Colliers International has today announced the relaunch of the collective sale tender for Braddell View estate – Singapore’s largest private residential site.

The property in Braddell Hill in Central Singapore was originally put up for sale on 27 March 2019 at the owners’ reserve price of SGD2.08 billion. The price will remain unchanged in the tender relaunch. After factoring the 7% bonus balcony Gross Floor Area (GFA), the estimated differential premium, and to top up the lease to a fresh 99 years, the price translates to a land rate of approximately SGD1,159 per square foot per plot ratio (psf ppr).

Braddell View, which sits on an approximate 106,121.1 sq m (1,142, 276 sq ft) hilltop site overlooking the lush MacRitchie Reservoir Park, comprises two shops and 918 units of apartments, maisonettes and penthouses. The plot has a lease tenure of about 102 years with effect from 1 February 1978. 

Ms. Tang Wei Leng (邓慧玲), Managing Director at Colliers International, 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. The Braddell View site is one of a kind and presents an exciting opportunity to create a new way of living by developing innovative housing options and a vibrant residential community. In addition, the site will also potentially benefit from the upcoming enhancements in the Bishan-Toa Payoh area under the Draft Master Plan 2019.”

Future residents at the new residential development in Braddell View could benefit from the proposed transformation of the nearby Bishan Sub-Regional Centre into a business hub under the Draft Master Plan 2019. This will see the injection of new offices that are integrated with community facilities, offering greater convenience and bringing jobs closer to home.

Quality healthcare is also easily accessible as the site is a stone’s throw from Mount Alvernia Hospital, which will be expanding its medical services with a new wing focusing on family-centric healthcare services. In addition, Health City Novena – which is a short drive from Braddell View – will also see new developments such as the Integrated Intermediary Care Hub, and the new National Skin Centre, which is due for completion by 2022.

Another potential development is the Toa Payoh Community Hub in nearby Toa Payoh neighbourhood. Studies are underway to integrate the Toa Payoh Town Park with other sports and community facilities.

Ms. Tang added, “Location, accessibility, convenience, good value, and being near schools are some of the key factors driving demand for homes. We believe the Braddell View site ticks the right boxes and should appeal to diverse groups of buyers given its attractive attributes. More importantly, this site offers excellent potential and will provide developers with a solid development pipeline over the next few years.”  

It is located near renowned schools including Marymount Convent School, Raffles Institution, Raffles Junior College, Catholic High School, CHIJ Secondary (Toa Payoh), and Raffles Girls’ School, which is expected to be fully operational in 2020.

The site is well-served by three surrounding MRT stations: the Braddell MRT on the North-South Line; and the Marymount and Caldecott MRT stations on the Circle Line. Come 2020, the Caldecott MRT station will be connected to the new Thomson-East Coast Line, providing even greater accessibility to the northern and eastern parts of Singapore. 

In addition, the upcoming North-South Corridor (NSC) near the Braddell View site will further improve accessibility and also help to reduce travelling time to the city when it is completed around 2026. The NSC is Singapore’s first integrated transport corridor featuring vehicular expressways, continuous bus lanes and cycling trunk routes. 

Depending on the size of their property, the owners of residential units could receive between SGD2.04 million and SGD4.03 million each upon the successful sale of Braddell View. Meanwhile, commercial shops owners could receive about SGD529,500 to SGD1.2 million following the sale of the development.

Under the Draft Master Plan 2019, the Braddell View site is zoned Residential with a Gross Plot Ratio of 2.1 and will have a proposed total Gross Floor Area of 222,854.3 sq m (approximately 2,398,781 sq ft). Subject to the Pre-Application Feasibility Study and relevant approvals, Colliers estimates that a maximum of 2,620 new residential units with an average size of 85 sq m (approximately 915 sq ft) could be built on the site.

The collective sale tender will close at 3pm on 25 September 2019.

Source: Colliers International