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Tue, December 15, 2020 – 5:10 pm
PRE 10 Pte Ltd, an entity that will be jointly owned by Perennial Real Estate Holdings and its chairman Kuok Khoon Hong, has secured the former Caldecott Broadcast Center site for S $ 280.9 million.
The property is being sold by Mediacorp.
The 752,015-square-foot island site currently has a 73-year lease term and is zoned for use by civic and community institutions under the 2019 Master Plan.
It is located in the heart of the high class bungalow area of Caldecott Hill. Mediacorp has received scheme approval from the Urban Redevelopment Authority (URA) for a proposed site remodel into two-story bungalows with a minimum land area of 800 square meters per home.
“PRE 10, however, can explore development options once the transaction is complete,” CBRE and Showsuite Consultancy said in a statement Tuesday.
The two companies were jointly appointed by Mediacorp to advise and market the property. The tender, which closed on December 9, was highly contested, the two firms said in a statement on Tuesday.
Michael Tay, Head of Singapore Capital Markets at CBRE, who led the negotiations, said: “This is the largest private redevelopment site sold in 2020, and this is testament to the confidence of developers in the Singapore market. We understand that the buyer will work with the relevant authorities to review remodeling options. “
Karamjit Singh, CEO of Showsuite Consultancy, said: “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 for redevelopment. . the entire property would benefit from the eventual harmonization of the plot with it “.
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