Far East Organization Sells Singapore District 11 Property for S$84.2 Million
The freehold site, acquired by boutique developer Aurum Land, spans 37,155 square feet in Singapore's prime Bukit Timah enclave and is zoned for mixed-landed housing redevelopment.
Prime Land Transaction
Far East Organization, a property group controlled by Singapore’s third-richest billionaires Philip and Robert Ng, has completed the sale of a freehold asset in the city-state’s sought-after District 11. The transaction for the property located at 134 Watten Estate Road fetched S$84.2 million, equivalent to US$66.4 million.
The buyer is Aurum Land, a boutique property developer and wholly owned subsidiary of Woh Hup Group, one of Singapore’s largest privately owned construction and civil engineering firms.
Property Details and History
The site covers 37,155 square feet, translating to approximately S$2,266 per square foot. It comprises two plots, measuring about 32,953 square feet and 4,202 square feet respectively, within the prestigious Bukit Timah residential enclave. The land is zoned for mixed-landed housing and currently holds a three-story walk-up apartment complex.
Lucky Realty Company, a Far East Organization subsidiary, developed this complex in the 1970s, with Far East holding the property and renting out its units since then.
Redevelopment Potential
Aurum Land may redevelop the site into a combination of detached houses and other landed homes. Jessica Lim of Realstar Premier Group, who represented Far East Organization in the deal, indicated new homes on the site could command prices exceeding S$5,000 per square foot.
This projection, reported by EdgeProp Singapore, is based on several recent landed-property transactions in the surrounding area. The Ng family has historical ties to Watten Estate, with Far East having developed the neighbourhood in 1969.
This high-value transaction in District 11 highlights continued demand for prime freehold land in Singapore, particularly for redevelopment into luxury landed housing. For investors, it shows the enduring appeal of well-located residential sites that offer significant capital appreciation potential through redevelopment.
The deal also reflects strategic asset rebalancing by Far East Organization, whose controlling shareholders Philip and Robert Ng were ranked by Forbes earlier this month with a combined net worth of US$14.3 billion, positioning them as Singapore's third-richest individuals.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
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