PRE 10 an entity which will be jointly owned by Perennial Real Estate Holdings and Mr Kuok Khoon Hong Winning Bid Price Outperforms in a Closely Contested Tender Exercise for the Former Caldecott Broadcast Centre Site, Marketed by CBRE and Showsuite. 

The sprawling hilltop site that formerly housed the iconic Caldecott Broadcast Centre was sold to PRE 10 Pte. Ltd. (“PRE 10”), an entity which will be jointly owned by Perennial Real Estate Holdings Private Limited (“Perennial Real Estate Holdings”) and Mr Kuok Khoon Hong, Chairman of Perennial Real Estate Holdings, for S$280.9 million in a closely contested tender exercise that closed on 9 December 2020.

Singapore’s national media network, The 752,015-square-foot island site currently has a balance lease term of 73 years and is zoned ‘Civic & Community Institution’ under the 2019 Master Plan.

Located at the heart of the prestigious 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 square metres per house. PRE 10, may, however, explore development options upon completion of the transaction.

Mr Michael Tay (郑兆能), Head of Capital Markets, Singapore at CBRE, who led the negotiations, said, “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.”

Real estate consultants CBRE and Showsuite Consultancy were jointly appointed by Mediacorp, to advise and market the property.

Mr Karamjit Singh, CEO of Showsuite Consultancy, said, “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.”