The vast hilltop property on Andrew Road that was formerly home to the Caldecott Broadcast Centre has been sold for $280.9 million to a company headed by Perennial Real Estate Holdings and its chairman, Mr. Kuok Khoon Hong.
Approved to sell the location, CBRE and Showsuite Consultancy called the bidding process, which ended on December 9, “closely contested”.
“The gross land value for a proposed bungalow redevelopment on site is likely to be in excess of $400 million, including UP (lease upgrading premium) and DP (differential premium), which would be converted to a land rate in the region of $540 per sq ft,” said Mr. Karamjit Singh of Showsuite Consultancy in an earlier statement.
“The net land value could exceed $260 million.”
The 752,015 square foot property is classified for “civic and community institution” use under the Urban Redevelopment Authority’s Master Plan 2019 and has a balance lease term of 73 years.
The URA gave the media company outline consent to rebuild the property in the Caldecott Hill Good Class Bungalow area into two-story bungalows with a minimum land size of 800 square metres each dwelling.
Tuesday’s announcement said that PRE 10, the Perennial Real Estate company, may “explore development options upon transaction completion”.
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“This is proof of developers’ faith in the Singapore market—it is the biggest private redevelopment site sold in 2020. Leading the discussions was Mr. Michael Tay, head of capital markets, Singapore at CBRE. “We understand that the developer will be liasing with relevant authorities to review redevelopment options.”
Spokesman for Perennial Real Estate Holdings said, “We are excited to have this rare opportunity to own a vast piece of prime land and will look at development options most beneficial to developer and also the Caldecott Hill precinct.”
“The tender exercise attracted multiple highly contested bids.” Mr. Singh added. Getting a large piece of elevated land for construction is a rare chance. The plot eventually harmonising with it would be advantageous to the estate as a whole.”
Up until 2015, when Mediacorp moved to Mediapolis at one-north in Buona Vista, the facility has functioned as a broadcast centre for almost 60 years.