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SINGAPORE: The site of the former Caldecott Broadcast Center on Andrew Road was sold for S $ 280.9 million, real estate consultants CBRE and Showsuite Consultancy said in a joint press release on Tuesday (December 15).
The 752,015 square foot site was sold to PRE 10, an entity that will be jointly owned by Perennial Real Estate Holdings and its president, Mr. Kuok Khoon Hong.
Caldecott Broadcast Center served as Mediacorp’s broadcast center for more than six decades until 2015, when the company moved to its current location in Mediapolis.
The 99-year lease island site currently has a 73-year lease term and is zoned as “Community and Civic Institution” in the 2019 Master Plan.
Located in the heart of Caldecott Hill’s Good Class Bungalow Area (GCB), Mediacorp has received blanket approval from the Urban Redevelopment Authority (URA) for a proposed site redevelopment into two-story bungalows with minimal land. 800 square meters. at home.
PRE 10, however, can explore development options after the transaction is complete, CBRE and Showsuite Consultancy said.
“This is the largest private redevelopment site sold in 2020 and this is testament to the confidence of the developers in the Singapore market. We understand that the buyer will work with the relevant authorities to review redevelopment options,” said Michael Tay, Capital Markets Director, Singapore at CBRE, who also led the negotiations.
Showsuite Consultancy CEO Karamjit Singh added: “The bidding exercise attracted multiple competitive bids and the sub-bidders came close to the winning submission. After all, it is a unique opportunity to acquire a massive parcel of elevated land to remodeling. the whole farm would benefit from the eventual harmonization of the plot with it “.
“Mediacorp would like to congratulate PRE 10, Perennial Real Estate Holdings and Mr. Kuok Khoon Hong on their successful bid for the Andrew Road site,” said Mediacorp.
“We would also like to thank CBRE and Showsuite Consultancy for the successful execution of the sale.”
