PropertyGuru Files Annual Report on Form 20-F for 2023 Fiscal Year, 74% of Watten House Units Sold Since Launch, and More

26 Mar 2024

Singapore apartment housing with Central Business District city view daytime

19 – 25 March 2024

PropertyGuru Group Limited, the leading property technology (proptech) company in Southeast Asia, announced that it has filed its annual report on Form 20-F for the fiscal year ended 31 December 2023 with the Securities and Exchange Commission (SEC). Meanwhile, Watten House, a joint project of UOL and SingLand, witnessed robust sales, with 133 units or 74% of its 180 units sold since its official launch on 2 March 2024.


1. PropertyGuru files annual report on Form 20-F for 2023 fiscal year

PropertyGuru Group Limited, the leading property technology (proptech) company in Southeast Asia, announced that it has filed its annual report on Form 20-F for the fiscal year ended 31 December 2023 with the Securities and Exchange Commission (SEC), reported Business Wire.

The report is now available for access on PropertyGuru’s investor relations website as well as the SEC’s website.

Shareholders of the company can request a hard copy of the complete audited financial statements for free through the company’s investor relations website.

Launched in 2007 in Singapore, PropertyGuru has become the preferred destination of more than 34 million property seekers to connect with nearly 55,000 agents monthly. PropertyGuru offers over 2.8 million in real estate listings, solutions and in-depth insights to help property seekers make confident decisions.


2. 74% of Watten House units sold since launch

Watten House, a joint project of UOL and SingLand, witnessed robust sales, with 133 units or 74% of its 180 units sold since its official launch on 2 March, reported Singapore Business Review.

The units were sold at an average price of about $3,250 per sq ft (PSF). Notably, seven out of its eight exclusive penthouses were sold for $11.7 million to $14.5 million, or $3,440 PSF to $3,550 PSF.

Homebuyers exhibited a strong preference for 4-bedders and 5-bedders.

Prior to the official launch, an exclusive private preview held in November 2023 saw 102 units sold.

Singaporeans and Singapore Permanent Residents (PRs) accounted for about 95% of the buyers, with the rest being foreigners mainly from the USA and Switzerland.

“There are still choice units, including the 3-bedroom plus study to 5-bedroom units with private lifts for buyers to choose from,” said UOL General Manager Anson Lim.


3. Cuscaden Reserve sells 46 units at relaunch

Cuscaden Reserve sold 46 units or 56% of the units offered for sale during its relaunch, reported Singapore Business Review.

The units achieved an average selling price of a little over $3,000 PSF.

Meanwhile, two-bedroom units accounted for majority of the units sold.

Cuscaden Reserve still has 134 units available for sale out of the 192 units.


4. Construction works on NS Square begins

Construction works on the NS Square at Marina Bay has started, with completion expected in 2027, reported CNA.

Set to become a national landmark, NS Square will feature a permanent stage and grandstand that could accommodate around 30,000 people, up from The Float @ Marina Bay’s 27,000 capacity.

This means more people could attend the Marina Bay year-end countdown and National Day Parade.

The space could also be configured for various events like sports competitions and concerts or be used for weekend markets or recreation. NS Square will also house a National Service-themed gallery as a tribute to all national servicemen and their families.

Other public amenities at NS Square include a water sports centre, eateries and an elevated swimming pool.

A waterfront promenade wrapping around the stage will form part of a continuous loop around Marina Bay.

“It will be another jewel to add to the already impressive skyline around Marina Bay…and one given over to NSmen and their families to show our country’s deep appreciation,” said Defence Minister Ng Eng Hen.


5. 33 Devonshire up for rent

33 Devonshire, a 21-unit condominium development off Devonshire Road, has been put up for rent either wholly or individually, revealed exclusive marketing agent Huttons Asia.

The monthly asking rent stands at about $8 PSF which works out to around $8,000 for a 2-bedroom unit or around $10,000 for a 3-bedder.

Set to obtain its Temporary Occupation Permit (TOP) in Q1 2024, the 14-storey development has two units on each floor, with a penthouse unit occupying the whole level 14.

Each unit comes with a private balcony and large full-length windows.

Strategically situated beside the Orchard Road shopping belt, the development is also near Somerset MRT station. 


6. Still no bidder for St Regis Residences penthouse

A luxury penthouse at the St Regis Residences in Singapore failed to attract bidders during its third auction, despite a 14% price reduction to $15.5 million, reported Bloomberg.

Boasting a sweeping 180-degree panoramic view and a private pool, the 5-bedroom suite spans around 6,684 sq ft and is owned by Jonathan Tahir, scion of the Indonesian Tahir family.

Its last chance to sell at auction, the penthouse will now have to be sold privately. It is one of the luxury homes struggling to sell amidst the Singapore government’s crackdown on money laundering and a 60% stamp duty on foreign buyers.

The lacklustre auction, which was witnessed by fewer than 20 attendees, underscored the challenges facing developers such as City Developments, the company behind St Regis Residences. Other projects affected by the slump include The Cuscaden Reserve, which slashed prices by a fifth as nearly 70% of its 192 units remain unsold.


7. Money talk crucial before committing to a BTO

Before committing to acquire a Build-to-Order (BTO) flat, personal financial blogger Dawn Cher urged young couples to have the “money talk” first.

“Most people don’t realise this, but the biggest financial decision one makes in life is not which property to buy, but who they choose to marry,” she said in CNA article.

This comes as conversations and relationship dynamics significantly change after a couple gets locked in at such a huge financial commitment like acquiring a BTO unit.

She noted that the stakes and amount one stands to lose increases at every step of a BTO process. The couple could lose their application fee, option fee, down payment as well as stamp duty and legal fees.

Moreover, they could lose their first-timer applicant privileges and may be barred from balloting or buying another BTO unit for a year.

With this, she underscored the importance of financial compatibility.

“That compatibility is not measured based on your salary or savings – these things can change over time as your career develops – but rather, both of your attitudes towards money and how you deal with the differences,” she said.

She also suggests having transparent conversations about money early on to ensure both parties are on the same page financially.


8. Biggest housing concerns for Singaporeans

While buying an HDB flat is an exciting journey, it could easily be overwhelming for Singaporeans given the various factors to consider, reported AsiaOne.

Notably, affordability is one of the main concerns for most buyers. Bea, a 23-year old writer, acknowledges that HDB flats are the most affordable option for young couples, especially with the grants offered by the government.

The amount depends on the household income, with couples having a monthly income of $1,500 or less eligible for an $80,000 grant. First-timer couples eyeing a resale HDB flat could also avail of up to $190,000 in grants.

Another crucial factor to consider is location.

However, a good location could mean different things to different people. In fact, proximity to the city is not a priority for most people. Instead, their main considerations are proximity to family, price and nearby amenities.

Other concerns include oversubscription and waiting times.

Fortunately, BTO application rates have stabilised, which means fewer people are vying for each BTO unit. The median waiting times for flats have also reverted to pre-pandemic norms of three to four years.


9. Serangoon Gardens commercial shophouse on sale for $10.5 million

A 2-storey non-conservation shophouse on 79 and 79A Serangoon Garden Way has been put up for sale via an expression of interest (EOI) with a guide price of $10.5 million, revealed exclusive marketing agent Savills Singapore.

Boasting a prominent street frontage, the 999-year leasehold property occupies a 1,503 sq ft site that is zoned “Commercial” under the 2019 Master Plan with a plot ratio of 1.4.

It has a floor area of around 2,422 sq ft with car parking spaces at its doorstep as well as adjacent open-air carpark.

The property is fully leased, with a medical clinic occupying the ground floor and a baking studio at the upper floor.

Savills noted that foreigners and companies may acquire the property with no Additional Buyer Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) payable.

The EOI exercise for the shophouse closes on 23 April 2024.


10. Portfolio of HDB shophouses up for sale for $19.5 million

A portfolio of eight HDB shophouses across three different locations have been put up for sale via EOI with a guide price of $19.5 million.

Exclusive marketing agent CBRE shared that the properties in the portfolio may be sold individually or collectively.

The first opportunity, at Bras Basah Complex, 231 Bain Street, offers two HDB shophouse units measuring 1,798 sq ft and 2,777 sq ft, respectively. The properties have a quantum price of $8.9 million.

The second opportunity, at 119 Aljunied Avenue 2, involves three adjacent 2-storey HDB shophouses with a total strata area of 4,897 sq ft. The shophouses have a quantum price of $6.9 million.

Meanwhile, three HDB shophouses at 803 King George’s Avenue have a quantum price of $4 million. The properties comprise two adjacent ground floor units as well as a level 2 unit.

The EOI exercise for the shophouses closes on 23 April 2024.


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Fariza Salleh, Content Manager at PropertyGuru, edited this story. To contact her about this story, email: 


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