SINGAPORE: The site of the former Caldecott Broadcast Centre at Andrew Road has been sold for S$280.9 million, real estate consultants CBRE and Showsuite Consultancy said in a joint press release on Tuesday (Dec 15).
The 752,015 sq ft site was sold to PRE 10, an entity which will be jointly owned by Perennial Real Estate Holdings and its chairman, Mr Kuok Khoon Hong.
Caldecott Broadcast Centre served as Mediacorp's hub for broadcast for more than six decades until 2015 when the company moved to its current location in Mediapolis.
The 99-year leasehold island site currently has a balance lease term of 73 years and is zoned "Civic & Community Institution" in the 2019 Master Plan.
Located at the heart of the Caldecott Hill Good Class Bungalow (GCB) Area, Mediacorp has been granted an Outline Approval by the Urban Redevelopment Authority (URA) for a proposed site redevelopment into two-storey bungalows with a minimum land area of 800 sq m per house.
PRE 10, may, however, explore development options upon completion of the transaction, said CBRE and Showsuite Consultancy.
"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," said Mr Michael Tay, Head of Capital Markets, Singapore at CBRE, who also led negotiations.
CEO of Showsuite Consultancy, Mr Karamjit Singh added: "The tender exercise attracted multiple competitive bids with the under-bidders falling close to the winning submission. It is after all, a rare opportunity to acquire a massive plot of elevated land for redevelopment. The entire estate would stand to benefit from the eventual harmonization of the plot with it."
"Mediacorp would like to congratulate PRE 10, Perennial Real Estate Holdings and Mr Kuok Khoon Hong on their successful bid for the Andrew Road site," said Mediacorp.
"We would also like to thank CBRE and Showsuite Consultancy for the successful execution of the sale."