Yahoo Finance 
Braddell View estate to be put up for collective sale for S$2.08 billion
The Braddell View estate, Singapore’s largest private residential site, will be put up for collective sale via public tender on 27 March.
This comes after owners of 80 per cent of the 918-unit property agreed to put the development on the market, Colliers International said in a statement on Tuesday (19 March).
The owners’ reserve price of S$2.08 billion translates to a land rate of S$1,199 per square foot per plot ratio (psf ppr), inclusive of the differential premium to intensify land use and to top up the lease to a fresh 99 years which is estimated at S$795.1 million. The Braddell View site has a lease tenure of about 102 years with effect from 1 February 1978.
If successful, it will surpass the S$1.34 billion record held by the former Farrer Court, which was acquired by a CapitaLand-led consortium in 2007, as the most expensive en bloc sale.
Braddell View, a former Housing and Urban Development Company (HUDC) estate, was privatised in 2017. The redevelopment site comprises two separate land lots with a combined size of 1,142,276 sq ft.
The sizes of residential units at Braddell View range between 1,453 sq ft and 3,369 sq ft. Depending on the size of their property, the owners of residential units stand to receive between S$2.04 million and S$4.03 million each upon the successful sale of the development. Owners of the commercial shops, ranging between 194 sq ft and 517 sq ft could receive about S$529,500 and S$1.2 million.
“Given that this is a sizeable development, it is likely to see interest coming from a consortium of developers,” Tang Wei Leng, managing director at Colliers said.
“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,” Tang said.
Under the Master Plan 2014, 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 approximately 2,398,781 sq ft. Subject to approval from the relevant authorities, Colliers estimates that up to 2,620 new residential units with an average size of 915 sq ft could be built on the site.
The tender will close at 3 pm on 28 May.
