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SINGAPORE – The sprawling hilltop site that previously housed the Caldecott Broadcast Center on Andrew Road was sold for $ 280.9 million to an entity jointly owned by Perennial Real Estate Holdings and its chairman, Kuok Khoon Hong.
Real estate consultancies CBRE and Showsuite Consultancy, which were appointed to market the site, described the bidding exercise that closed on December 9 as “highly contested.”
Karamjit Singh, CEO of Showsuite Consultancy, said in a previous statement: “The gross value of the land for the proposed bungalow remodel on the site is expected to exceed $ 400 million, including DP (differential premium) and UP (premium lease improvement), 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.”
The 752,015-square-foot site has a 73-year lease term and is zoned for use by “civic and community institutions” under the Urban Redevelopment Authority’s 2019 Master Plan.
The media organization received blanket approval from the URA to remodel the site, located in the good-class bungalow area of Caldecott Hill, into two-story bungalows with a minimum floor area of 800 square meters per house.
PRE 10, the Perennial Real Estate entity, may “explore development options once the transaction is complete,” according to Tuesday’s statement.
“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, director of capital markets. , Singapore at CBRE, who led the negotiations.
A spokesperson for Perennial Real Estate Holdings said: “We are excited to have this rare opportunity to own a large parcel of privileged land and will explore the development options most suited to the unique compound in which it is strategically located.”
Singh said: “The bidding exercise attracted multiple competitive bids and the sub-bidders approached the winning submission. It is a unique opportunity to acquire a massive parcel of elevated land for redevelopment. The entire property would benefit from eventual harmonization of the plot with her. “
The site had served as a broadcast hub for more than six decades until 2015, when Mediacorp moved to Mediapolis on One-north in Buona Vista.
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