sincerely,
Daniel Kok
Real Estate Strategist
ERA
8100 7248
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