Aurum Land pays $84.2 mil for a 37,155 sq ft freehold site at Watten Estate
The acquisition signals developer confidence in District 11 landed demand and could introduce new housing supply, with agents estimating achievable prices above $5,000 psf.
Aurum Land acquired a 37,155 sq ft freehold Watten Estate site for $84.2 million, or $2,266 psf, in a deal struck on Aug 28.
Body
Privately held property developer Aurum Land is acquiring two adjoining freehold plots in Watten Estate in a deal struck on Aug 28.
The properties comprise a plot of about 32,953 sq ft and an adjoining parcel of about 4,202 sq ft at 134 Watten Estate Road, bringing the total site area to about 37,155 sq ft.
An INLIS property title search records a purchase price of $84.2 million for the combined site, translating to a land rate of $2,266 psf.
Read also: Gilstead Court makes fourth collective sale attempt at $198 mil
[object Object]
A three-storey walk-up apartment development stands on the prime District 11 site. It was developed by Lucky Realty Company, a subsidiary of Far East Organization, the property group founded by the late property tycoon Ng Teng Fong.
The development dates back to the late 1970s. Far East Organization has held the apartments for lease for more than four decades. An agent listing in May showed a 2,406 sq ft, three-bedroom unit with an asking rent of $7,600 a month.
The Ng family has longstanding ties to the neighbourhood. Far East Organization developed Watten Estate in 1969.
Next door is Casa Perla, a development of seven detached houses by Chiu Teng Group founder Ng Teng Yeng, the younger brother of Ng Teng Fong. Six of the houses are leased, while Ng Teng Yeng’s former home is retained for the family’s use.
The 134 Watten Estate Road site is zoned for three-storey mixed landed housing. Jessica Lim of Realstar Premier Group, who represented Far East Organization in the transaction, says the site offers “significant redevelopment opportunity”.
The plot has the potential to be redeveloped into a mix of detached and other landed units. “It is a rare gem,” notes Lim. “The environment is nice and quiet, near a park and within walking distance of the cafes and restaurants at Greenwood Avenue.”
Read also: Sustained Land plans 776-unit condo in Thomson Road enclave after 16-year launch drought
Evelyn Lek of Realstar Premier Group represented Aurum Land in the acquisition. She points to several recent landed transactions in Watten Estate as pricing indicators.
On July 31, a semi-detached house at Watten Park sitting on a 4,030 sq ft freehold site changed hands for $11.1 million, or $2,754 psf. A day earlier, a semi-detached house at Watten Close on a 4,001 sq ft freehold site fetched $11.88 million, or $2,969 psf.
Meanwhile, a detached house on an 8,726 sq ft freehold site along Watten Estate Road was sold for $18 million, or $2,063 psf, based on a caveat lodged in June.
Aurum Land is no stranger to landed housing development. The developer, a wholly owned subsidiary of Woh Hup -- one of Singapore’s largest privately owned construction and civil engineering companies -- acquired Kew Lodge at 34 and 36 Kheam Hock Road in May 2023 for $66.8 million.
It subsequently redeveloped the 34,433 sq ft freehold site into Anagram Homes, an eight-home project comprising detached, semi-detached and terraced houses. The development is now fully sold.
Two detached houses at Anagram Homes changed hands in June. One, sitting on a 7,129 sq ft freehold plot, fetched $23 million, or $3,226 psf. The other, on a 4,661 sq ft plot, sold for $18.66 million, or $4,004 psf. Lek brokered the latter transaction.
Read also: Dunearn House sells 56% of units on launch weekend at average of $3,140 psf
Elsewhere in the neighbourhood, a new semi-detached house on Hillcrest Road, sitting on a 3,130 sq ft freehold site, was sold for $14.1 million, or $4,505 psf, based on a caveat lodged in July.
Against these benchmarks, Lim estimates that new houses developed on the Watten Estate site could achieve prices above $5,000 psf.
Lek believes this is “likely”, noting that new landed projects in the area have already achieved benchmark prices of about $4,000 to $4,500 psf. She expects Aurum Land’s redevelopment to set a “new benchmark for landed living”.
Another sizeable redevelopment site that changed hands earlier this year was the historic bungalow at 436 Dunearn Road. The property, sitting on a 24,190 sq ft freehold site, was sold for $55 million, or $2,274 psf, in March. Buyer Elevate Land intends to redevelop the site into a new mixed landed housing project.
Aurum Land’s latest acquisition is “the largest landed residential land sale by site area so far in 2026”, says Julian Yip, managing director of Realstar Premier Group.
Check out the latest listings for District 11 properties