Braddell View in bid to sell en bloc for $2.08b

Depending on the size of their units, Braddell View's residential owners stand to receive between $2.04 million and $4.03 million, while commercial shop owners can get between $529,500 and $1.2 million.
Depending on the size of their units, Braddell View's residential owners stand to receive between $2.04 million and $4.03 million, while commercial shop owners can get between $529,500 and $1.2 million.PHOTO: COLLIERS INTERNATIONAL

Second megasite in a month trying for collective sale amid fading market prospects

Braddell View is trying its luck for a collective sale via public tender of its sprawling hilltop site for $2.08 billion on March 27.

The tender for the largest of Singapore's 18 former Housing and Urban Development Company estates will close at 3pm on May 28.

This is the second megasite in a month to jump on the collective sale bandwagon even as prospects are dimming, with many developers expected to give such sites a miss due to higher land acquisition costs after last year's cooling measures. A number of big projects have closed their tenders without a bid recently.

But this has not deterred Pine Grove from launching its 660-unit site in Ulu Pandan Road in late February, after finally getting the 80 per cent mandate when it raised its asking price to $1.86 billion.

Two others - Mandarin Gardens and Dairy Farm - have also raised their reserve prices to $2.927 billion and $1.84 billion respectively to try to get the requisite 80 per cent before their collective sale agreements expire on March 24 and April 6.

Given Braddell View's size, marketing agent Colliers International said it will seek "more clarity on the traffic impact study, the feasibility of a phased redevelopment, and even explore the possibility of selling the site as two separate plots".

  • 2,620 

    The number of units the development can potentially yield.

  • 61 

    Number of years left on the 102-year lease development. 

  • $1,199 

    The land rate per square foot per plot ratio of Braddell View, based on its reserve price. 

Braddell View was privatised in 2017 and sits on a 1.14 million square foot site, which comprises two land lots: a 618,221 sq ft lot and a 524,055 sq ft lot.

The 102-year lease development has 61 years left on its lease.

"Given that this is a sizeable development, it is likely to see interest coming from a consortium of developers," said Ms Tang Wei Leng, managing director of Colliers International.

The 918-unit development can potentially yield up to 2,620 new units with an average size of 85 sq m or 915 sq ft, subject to Pre-Application Feasibility Study approval.

Pine Grove can potentially yield more than 2,000 units as well.

Braddell View's reserve price translates to a land rate of $1,199 per square foot per plot ratio, inclusive of the differential premium to intensify land use and to top up the lease to a fresh 99 years.

Depending on the size of their units, residential owners stand to receive between $2.04 million and $4.03 million, while commercial shop owners can receive between $529,500 and $1.2 million.

UPHILL JOURNEY

It wasn't easy because we had so many people with many different views. But good sense prevailed in the end. There were people who wanted more, but we have to be realistic.

EDUCATOR AND LONG-TIME RESIDENT LIEW BENG KEONG, on Braddell View's bid for a collective sale. 

Said educator and long-time resident Liew Beng Keong, 60: "It wasn't easy because we had so many people with many different views. But good sense prevailed in the end.

"There were people who wanted more, but we have to be realistic."

The site offers easy access to the Pan Island Expressway and Central Expressway, and is near three MRT stations - Braddell, Marymount and Caldecott.

By 2020, the Caldecott station will be connected to the new Thomson-East Coast Line, while the upcoming North-South Corridor will also help to cut travelling time to the city when it is completed around 2026.

A version of this article appeared in the print edition of The Straits Times on March 20, 2019, with the headline 'Braddell View in bid to sell en bloc for $2.08b'. Print Edition | Subscribe