Braddell View estate - the largest private residential site in Singapore - has relaunched its collective sale with the reserve price unchanged at an eye-watering $2.08 billion.
Apartment owners will stand to reap between $2.04 million and $4.03 million each, marketing agent Colliers International said yesterday. The units range in size from 1,453 sqft to 3,369 sqft. Shop owners are in line to get around $530,000 to $1.2 million.
After factoring in the 7 % bonus balcony gross floor area, the estimated differential premium and the cost of topping up the lease to a fresh 99 years, the reserve price translates to a land rate of about $1,159 per sqft per plot ratio (psf ppr), Colliers International said.
The property in Braddell Hill was initially put up for sale on March 27 but the tender closed in May with no bids, likely due to the estate's size and last July's property cooling measures.
Braddell View, which is on a 1.14 million sqft hilltop site overlooking MacRitchie Reservoir Park, comprises two commercial units and 918 apartments. The plot has a lease tenure of about 102 years with effect from Feb 1,1978.
Colliers International managing director Tang Wei Leng said: "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.
"In addition, the site will potentially benefit from the upcoming enhancements in the Bishan-Toa Payoh area under the Draft Master Plan 2019."
The proposed transformation of the nearby Bishan Sub-Regional Centre into a business hub could boost potential in the area, Colliers International said.
The site is near Mount Alvernia Hospital and Health City Novena, while the new National Skin Centre nearby will be completed by 2022.
Schools in the area include Marymount Convent School, Raffles Institution, Raffles Junior College, Catholic High School and CHIJ Secondary (Toa Payoh).
The mega site is also near Braddell MRT station on the North-South Line and the Marymount and Caldecott MRT stations on the Circle Line. Next year, Caldecott station will be connected to the new Thomson-East Coast Line.
The collective sale tender closes at 3pm on Sept 25.
Adapted From The Straits Times, August 14th 2019