Caldecott site sold to joint entity for $280.9m

The sprawling hilltop site that formerly housed the Caldecott Broadcast Centre in Andrew Road has been sold for $280.9 million to an entity that will be jointly owned by Perennial Real Estate Holdings and its chairman, Mr Kuok Khoon Hong.

PRE 10 Private Limited, the proposed entity, may "explore development options upon completion of the transaction", according to a statement yesterday.

Real estate consultants CBRE and Showsuite Consultancy, which were appointed to market the site, described the tender exercise that closed on Dec 9 as a "closely contested" one.

Colliers International (Singapore) research head Tricia Song noted that "without specific plans and cost, it is hard to comment on the transaction value. However, the apparent demand for this large plot of land reflects confidence in Singapore landed homes and its prime location".

Mediacorp had been granted an outline approval by the Urban Redevelopment Authority (URA) to redevelop the site, located in the Caldecott Hill Good Class Bungalow area, into two-storey bungalows with a minimum land area of 800 sq m per house.

The site, currently zoned for civic and community institution use under the URA's Master Plan 2019, will have to be rezoned to residential use, which will entail payment of a differential premium to the state.

The 752,015 sq ft leasehold site has a balance lease term of 73 years, which means the developer would also need to pay a lease upgrading premium to the Singapore Land Authority for the lease to be extended to a fresh 99-year tenure.

Perennial Real Estate's spokesman said yesterday: "We are excited to have this rare opportunity to own a vast piece of prime land, and will explore development options most befitting of the precinct it is strategically located in."

Mr Michael Tay, head of capital markets, Singapore at CBRE, said: "This is the largest private redevelopment site sold in 2020, and this is testament to developers' confidence in the Singapore market. We understand that the purchaser will be working with relevant authorities to review redevelopment options."

Mr Karamjit Singh, chief executive of Showsuite Consultancy, added: "The tender exercise attracted multiple competitive bids, with the under-bidders falling close to the winning submission. It is a rare opportunity to acquire a massive plot of elevated land for redevelopment. The entire estate would stand to benefit from the eventual harmonisation of the plot with it."

The site had served as a broadcast hub for more than six decades until 2015, when Mediacorp relocated to Mediapolis at one-north in Buona Vista.