A consortium led by prominent businessman Kuok Khoon Hong has acquired the expansive 7-hectare site that once housed Mediacorp’s Caldecott Broadcast Centre for S$280.9 million. This marks a significant development in Singapore’s real estate landscape.
A Rare Redevelopment Opportunity
The site, located on Andrew Road within the prestigious Caldecott Hill Good Class Bungalow Area, boasts a remaining lease term of 73 years. Previously zoned for “civic and community institution” use, the successful bidder, PRE 10 (a joint venture between Perennial Real Estate Holdings and Mr. Kuok), has the potential to redevelop it into luxurious two-story bungalows with a minimum land area of 800 square meters each.
A Competitive Bidding Process
The tender for the Andrew Road site attracted considerable interest, with PRE 10’s bid emerging victorious after facing strong competition. According to CBRE’s head of capital markets in Singapore, Michael Tay, who led the negotiation, the under-bidders submitted offers very close to the winning bid. This highlights the immense appeal of this prime land parcel.
Looking Ahead
While Mediacorp received approval for the bungalow development plan, PRE 10 retains the flexibility to explore alternative development options upon finalizing the transaction. Perennial Real Estate Holdings expressed their excitement about this “rare opportunity to own a vast piece of prime land” and plan to explore options that best suit the exclusive location.
This acquisition by Mr. Kuok and Perennial Real Estate Holdings signifies a noteworthy chapter in the transformation of this prime real estate asset. The future development on the site is highly anticipated and is likely to garner significant interest within Singapore’s luxury property market.
