Former Caldecott Broadcast Centre site to be redeveloped into 15 leasehold GCBs

Former Caldecott Broadcast Centre site to be redeveloped into 15 leasehold GCBs

EdgeProp Singapore

January 20, 2022

https://i.imgur.com/t4dbkER.png

For much of the past two years, the redevelopment plans for the former Caldecott Broadcast Centre (CBC) have roused the interest of residents in the vicinity, namely the Caldecott Hill Good Class Bungalow (GCB) Estate in prime District 11.

The latest update that residents received was a circular from URA dated Nov 17, 2021. It was an invitation to a sharing session on the development plans by developer-owner Perennial Holdings and its appointed architects, DP Architects.

In the circular, which EdgeProp Singapore received a snapshot of, Perennial is proposing to redevelop the former CBC site into 15 GCBs with land sizes ranging from 1,400 sq m (15,070 sq ft t) to 23,300 sq m (250,801 sq ft). There is a possibility of future subdivision of the bigger plots, but the minimum land size will be maintained at 15,070 sq ft, as per URA’s planning guidelines for GCBs. The maximum number of GCBs on the site will be capped at 26.

https://i.imgur.com/ikejBV6.png

Access to each of the 15 GCB plots will be from the existing roads, namely Andrew, John and Olive Roads, according to the URA circular. Perennial will be working with the Land Transport Authority to enhance these roads by widening the vehicle carriageways. Enhancements include new planting strips and pedestrian pathways along the edge of the site. The existing planting and pedestrian walkways will be retained to minimise inconvenience to residents. A new public park will be developed by Perennial within the site, and will serve as a pedestrian pathway linking the northern and southern parts of the estate.

https://i.imgur.com/pdATdqj.png

Read more at: https://www.edgeprop.sg/property-new...leasehold-gcbs

Former Caldecott Broadcast Centre to be redeveloped into 15 leasehold GCB plots

Jan 21, 2022

https://i.imgur.com/hngu4Kk.png

REAL estate and healthcare company Perennial Holdings is planning to redevelop the former Caldecott Broadcast Centre site into 15 Good Class Bungalows (GCBs), making it the first major 99-year leasehold GCB site to be launched.

The GCB plots will range from 15,070 sq ft to 250,801 sq ft. However, the larger plots could also be subdivided in the future to accommodate more GCBs, up to a maximum of 26 bungalows. The Urban Redevelopment Authority (URA) said the plots would have to be sold together with the GCBs.

Located in the prime District 11, the site is accessible from Andrew Road, John Road and Olive Road. However, owner-developer Perennial will work with the Land Transport Authority to widen vehicle carriageways as well as add new planting strips and pedestrian pathways. There will also be a new public park to connect the northern and southern parts of the estate.

The plans were revealed in a November 2021 internal circular which the URA distributed to residents, EdgeProp reported on Thursday (Jan 20). A Perennial spokesperson said on Thursday: "We are still in the planning phase and are not ready to provide details." Perennial and DP Architects had invited residents to a sharing session on their development plans.

Perennial and its chairman Kuok Khoon Hong won the 752,000 sq ft site tender in December 2020 for S$280.9 million. He is said to be taking the largest plot - large enough for 11 GCBs - for his extended family. Ranked as Singapore's 12th richest person in 2021 by Forbes, Kuok is also the chairman and chief executive of palm oil producer Wilmar International.

Michael Tay, CBRE head of capital markets and joint-head of advisory and transaction services, said that given the Caldecott Broadcast Centre's tenure, prices will have to be more attractive than those of new freehold GCBs in the area.

He added that "relatively new" freehold GCBs in the neighbourhood have transacted at over S$2,000 per square foot (psf). In September last year, a 10,529 sq ft freehold bungalow at Lornie Road sold for S$26.8 million or S$2,545 psf. Some 2 months later, another spanning 5,964 sq ft along the same stretch was snapped up for S$12 million or S$2,005 psf. Both bungalows were completed in 2000 and 2017, respectively.

Outside of the Caldecott vicinity, GCBs are also seeing buyer demand. A GCB spanning 14,844 sq ft on a freehold site near Botanic Gardens sold for S$63.7 million, or a record-breaking S$4,291 psf last year.