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Braddell View in bid to sell en bloc for $2.08b

Braddell View is trying its luck for a collective sale via public tender of its sprawling hilltop site for $2.08 billion on March 27.

The tender for the largest of Singapore's 18 former Housing and Urban Development Company estates will close at 3pm on May 28.

This is the second megasite in a month to jump on the collective sale bandwagon even as prospects are dimming, with many developers expected to give such sites a miss due to higher land acquisition costs after last year's cooling measures. A number of big projects have closed their tenders without a bid recently.

To read more: https://www.straitstimes.com/business/property/braddell-view-in-bid...

Adapted from: The Straits Times, 20 March 2019

Braddell View to launch S$2.08b en bloc bid

Singapore’s largest private residential site - Braddell View - will be launched for collective sale by public tender on March 27 at a reserve price of S$2.08 billion, with residential owners standing to receive between S$2 million and S$4 million each, marketing agent Colliers International said on Tuesday.

This comes after 80 per cent of the owners, by both share value and strata area, agreed to put the development on the market.

The reserve price works out to a land rate of S$1,199 per square foot per plot ratio, 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 tender will close at 3pm on May 28.

Braddell View's land area is 1.14 million sq ft, and the site has a leasehold tenure of 102 years from Feb 1, 1978, which translates to a balance lease term of about 61 years.

The redevelopment site comprises two separate land lots, one that is about 618,221 sq ft, and another that is about 524,055 sq ft, Colliers said.

The development in Braddell Hill is the largest of the 18 Housing and Urban Development Company (HUDC) estates in Singapore. It has 918 residential units and two commercial units. The residential units comprise 824 apartments, 78 maisonettes and 16 penthouses.

The sizes of residential units at Braddell View range from 1,453 sq ft to 3,369 sq ft (about 135 sq m to 313 sq m). Depending on the size of their property, owners of the residential units stand to receive between S$2.04 million and S$4.03 million each, upon successful sale of the development, Colliers said.

Meanwhile, owners of the commercial shops, which span 194 sq ft and 517 sq ft (18 sq m and 48 sq m), could receive between S$529,500 and S$1.2 million respectively.

Tang Wei Leng, managing director at Colliers, said: "Given that this is a sizeable development, it is likely to see interest coming from a consortium of developers. We expect interested parties to conduct extensive due diligence on the site, and will do our best to gather as much information to help prospective tenderers assess the merits of the plot, as well as minimise potential risks and lower the level of uncertainty.

"In the coming weeks, 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."

Separately, Alex Teo, chairman of the Braddell View collective sale committee, said: "Acquiring the 80 per cent consensus to take the collective sale process forward is a key milestone in our en bloc sale journey. We started the signing process a year ago, and we knew then that it would not be an easy task given the large number of owners in the estate. I am heartened that owners have been open-minded, engaged and committed throughout the entire signing process, cognisant of the fact that the estate is ageing and in need of rejuvenation."

Under the Urban Redevelopment Authority's Master Plan 2014, the site is zoned for residential use. It has a gross plot ratio of 2.1, and will have a proposed total gross floor area of about 2.4 million sq ft.

The development, which was completed around 1981, was the last HUDC estate to be privatised. Its privatisation in March 2017 marked the closure of the government's privatisation programme for HUDC estates.

Colliers estimates that up to 2,620 new residential units with an average size of about 915 sq ft could be built on the site, subject to approval from the relevant authorities.

Source: https://www.businesstimes.com.sg/real-estate/braddell-view-to-launc...

Adapted from: The Business Times, 20 March 2019

Two freehold redevelopment sites off Lavender Street up for sale

Two freehold redevelopment sites located off Lavender Street are up for sale by public tender, with indicative prices for 2 Cavan Road at S$47.4 million and 21 Cavan Road at S$12.6 million, joint marketing agents CBRE and HRL Properties said on Tuesday.

2 Cavan Road has a land area of about 20,100 square feet (sq ft) and houses a part-single-part-three -storey light industrial-cum-warehouse building, which is understood to have been built in the 1950s. If the property's existing building is conserved and incorporated into the proposed redevelopment, the development charge for this site will be S$18.9 million.

The smaller of the two sites, 21 Cavan Road, which has a land area of 8,529 sq ft, is across the street. A four-storey light industrial building that was completed in 1975 sits on the site. A development charge of S$15.5 million is payable for the redevelopment of this site.

After factoring in development charges, the guide price for each site works out to S$1,100 per square foot per plot ratio. Both sites are zoned "residential with commercial at first storey" with a plot ratio of 3.0 under the Urban Redevelopment Authority's 2014 Master Plan.

The statement added that the current gross floor area of both buildings is underutilised, hence the buyer can consider maximising the gross floor area of 2 Cavan Road to about 60,301 sq ft, and that for 21 Cavan Road to 25,588 sq ft upon redevelopment.

New extensions within the conservation guidelines of up to a six-storey building height are permitted, subject to relevant authorities' approval. Relevant development charges will also be applicable. As both sites belong to the same owner, approval from the Strata Titles Board will not be required.

Low Choon Sin, manager, capital markets, CBRE said keen interest from mid-sized developers and contractors is expected due to the "palatable quantum" as well as the potential to redevelop both sites into a boutique mixed-use development.

"Such mixed-use developments typically have a strong appeal to homebuyers due to the freehold tenure in a city fringe location," he said.

"The short walking distance to both Bendemeer and Lavender MRT stations are strong plus factors."

Source: https://www.businesstimes.com.sg/real-estate/two-freehold-redevelop...

Adapted from: The Business Times, 20 March 2019

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