The private preview for Watten House and Dunman Grand, a freehold condominium project by UOL Group and Singapore Land Group (SingLand) in District 10, sold 57%, or 102 out of 180 units of Grand Dunman Floor Plan. However, during the 2020 COVID-19 shutdown, the owner of a luxurious 4-bedroom flat on Farrer Road had to spend roughly $30,000 for repairs and increase the Grand Dunman pricing after rainfall leaks severely damaged oak flooring, closets, and door frames.
The private preview for Watten House, a freehold condominium project by UOL Group and Singapore Land Group (SingLand) in District 10, sold 57%, or 102 out of 180 units.
According to The Business Times, the average selling price per square foot (PSF) for the apartments was $3,230.
According to UOL, 96% of the purchasers were either Singaporeans or Singapore permanent residents.
Sales at the complex have far above projections, according to PropNex Realty CEO Ismail Gafoor.
Before the Additional Buyer’s Stamp Duty (ABSD) rates were increased in April 2023 as part of “cooling measures,” Gafoor said, “there were some concerns that buying demand would be severely affected because of the developer’s decision to build larger luxury homes.”
According to him, the market still has enough of cash to invest in exceptionally appealing new developments when they become available, as seen by the enthusiastic reception to recent projects like J’den and Watten House.
“Watten House is a bespoke freehold development in the upscale prime District 11,” Dr. Tan Tee Khoon, Country Manager – Singapore, PropertyGuru, stated. Only 180 apartments are available, and they’re all the bigger bedroom varieties that families with school-aged children choose because of the proximity to desirable schools.
The increased sales conversion rate on the day of sales launch may be attributed to the fact that the preview was by appointment only. It’s possible that the remaining 78 apartments will sell out quickly!
The exhibition apartment at Watten House is now closed after the VIP preview, but will reopen in 2019 for the public premiere.
Singapore Business Review, using PropertyGuru statistics, reported a drop in residential property supply and demand in Q3 2023.
The Singapore Property Sale Demand Index fell 14.4% QoQ, while the Sale Supply Index down 0.7%.
The Singapore Property Sale Price Index fell 1.8% QoQ, reversing the 1% rise from the prior quarter.
Due to increased house purchase prices and economic uncertainty, PropertyGuru suggests sellers may have paused before listing their homes.
The ABSD framework makes it expensive for foreign property owners to buy a new property, thus they may have held off on selling.
Suggested Article: PropNex launches a leadership strategy to boost growth and market share