The required 80% consent has been received for the en bloc sale of Braddell View which is the largest of the 18 HUDC estates in Singapore.
The marketing agents for this sale Colliers International confirmed this to the media earlier in the week on Wednesday (February 06).
Tang Wei Leng, Managing Director for Colliers International also stated that there is still a 5-day cooling-off period and also the consent arrived at is still under legal verification.
He further added that once the cooling-off period expires and the legal verification is over the consulting group shall update the status of the signing process.
The next announcement for this collective sale is expected to come in the next week.
Braddell View holds the title of being Singapore’s biggest private residential site and sits on an area of 1.14 million sq ft.
The reserve price for the sale has been fixed at a staggering S$2.08 billion. Going by the reserve price the land rate would translate to S$1,214 psf ppr (per square foot per plot ratio).
The asking price for the sale is inclusive of the estimated S$831 million which will go as premium for lease upgrading and also differential premium payable for the site.
The site still has 61 years of balance remaining on its 102.5-year leases tenure that has started in the month of February, 1978.
At present the property has 918 residential apartments along with two commercial units. There are 824 apartments apart from 78 maisonettes and 16 luxurious penthouses.
As per the 2014 Master Plan of the Urban Redevelopment Authority the site has been zoned as residential area and has a plot ratio of 2.1.
Braddell View was completed in 1981 and was privatized in March 2017 which made it the last among the HUDC estates to be privatized and also marked an end of the privatization program that was initiated by the government.