UOL Residences: Creating A Masterpiece

Watten House is Jointly developed by UOL Group (“UOL“) and Singapore Land Group (“SingLand“)

UOL is dedicated to creating a ‘Masterpiece’ in its residential developments. It aims to go beyond just providing fine-living residences.  With emphasis on stunning architectural design, UOL homes seeks to build residential abode of class and distinction that creates lasting value and brings satisfaction to homeowners.

About UOL

UOL is a leading Singapore public-listed property company with a total assets of about $20 billion. It has a diversified portfolio of residential and commercial properties comprising development and investment propeties including hotels and serviced suites in Asia, Oceania, Europe and North America.

With a stellar track record of more than 50 years, UOL strongly believes in delivering product excellence and quality service. In her unwavering commitment to architectural and quality excellence, UOL has won many prestigious awards such as the FIABCI Prix d’Excellence Award, Aga Khan Award for Architecture, President’s Design Award and Urban Land Institute Awards for Execellence.

Watten House News Release

Watten Estate Condominium Enbloc Clinched By UOL-SingLand JV for S$550.8m

Business Times – October 28, 2021

UOL Group and Singapore Land Group (SingLand) have clinched a tender to purchase Watten Estate Condominium (WEC).

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.

DISCLAIMER:

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.