Sellers at Braddell View, Singapore’s largest residential site, are turning their attention to developers from Hong Kong or mainland China.
Spanning 1.14 million sq ft, the development above MacRitchie Reservoir Park was put up for sale in March for $2.08 billion or 1,159 per sq ft per plot ratio (psf ppr) – but failed to receive any bids. It is now back in the market, carrying the same price.
“In marketing Braddell View in this tender relaunch, we will continue to engage a multitude of developers from different markets, including those in Singapore, China and Hong Kong,” said Tang Wei Leng, managing director at Colliers International Singapore, which is handling the tender.
“Braddell View is an exciting proposition for developers, offering a sizable canvas on which to create a signature residential development that will redefine urban living and meet the evolving needs of homebuyers.”
She noted that Chinese and Hong Kong developers, including CK Asset Holdings’ Property Enterprises Development (Singapore), have launched residential projects in the city-state, including ones near the Braddell View site, reported South China Morning Post.
Tang added that they will reach out to developers, including those from Hong Kong and China, in marketing the property. The tender for Braddell View closes on 25 September.
Colliers revealed that the site could yield up to 2,620 new homes averaging 915 sq ft each.
And while it is still too early to know who will redevelop the sprawling residential site, it is expected that the future project will be popular amongst buyers from Hong Kong or mainlan China.
This comes as data from URA showed that Hong Kong buyers accounted for the sixth-laegest foreign buyer group in Singapore last year. Mainland Chinese, on the other hand, are the largest group of foreign purchasers across all market segments, acquiring 1,058 private homes within the city-state from 2017 up to July this year.
This is despite the government’s effort to curb foreign property buying due to exuberant property prices.
“Chinese and foreign (unspecified) nationals have been increasing their purchases of luxury properties quarter on quarter since the third quarter of 2018,” said Alan Cheong, head of research and consultancy at Savills Singapore. “And this is despite the higher additional buyer’s stamp duty that they need to pay.”
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Fiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email firstname.lastname@example.org