Singapore’s former HUDC site, Braddell View, hits en bloc market again with the owners collectively agreeing on a staggering S$2.08 billion reserve price.
The gigantic site consists of 918 residential units and two commercial units. Each owner of the residential units would receive S$2.04 to S$4.03 million if the collective sale successfully pushes through.
Commercial shops owners, on the other hand, stand to receive S$529,500 to S$1.2 million.
Braddell View estate comes with a 102-year lease of which only 61 years remain.
The site has been originally placed on en bloc sale in this year March 27. But the tender closed with no bids in May.
This comes as no surprise according to property experts, given Braddell View’s size which may be a deterring factor.
Other factors that might have led to this “no-bid” closure include the implementation, in July of last year of new property cooling measures as well as the saturation of the en bloc market in the recent years.
Property experts, however, are in concurrence as to the great potential of Braddell View.
Tang Wei Leng, for example, one of Colliers International’s Managing Directors says that although developers are assessing the risks concomitant with acquiring huge site like Braddell View, they believe that these risks could be mitigated.
One way to mitigate these risks is by forming a consortium that would undertake the development of the site.
Braddell View covers a huge land area of 1.14 million square feet, is the largest ex-HUDC site to go on collective sale tender recently.
It sits strategically on a hilltop that overlooks MacRitchie Reservoir Park. Although tucked away from the frenetic activities of the main roads, nevertheless, it is close enough to Bishan-Toa Payoh.
Moreover, it is strategically located at the centre of three MRT stations, namely: Caldecott, Braddell and Marymount.
The new Caldecott Station (Thomson-East Coast Line) will be ready around 2020.
The en bloc site is also situated near important educational institutions like the Raffles Institution, Raffles Girls’ School, Raffles Junior College, and the St. Joseph’s Institution International.
It is also a short drive away from the Singapore Polo Club as well as from the Equestrian Federation of Singapore.
Additionally, it is just a few minutes’ drive from the popular Balestier’s eateries.
Beside the amenities mention above, the site is close to important healthcare facilities like the Mount Alvernia Hospital and the Health City Novena.
Other healthcare facilities that will be readily accessible to it in the near future include the new National Skin Centre (slated to be completed in 2022) and the Integrated Intermediary Care Hub.
The en bloc site has a lot of potentials given the upcoming enhancements (under the 2019 Draft Master Plan) within the Bishan-Toa Payoh area.
Moreover, the plans to transform the Sub-regional Centre of Bishan into a veritable business hub could bring in a feverish demand for new offices within the area.
Ms. Tang also thinks that Braddell View possesses the key factors that drive demands for homes.
She believes would readily appeal to various groups of buyers considering its strong attributes.
She further added that the attractive site has excellent potential for developers who would like to have a solid development pipeline in the coming years.
Properties within the fringes of the city, of course, are becoming more popular and developers would surely view the site as a gem.
Braddell View’s Public tender will close on September 25 at 3 pm.