Braddell View fails in bid to go en bloc

Braddell View is the largest Housing and Urban Development Company estate in Singapore.
Braddell View is the largest Housing and Urban Development Company estate in Singapore.ST PHOTO: YEN MENG JIIN

Braddell View's attempt to sell en bloc, which was launched at a reserve price of $2.08 billion, closed on Tuesday without any bids.

Ms Tang Wei Leng, managing director of marketing agent Colliers International, said: "The Braddell View collective sale committee has instructed Colliers to enter into private treaty negotiation for the collective sale of the development, with a view to relaunch the tender if necessary."

The development at Braddell Hill is the largest of 18 Housing and Urban Development Company estates in Singapore. It has 918 residential units and two commercial units.

The reserve price of $2.08 billion works out to a land rate of $1,199 per sq ft per plot ratio, inclusive of the differential premium to intensify land use, and to top up the lease to a fresh 99 years, which is estimated at $795.1 million.

Braddell View's land area is 1.14 million sq ft, and the site has a leasehold tenure of 102 years from Feb 1, 1978, which translates to a balance lease term of about 61 years.

Meanwhile, Colliers said the collective sale of City Towers - a freehold development in District 10 - has been approved.

WHAT'S NEXT

The Braddell View collective sale committee has instructed Colliers to enter into private treaty negotiation for the collective sale of the development, with a view to relaunch the tender if necessary.

MS TANG WEI LENG, managing director of marketing agent Colliers International, on the next step after Braddell View's failed bid to sell en bloc.

City Towers was sold last year to a unit linked to Hong Kong tycoon Li Ka Shing for $401.9 million. However, it initially hit a snag after a pair of siblings, who own two units at the residential development in Bukit Timah Road, filed their objections to the collective sale.

It was previously reported that one of the issues revolved around the payment of the additional buyer's stamp duty rates if the sale went through.

Colliers added that the defendants have withdrawn their objections and the sale order approving the collective sale has been issued by the High Court.

A version of this article appeared in the print edition of The Straits Times on May 30, 2019, with the headline 'Braddell View fails in bid to go en bloc'. Print Edition | Subscribe