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SINGAPORE: The one that once housed the Caldecott Broadcast Center on Andrew Road was put up for sale through the provider Mediacorp, Singapore’s national media network. The top of the hill spans 752,015 square feet and served as a transmission center for more than six decades until 2015, when Mediacorp moved to its current location in Mediapolis.
Mediacorp has hired real estate experts, CBRE and Showsuite Consultancy, to advise and market the assets, which will be sold in a public finalizer that will end on December 9.
The 99-year island lease has a 73-year lease term lately and is divided into zones as a “civic and network institution” in the 2019 master plan. Located in the center of Caldecott Hill’s Classy Bungalow Area (GCB), Mediacorp has gained comprehensive approval from the Urban Redevelopment Authority (URA) for a two-story bungalow remodeling assignment with a minimum domain of 800 m2 consistent with The house.
Mediacorp has commissioned an architect to expand a subdivision scheme for the site, composed of bungalows, subject to approval by the authorities.
Showsuite Consultancy CEO Karamjit Singh said: “With the buildings liberated, the land is now ready for remodeling and harmonization with the immediate surroundings of elegant indifferent houses. These “junior-GCB” would perfectly meet the unattended middle segment of indifferent houses – the market between GCB and entry-level bungalows. There has been a large-scale allocation of any new, junior or conventional GCB, for a long time. The nearest proxy would be Sentosa Cove bungalows, which were introduced between 2005 and 2010. »
“As a result, the number of indifferent houses in Singapore has stagnated for decades. That 10,000 more 25 years ago and there are 10,000 more today. This represents less than 1% of the country’s total dwellings. During the same period, the average net wealth of the family is more than 300%,” Mr. Singh continued.
The gross land price for a bungalow remodeling allocation is expected to exceed S$400 million, adding a differential premium and a lease upgrade premium, resulting in an asset rate of S$540 consistent with the square foot (lb/ft2).
Based on the architect’s plan of the distributor of 67 bungalows, this would constitute a plot of approximately S$ 6 million according to the land. At this price, a development consistent with can strike a balance between S$9 million and S$10 million compatible with bungalow.
The value of new indifferent homes in the proposed progression is expected to be between $11 million and $14 million, design and configuration theme.
An application has been filed with the Singapore Land Authority (SLA) for approval under the precept of extending the lease to a new 99-year lease.
Michael Tay, Director of Capital Markets, Singapore at CBRE, added: “The belief in leasing has been replaced over the years. In a market where the price of loose capital is high, there is a developing generation of buyers who see more homes leased as an opportunity to tie up less capital for their homes, while achieving their ambitious goals. In doing so, they lose capital to invest in other assets to earn rental income. “
Tay said: “We are confident that developers will be excited about this opportunity, as the proposed ‘junior-GCB’ assignment will attract buyers and renovators to the bungalow property in a new logo area, with the added advantage of being a component of an established GCB area. »
“In addition to the prospect of remodeling the bungalows, we perceived that the ARU would possibly also be willing to reshape the site in a retirement village, a theme for a detailed evaluation,” Tay added.