SINGAPORE, 19 March 2019 -- Colliers International (NASDAQ and TSX: CIGI) is pleased to announce that Braddell View estate – Singapore’s largest private residential site – will be put up for collective sale via public tender on 27 March 2019. This comes after owners of 80 per cent of the property - by both share value and strata area – have agreed to put the development on the market.
The owners’ reserve price of SGD2.08 billion translates to a land rate of SGD1,199 per square foot per plot ratio (psf ppr), inclusive of the differential premium to intensify land use and to top up the lease to a fresh 99 years which is estimated at SGD795.1 million. The Braddell View site has a lease tenure of about 102 years with effect from 1 February 1978.
Braddell View, a former Housing and Urban Development Company (HUDC) estate, was privatised in 2017 and sits on a sprawling hilltop site spanning 106,121.1 sq m (approximately 1,142,276 sq ft). The redevelopment site comprises two separate land lots: Lot 4487X (57,434.7 sq m or about 618,221 sq ft) and Lot 4490X (48,686.4 sq m or about 524,055 sq ft).
The development in Braddell Hill – comprising 918 units of apartments, maisonettes and penthouses as well as two shops – is the largest of the 18 HUDC estates in Singapore.
Ms. Tang Wei Leng (邓慧玲), Managing Director at Colliers International, said, “Given that this is a sizable development, it is likely to see interest coming from a consortium of developers. We expect interested parties to conduct extensive due diligence on the site and we will do our best to gather as much information as we can to help prospective tenderers assess the merits of the plot, as well as minimise potential risks and lower the level of uncertainty. In the coming weeks, we will be engaging the authorities to seek more clarity on traffic impact study, the feasibility of a phased redevelopment of the site, and even explore the possibility of selling the site as two separate plots.”
Perched on large elevated grounds overlooking tranquil nature sanctuary, the Braddell View site is close to a range of amenities such as the Mount Alvernia Hospital, the healthcare hub in Novena, and renowned schools including Marymount Convent School, Raffles Institution, Raffles Junior College, Catholic High School, CHIJ Secondary (Toa Payoh), and Raffles Girls’ School, which is expected to be completed at the end of 2019.
Ms. Tang added, “This site has all the makings of a great residential estate, with its prime location on raised land in the heart of Central Singapore, generous land area, as well as proximity to top schools, healthcare facilities and several MRT stations. It is also within walking distance to MacRitchie Reservoir Park – a gateway to Singapore’s lush nature reserves. These excellent attributes make the Braddell View site stand out from the rest and will present developers with an opportunity to create a signature project that will elevate their profile throughout the region.”
The redevelopment site enjoys excellent connectivity, with easy access to the Pan Island Expressway and Central Expressway. It is well-served by three surrounding MRT stations: the Braddell MRT on the North-South Line; and the Marymount and Caldecott MRT stations on the Circle Line. Come 2020, the Caldecott MRT station will be connected to the new Thomson-East Coast line, providing even greater accessibility to the northern and eastern parts of Singapore.
In addition, the upcoming North-South Corridor (NSC) near the Braddell View site will further improve accessibility and also help to reduce travelling time to the city when it is completed around 2026. The NSC is Singapore’s first integrated transport corridor featuring vehicular expressways, continuous bus lanes and cycling trunk routes.
Mr. Alex Teo (张树鹏), Chairman of the Braddell View Collective Sale Committee, said, “Having acquired the 80% consensus to take the collective sale process forward is a key milestone in our en bloc sale journey. We started the signing process a year ago and we knew then that it would not be an easy task given the large number of owners in the estate. I am heartened that owners have been open-minded, engaged and committed throughout the entire signing process, cognizant of the fact that the estate is ageing and in need of rejuvenation.”
The sizes of residential units at Braddell View range between 135 sq m and 313 sq m (about 1,453 sq ft and 3,369 sq ft). Depending on the size of their property, the owners of residential units stand to receive between SGD2.04 million and SGD4.03 million each upon the successful sale of the development. Meanwhile, owners of the commercial shops, which span 18 sq m and 48 sq m (194 sq ft and 517 sq ft), could receive about SGD529,500 and SGD1.2 million respectively.
Under the Master Plan 2014, the Braddell View site is zoned Residential with a Gross Plot Ratio of 2.1 and will have a proposed total Gross Floor Area of 222,854.3 sq m (approximately 2,398,781 sq ft). Subject to approval from the relevant authorities, Colliers estimates that up to 2,620 new residential units with an average size of 85 sq m (approximately 915 sq ft) could be built on the site, subject to Pre-Application Feasibility Study approval.
The tender for Braddell View will close at 3 pm on 28 May 2019.