Former Mediacorp Caldecott Broadcast Centre site to be redeveloped by jointly owned by Perennial Holdings into 15 leasehold GCBs

Over the last two years, the plans to redevelop of the old Caldecott Broadcast Centre (CBC) have attracted the attention of those living nearby and surrounding areas, including Caldecott Hill, which is the Caldecott Hill Good Class Bungalow (GCB) Estate located in the heart of District 11.

Piccadilly Grand Condo Northumberland Road is conveniently located near The Farrer Park MRT Station.

The most recent update residents received was an email from URA on November 17 2021. It invited residents to attend a discussion session about the plans for development by owner-developer Perennial Holdings and its appointed architects, DP Architects.

In the circular that EdgeProp Singapore received a snapshot of, Perennial is proposing to transform the old CBC site in 15 GCBs, with areas ranging from 1,400 sq meters (15,070 sq ft) up to 23,300 square meters (250,801 sq feet). There is a chance that the site could be subdivided into larger parcels, however, the minimum size of land remains at 15,070 sq ft according to URA’s guidelines for planning for GCBs. The maximum amount of GCBs located on the site is set at 26.

Each of fifteen GCB parcels is via the existing roads, specifically Andrew, John and Olive Roads in accordance with the URA circular. Perennial will work together with the Land Transport Authority to enhance the roads by widening car carriageways. Improvements include planter strips and pedestrian paths around the perimeter of the site. The existing plants and walkways for pedestrians will remain to reduce the inconvenience for residents. A new park for the public will be created with the help of Perennial on the site and will function as a walkway for pedestrians connecting the northern and southern areas of the estate.

The speculation about the future plans on the CBC site started in the early part of 2020, when Mediacorp originally proposed the development of 80-90 bungalows on sites that measure 400 square metres (4,306 sq feet) as well as 800 square meters (8,611 sq feet). The proposed development was reduced to 65 bungalows and a minimum land sizes of 8,611 square feet in response to the feedback of residents.

“The people living there were worried about the effect on traffic and the potential disproportional effect of an increase in the number of dwelling units might affect the environment in an GCB zone” states Michael Tay, CBRE head of capital markets. Tay is one of the marketing agents who jointly worked on the CBC site two years ago alongside Karamjit Singh, CEO of Delasa (formerly Showsuite Consultancy).

To address residents’ concerns There were other versions of bigger bungalow plots that were located on the CBC site that culminated in Perennial selecting 15 full-fledged GCB sites with a minimum of 15,070 square feet. When asked for comment an Perennial Holdings’ spokesperson said: “We are still in the process of planning and cannot yet provide information.”

Perennial as well as its Chairman Kuok Khoon Hong won the auction of the previous CBC site in the month of December in 2020 with the bid that was $280.9 million. It was the most expensive private development site ever sold in that year.

Kuok is ranked the 12th richest person in Singapore at the end of 2021 according to Forbes Kuok is also the co-founder Chairman as well as CEO at Wilmar International which is one of the biggest palm oil producers as well as food processing firms. Kuok is believed to be planning to purchase the land of 250,821 sq feet to his extended family. The site is big enough to accommodate 11 GCBs and is expected to be constructed by Perennial.

“Today there aren’t any big GCB sites that are available to families that want to be with each other,” notes Singh of Delasa. “This offers a unique chance, and with the layout, the investment and infrastructure that has been built into the project will help to reduce any leasehold issues.”

The first major release of leasehold 99-year GCBs

The last time an enormous GCB plot was offered for sale was in 2003 the year that Raymond Ng of niche property developer BS Capital purchased a 276,112 sq ft freehold GCB site located in Bishopsgate by HSBC at $69.8 million. Ng then sliced the property into 16 small GCB sites that range from 15,070 sq feet to 16,000 sq feet for sale to owners who own the property. The purchasers then hired themselves to have their own architect design the homes.

URA However, it had stated that the developer-owner for the CBC site must offer these sites that have houses. Perennial will therefore be expected to sell fifteen GCB sites featuring bungalows that were designed in the style of DP Architects. Buyers could be offered some flexibility when it comes to designing and interior areas, according to CBRE’s Tay.

“This is the first of 99-year leasehold GCBs to be introduced,” says Tay. “In order to convince GCB buyers wanting to establish a presence in the most desirable Caldecott Hill Estate to sign up for the 99-year leasehold site the prices must be attractive compared to the freehold GCBs within the region.”

Samuel Eyo, managing director of Lighthouse Property Consultants, agrees. “The new GCB development on an earlier CBC site will definitely draw the attention of potential buyers,” Eyo declares. “There isn’t a lot of GCB inventory for sale currently, as some owners have removed their properties from auction, due to property cool measures, as well as worries regarding replacement costs as the prices for GCBs have risen over the last couple of years.”

in 2021 there was half dozen bungalow transactions on the Caldecott Hill Estate, based on caveats that were lodged by URA Realis (see table). This is the most significant level of activity for a decade.

The cost of freehold GCBs Old and new
The transaction prices of relatively recent, freehold GCBs in the area have already exceeded $2,000 per sq ft according to CBRE’s Tay, pointing out selling a house on Lornie Road. The property is located on freehold site that covers 10,529 square feet and was sold to the value of $26.8 million ($2,545 per square foot) as per the caveat filed last September. Its buyer was Diana Lim, according to an property record search. It is believed she is her mother’s daughter Lim Bee Huat, the founder of the local brand of cafes and food courts shops Kopitiam. It is believed that the property has been believed to had its completion five years ago, since written permission to redevelop the property was granted in 2015 as per EdgeProp Inspector.

A more dated house on an undeveloped freehold site with 9,900 square feet located at Caldecott Close was sold for $13.9 million, or $1,391 per square foot in accordance with an agreement signed in November. Its buyer was Christopher Han, an entrepreneur and the founder of plumbing and sanitary works firm Magnificent Seven Corp., as well as the founder and director of the operator and owner of a data centre Dodid The property was transferred by YTL DC, a Singapore-based subsidiary of Malaysia’s YTL Power, last December.

The most recent transaction was for the purchase of a GCB situated at the corner of Lornie Road and Joan Road. The price was $24.8 million, or $981 per square foot in accordance with the caveat filed on January 4 of this year. The GCB is freehold site with a total area of 25,272 sq. ft. The purchaser of the property was James Koh, founder, CEO and executive chairman of Fragrance Group, property developer and hotelier. The property was acquired in October, and the finalization extended to the beginning of January. The sale was handled through Bruce Lye, managing partner of SRI who refused to comment on the deal.

A trustee sale the property located at Lornie Road was listed at a cost that was $27 million ($1,068 per square foot) when it was put up for sale through expressions of interest late in 2020. The price of the purchase is only 8% lower than the initial price of the property.

The access for this property is currently through Lornie Road, but the new owner has the option to switch the access point from Lornie Road to Joan Road, subject to approval by authorities. The bungalow that is currently located on the site is around 40 years old. It was been constructed in the year 1982.
On the market

“Construction costs for the construction of a GCB in the present are anticipated to be around $600 per sq ft,” notes CBRE’s Tay.

The asking prices for old GCBs with freehold sites within the Caldecott area are about $1,700 currently. For example an GCB located at Joan Road sitting on a freehold site that covers 29,483 square feet is worth $50 million ($1,696 per square foot). The property is advertised through Mary Sai, executive director of capital markets and investment for Knight Frank Singapore.

Lee Hsien Yang, the brother of the Prime Secretary Lee Hsien Loong, and his wife, Lim Suet Fern, sold their bungalow at Caldecott Close last July, according to the results of a property Title Search. The bungalow is situated on the freehold site with 9,920 square feet.

Lee is offering for sale a bungalow that is located situated at Caldecott Drive. The property covers a gross floor space of 7,000 square feet and includes an underground swimming pool and basement. It is situated on the freehold site with 9,885 square feet. It is a property is currently leased, and is being offered for purchase at $16.8 million ($1,700 per sq ft). Knight Frank’s Sai is also advertising the property.

Alternative alternative to GCBs close to Botanic Gardens

Interest in GCBs within the Caldecott area is continuing to be strong as per SRI’s Lye and certain sellers being more realistic with their pricing because changes in the market that were taken last month. “It’s an intriguing option for Botanic Gardens, if prefer living close to a nature Park,” he adds.
The previous year an GCB which was under development in 2 Cluny Hill was sold for $63.7 million, which is a record $4,291 per square foot. The GCB is located on an undeveloped corner freehold site comprising 14,844 square feet and is located near Botanic Gardens. In addition, Lye brokered that sale too.

“With the cost of GCBs in the vicinity of Botanic Gardens having shot through the ceiling The Caldecott region is an excellent option for those who want to be close to MacRitchie Nature Trail and Reservoir Park,” he says.

The highest total price for an GCB within the Caldecott region is $36 million. That’s the sum Ian Ang, the 29-year-old co-founder and CEO of Secretlab the furniture company famous as a gaming furniture manufacturer paid in June last year for 23424 square feet, freehold GCB site situated at Olive Road. The land price was calculated to $1,537 per square foot The deal was negotiated through Stephen Ho, vice president of residential services at CBRE. The current bungalow located on the site was constructed in 1940 and Ang is expected to renovate it in the near future. The property was sold under the an existing lease.

“The draw of Caldecott Hill Estate is its serene surrounding,” notes Knight Frank’s Sai. In addition to its closeness the MacRitchie Nature Trail, and Reservoir Park, it is close to two new MRT stations, including Caldecott MRT Interchange Station for the Circle and Thomson-East Coast Lines; and Bukit Brown MRT Station located on the Circle Line.

Perennial is anticipated to start rolling out new leasehold GCBs for 99 years located on its CBC site at some point in the latter half of 2022.

“The renovation on the old CBC site is definitely an important factor in the increase in demand for this Caldecott Hill Estate,” says SRI’s Lye.