The sprawling hilltop site that formerly housed the Caldecott Broadcast Centre in Andrew Road has been sold for $280.9 million to an entity jointly owned by Perennial Real Estate Holdings and its chairman, Mr Kuok Khoon Hong.
Real estate consultants CBRE and Showsuite Consultancy, which were appointed to market the site, described the tender exercise that closed on Dec 9 as a “closely contested” one.
Mr Karamjit Singh, chief executive of Showsuite Consultancy, said in an earlier statement: “The gross land value for a proposed bungalow redevelopment on site is expected to be in excess of $400 million, including DP (differential premium) and UP (lease upgrading premium), which would translate to a land rate in the region of $540 per sq ft.
“The net land value could be in excess of $260 million.”
The 752,015 sq ft site has a balance lease term of 73 years and is zoned for “civic and community institution” use under the Urban Redevelopment Authority’s Master Plan 2019.
The media organisation was granted an outline approval by the URA to redevelop the site, located in the Caldecott Hill Good Class Bungalow area, into two-storey bungalows with a minimum land area of 800 sq m per house.
PRE 10, the Perennial Real Estate entity, may “explore development options upon completion of the transaction”, according to Tuesday’s statement.
“This is the largest private redevelopment site sold in 2020 and this is testament to developers’ confidence in the Singapore market. We understand that the purchaser will be working with relevant authorities to review redevelopment options,” said Mr Michael Tay, head of capital markets, Singapore at CBRE, who led the negotiations.
Perennial Real Estate Holdings’ spokesman said: “We are excited to have this rare opportunity to own a vast piece of prime land and will explore development options most befitting of the exclusive precinct it is strategically located in.”
Mr Singh said: “The tender exercise attracted multiple competitive bids with the under-bidders falling close to the winning submission. It is a rare opportunity to acquire a massive plot of elevated land for redevelopment. The entire estate would stand to benefit from the eventual harmonisation of the plot with it.”
The site had served as a broadcast hub for more than six decades until 2015, when Mediacorp relocated to Mediapolis at one-north in Buona Vista.
source: The Straits Times