Simefield buys Watten Rise site for $80.8m - 27 Apr 07
Dan
Chan, has bought a mixed landed residential site at Watten Rise for
$80.8 million - a new benchmark of $872 per sq ft.
The strata-title development, comprising 52 units at 20-44 Watten
Rise, was put up for sale through an expression-of-interest exercise
last month.
The en bloc sale was handled by collective sale specialists Credo Real
Estate. The exercise closed on Tuesday and attracted 16 submissions
from developers, said Credo executive director Tan Hong Boon.
Under the 2003 Master Plan, the site is zoned for two-storey mixed
landed houses. Sin Heng Chan can choose to build a combination of
conventional terraced, semi detached and detached houses, as well as
strata terraces, strata semi-detached houses and strata bungalows.
Sin Heng Chan was among the first to venture into strata landed
housing with the award-winning Gilstead Brooks at Gilstead Road in
2002. Its subsequent projects include Barker Terraces and three
detached bungalows in Victoria Park. It is currently promoting two
Good Class Bungalows at Leedon Road and Belmont Road.
The Watten Rise site has a land area of 92,628 sq ft. It is near
several schools including Raffles Girls' Primary School, Nanyang
Primary School and Hwa Chong Institution.