Braddell View estate en bloc closes with no bidders

Image credit: Colliers International

The Braddell View estate en bloc closes with no bidders and the collective sale committee has instructed it marketing agent to enter into private treaty negotiation. The Braddell View estate en bloc sale tender closed at 3pm on 25 September 2019. Colliers International is the sole marketing agent for the Braddell View estate en bloc sale effort.

Braddell View estate en bloc
Image credit: Colliers International

The Braddell View estate en bloc sale effort pitched itself as a beneficiary from enhancements in Bishan-Toa Payoh region under the Draft Master Plan 2019.

Braddell View is a prominent hilltop site near three MRT stations and nature reserve, and is 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 $2.08 billion. When the property was relaunched for sale in August 2019, the price remained unchanged.

After factoring the 7% bonus balcony Gross Floor Area (GFA) and the estimated differential premium, the reserve price translated to a land rate of SGD1,159 per square foot per plot ratio (psf ppr).

Braddell View, which sits on a 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, Managing Director at Colliers International, describing the Braddell View estate en bloc effort said in August, “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 of 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 it is near 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. It was reported that several government agencies are looking at how the Toa Payoh town park can be integrated with other sports and community facilities.

Ms Tang said when the project was relaunched, “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.”

The Braddell View estate collective sale relaunch site 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 Braddell View estate collective sale relaunch 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 $2.04 million and $4.03 million each upon the successful sale of the Braddell View. Meanwhile, commercial shops owners could receive about $529,500 to $1.2 million following the sale of the development.

Under the Draft Master Plan 2019, the Braddell View estate collective sale relaunch 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 approval from the relevant authorities, 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, subject to Pre-Application Feasibility Study approval.

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Written by Ravi Chandran

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