The widely known hilltop site at Andrew Road that formerly housed Caldecott Broadcast Centre for years has been now sold to the entity which is jointly owned and managed by Perennial Real Estate Holdings and Mr. Kuok Khoon Hong, who is the chairman of the company. The deal was closed at about $280.9 mil.
This site was being marketed by Showsuit Consultancy and CBRE real estate consultants and they closed the tender recently on 9th December by announcing it as sold.
In an earlier statement given to the media, the Chief Executive of Showsuite Consultancy, Mr. Karamjit Singh, said that the estimated gross land value for the redevelopment of the proposed bungalow on this site is more than $400 million. This cost also includes the lease upgrading premium and differential premium and the price will be ultimately translated to the total land rate of $540 per square feet. He also stated that the net land value may be higher than $260 mil.
As per the Master Plan-2019 of Urban Redevelopment Authority, this 752,015 square feet site is currently having a 73 years of remaing lease. This property is mainly zoned for civic and community institutions.
Reports reveal that URA has granted the outlined approval for site redevelopment to the media organization. It is strategically situated in the centre of the Caldecott Hill GCB (Good Class Bunglow) area and the proposals say that redevelopment will include two-story bungalows and each house will comprises a minimal land area of approximately 800 square meters.
According to the latest news, the Perennial Real Estate, PRE 10, will check out all the possible development options after the ongoing transaction is completed. It is important to mention that this privately-owned site is one of the biggest private redevelopment plot of land that was sold in the year 2020 and it can open many new doors for the developers. The head of the capital markets, Mr, Michael Tay at Singapore CBRE completed the negotiation task for this site and he believes that purchases would consider viewpoints of most relevant authorities to go ahead with the redevelopment plan.
One spokesman from Perennial Real Estate Holdings recently said that the team is excited to lock this amazing opportunity as they have now owned a piece of the most popular and prime land. They are planning to make the best efforts for identifying the development options for this strategically located land.
Mr. Singh also revealed that this tender exercise was meant to attract several competitive bids in the real estate market. Several bidders were able to get closer top bidder. They believe that it is a rare and truly benefitting opportunity to acquire such a huge piece of elevated land and work on the redevelopment tasks. It is expected to serve the entire estate in the long run with the eventual harmonization of the land. However, the redevelopment project may take a few years ahead for completion.
Latest new launch condo