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Mediacorp has finally put up for sale the sprawling site that previously housed the Caldecott Broadcast Center on Andrew Road.
The sale, through a public contest, will close on December 9.
At 752,015 square feet, the site served as a broadcast hub for more than six decades until 2015, when Mediacorp moved to Mediapolis in One-North.
The media organization received blanket approval from the Urban Redevelopment Authority (URA) to remodel the site, located in the Caldecott Hill Good Class Bungalow (GCB) area, into two-story bungalows with a minimum land area of 800 square meters of House.
Appointed an architect to draw up a subdivision scheme for the 7ha site, with capacity for 67 bungalow plots, subject to approval.
GCBs are single-family homes located within one of 39 designated zones and have a minimum land area requirement of 1,400 square meters.
But there may be houses within these designated areas that do not meet the minimum size.
The site, currently zoned for use by civic and community institutions under the URA’s 2019 Master Plan, will have to be rezoned for residential use, which will involve the payment of a differential premium (DP) to the state.
The lease site has a 73-year lease term, which means the developer would also have to pay a Lease Enhancement Premium (UP) to the Singapore Land Authority for the lease to be extended to a new tenure of 99 years.
“The gross land value for a proposed bungalow remodel at the site is expected to exceed $ 400 million, including DP and UP, which would translate into a land fee in the region of $ 540 per square foot.
“The net value of the land could exceed $ 260 million,” said Karamjit Singh, CEO of Showsuite Consultancy, one of two consultants appointed to advise and market the property.
Based on the proposed 67 bungalow scheme, the cost of the land would be approximately $ 6 million per parcel.
At this price, a developer can break even at around $ 9 million to $ 10 million per bungalow.
Single-family homes are expected to be priced between $ 11 million and $ 14 million, subject to design and setup.
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