Braddell View's success may rest on site’s creative use
The price works out to a land rate of $1,199 psf per plot ratio, inclusive of the differential and lease top-up premium of about $795.1 million. (Photo: Colliers International)
Braddell View estate, Singapore’s largest private residential site, is set to be put up for en bloc sale on 27 March with a reserve price of $2.08 billion, revealed marketing agent Colliers International.
The price works out to a land rate of $1,199 psf per plot ratio (psf ppr), inclusive of the differential and lease top-up premium of about $795.1 million.
The former HUDC estate sits on a sprawling 1.142 million sq ft site and features 918 units of apartments, penthouses and maisonettes as well as two shops.
Colliers noted that the redevelopment site comprises two separate land parcels – Lot 4487X, which measures about 618,221 sq ft and Lot 4490X at around 524,055 sq ft.
“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,” said Colliers International managing director Tang Wei Leng.
“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,” she noted.
Within walking distance to MacRitchie Reservoir Park, Braddell View is near various amenities such as the healthcare hub in Novena, Mount Alvernia Hospital as well as schools including Raffles Institution, Raffles Junior College and Catholic High School.
It enjoys easy access to the CTE and PIE and is served by three MRT stations – the Braddell, Marymount and Caldecott MRT stations. The upcoming North-South Corridor near the development is also expected to improve accessibility.
Zoned residential under the 2014 Master Plan, the site has a gross plot ratio of 2.1 and will have a proposed total gross floor area of about 2,398,781 sq ft. Colliers expects the site to yield up to 2,620 new units averaging around 915 sq ft each, subject to relevant authorities’ approval.
The tender for Braddell View closes on 28 May.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email firstname.lastname@example.org