UOL and SingLand’s Watten House 57% sold in private preview at average of S$3,230 psf

PROPERTY developers UOL Group : U14 -0.16% and Singapore Land Group : U06 0%(SingLand) have sold 57 per cent, or 102 out of 180 units, at Watten House in District 11. (* see amendment note below)

At the end of a private preview on Saturday (Nov 18), UOL said that the units were sold at an average price of S$3,230 per square foot (psf).

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The company also noted that 96 per cent of the 102 buyers are Singaporeans and Singapore permanent residents.

The showflat was closed after the preview and will reopen for the development’s public launch next year.

Initially, there were some concerns as to whether buying demand will be severely affected due to the April 2023 cooling measures where the Additional Buyer’s Stamp Duty (ABSD) rates were hiked, and the developer had opted to build larger luxury homes which would mean higher overall price quantum.

Also noted that caveat data from the Urban Redevelopment Authority’s Realis platform showed that the average transacted price quantum for the core central region freehold non-landed new homes stood at about S$2.96 million and average unit price was around S$3,011 psf this year.

The positive buyers’ response at recent launch J’den, and now Watten House, indicates that the market still has ample liquidity to be deployed when highly attractive developments become available.

The recent healthy sales add a little shine to what has been dull primary market sales in the last couple of months – probably a good way to round out a year fraught with uncertainties. It should give developers some confidence to launch their projects next year.

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Located in Jurong East, mixed-use development J’den sold 88 per cent of its 368 residential units on launch day at an average price of S$2,451 psf.

Meanwhile, ERA Singapore chief executive said that there is a very limited supply of new freehold projects, and none of the four upcoming freehold projects to be launched are in prime districts.

Over the past two years, prices of freehold properties in prime districts grew four times faster than leasehold ones. This indicates a preference amongst prime location homebuyers for freehold properties in the post-Covid property upswing.

UOL shares closed down 1.8 per cent or S$0.11 at S$6.15, while SingLand shares closed up 1 per cent or S$0.02 at S$1.99 on Friday, before the private preview of Watten House.


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