Mediacorp’s Andrew Road site sold to Perennial for $280.9 mil

By Valerie Kor / EdgeProp Singapore | December 15, 2020 5:40 PM SGT
cbre - EDGEPROP SINGAPORE
The 752,015 sq ft site is located at the heart of the prestigious Caldecott Hill Good Class Bungalow area (Photo: CBRE)
SINGAPORE (EDGEPROP) - A sprawling 752,015 sq ft hilltop site where the former Caldecott Broadcast Centre formerly stood, was sold to PRE 10. PRE 10 is an entity jointly owned by Perennial Real Estate Holdings and Mr Kuok Khoon Hong, chairman of Perennial Real Estate Holdings.
The tender exercise, which closed on Dec 9, was hotly contested with multiple bids. CBRE and Showsuite Consultancy were jointly appointed by Mediacorp to market the property.
The site is located at the heart of the prestigious Caldecott Hill Good Class Bungalow area. Michael Tay, head of capital markets, Singapore at CBRE, says, “This is the largest private redevelopment site sold in 2020 and a testament to developers’ confidence in the Singapore market.”
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The land has a balance lease term of 73 years and is zoned ‘Civic & Community Institution’ under the 2019 Master Plan. Mediacorp was 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 sq m per house. PRE 10 may explore other options upon completion of the transaction.