SINGAPORE: Singapore's largest private residential estate, Braddell View, has been relaunched for collective sale, announced marketing agent Colliers International on Tuesday (Aug 13).
The owners' reserve price remains unchanged at S$2.08 billion.
This is its second en bloc attempt, after a previous tender closed in May without any bids.
If the sale is successful, owners of residential units could receive between S$2.04 million and S$4.03 million, depending on the size of their property. The units range between 1,453 sq ft and 3,369 sq ft.
For commercial units, owners could receive about S$529,500 to S$1.2 million.
The reserve price translates to a land rate of about S$1,159 per square foot per plot ratio (psf ppr), after factoring in the 7 per cent bonus balcony gross floor area, the estimated differential premium, as well as the cost of topping up the lease to a fresh 99 years.
A former Housing and Urban Development Company (HUDC) estate, Braddell View was the last HUDC to be privatised in March 2017 - paving the way for an en bloc sale.
The estate, which sits on a hillstop site overlooking MacRitchie Reservoir Park, comprises 918 residential units and two shops. The plot has a lease tenure of about 102 years with effect from Feb 1, 1978.
The estate is near three MRT stations - Braddell on the North-South Line, as well as Marymount and Caldecott on the Circle Line.
Future residents could also benefit from the proposed transformation of the nearby Bishan Sub-Regional Centre into a business hub under the Draft Master Plan 2019, said Colliers International.
For a large site like Braddell View, a consortium of developers may be the way to go.
“Understandably, developers are assessing the risks associated with acquiring a large site. That said, there are ways to mitigate these risks - forming a consortium to undertake development being one of them," said Colliers International managing director Tang Wei Leng.
“Location, accessibility, convenience, good value and being near schools are some of the key factors driving demand for homes. We believe the Braddell View site ticks the right boxes and should appeal to diverse groups of buyers given its attractive attributes," added Ms Tang.
"More importantly, this site offers excellent potential and will provide developers with a solid development pipeline over the next few years.”
Colliers estimates that up to 2,620 new units with an average size of about 915 sq ft could be built on the site, subject to approval by the authorities.
The collective sale tender will close at 3pm on Sep 25.