The former Caldecott Broadcast Centre site in Andrew Road, fifteen 99-year good class bungalows (GCBs) are slated to be constructed. This could be the largest concentration of leasehold GCBs to be introduced in Caldecott Hill, which is primarily a freehold GCB neighbourhood.
In the initial phase, Perennial Holdings intends to redevelop the 752,015 square foot leasehold site into 15 villas, each featuring a substantial plot area varying in size from 1,400 square metres (15,070 square feet) to 23,300 square metres (250,800 square feet).
An entity jointly owned by Perennial and its chairman, Mr. Kuok Khoon Hong, paid $280.9 million for the site in late 2020.
“Due to the expansive plot sizes of these 15 bungalows, Perennial emphasised that future owners may potentially subdivide them into multiple bungalow plots,” the Urban Redevelopment Authority (URA) informed residents in a circular.
“A total of 26 bungalows, consisting of the initial 15 bungalows and an additional 11 bungalows in the future, have been simulated by Perennial.” “Minimum plot sizes of 1,400 square metres will apply to all subdivided bungalows,” the statement continued.
The Business Times and EdgeProp report that Mr Kuok, who is also the chairman and CEO of palm oil producer Wilmar International, is reportedly purchasing the largest tract (large enough to accommodate eleven GCBs) for his extended family.
Malaysian magnate Robert Kuok, the uncle of Mr. Kuok, is not participating in the endeavour, according to a Perennial spokesman.
The Bukit Timah region already contains a small number of 99-year leasehold GCBs, according to Mr. Samuel Eyo of Lighthouse Property Consultants.
“However, the former Caldecott Broadcast Centre site will be the largest cluster of 99-year GCBs in an enclave dominated by freehold GCB area in Caldecott Hill as well as the first large plot that can be subdivided into a number of 99-year GCB plots,” he added.
The URA had granted Mediacorp outline approval to redevelop the site, which is situated in the high class bungalow area of Caldecott Hill, into 65 two-story bungalows, each requiring a minimal land area of 800 square metres.
It reduced its proposal from 80 to 90 bungalows on a combination of 400 sq m and 800 sq m sites to 65 bungalows subsequent to its consultation with local inhabitants in February 2020. Late in 2020, the site was acquired by an entity that is a joint ownership of Perennial and Mr. Kuok.
Under the 2019 URA Master Plan, the site is presently designated for use by civic and community institutions. In order to convert it to residential use, the URA requires payment of a differential premium to the state.
Due to the leasehold site’s remaining lease term of 72 years, in order to extend the lease to a new 99-year tenure, the developer would additionally be required to pay the Singapore Land Authority a lease upgrading premium.
Certain analysts state that they are unable to provide insights regarding the potential pricing of the 15 proposed leasehold GCBs due to their ignorance of the development charges and the expenses associated with extending the tenure to 99 years.
“How much land is being set aside for road construction to the 15 GCBs is an additional unknown factor,” Mr. Eyo stated. “It will almost certainly be considerably less than the initial land area designated for road construction to the 65 GCBs that were initially proposed.” Consequently, at this time, the potential land prices per square foot that will be sold to future proprietors are unknown.
However, according to Mr. Eyo, the price difference between a newly developed freehold landed property and a newly developed leasehold landed property is typically between 20 and 30 percent.
Last year, the maximum price per square foot (psf) attained for a transaction in the Caldecott Hill GCB area was $36 million, or $1,537 psf, for a GCB located on Olive Road. Mr. Ian Ang, co-founder and chief executive officer of ergonomic chair retailer Secretlab, acquired the item.
“Perennial may attract buyers if it sells its 99-year GCB at a 30% discount to the guide cost to redevelop the Olive Road site that has a freehold tenure, $2,100 psf,” Mr. Eyo said.
As per the circular, Perennial has suggested that vehicle access to the 15 bungalows be obtained directly from the estate roads that are already in place in the Upper Thomson vicinity: Andrew Road, John Road, and Olive Road.
Additionally, along the perimeter of the property, Perennial will collaborate with the Land Transport Authority to enhance the estate roadways through the addition of public walkways and median vegetation patches, as well as the expansion of the existing vehicle carriageways.
According to the circular, an additional estate park will be established to facilitate pedestrian movement and enhance the connection between the southern and northern regions of the estate.
Frequently Asked Questions (FAQs)
Why did Mediacorp move out of Caldecott?
Mediacorp, Singapore's largest broadcaster, made a momentous decision to move out of their long-held location at Caldecott Hill. This move came as a surprise to many, as Caldecott Hill has been synonymous with Mediacorp for decades.
One reason for this move is the need for modernization. Caldecott Hill, while steeped in history, was beginning to show its age. The infrastructure was outdated, lacking the technological advancements required to meet the demands of today's fast-paced media landscape. Mediacorp recognized the importance of staying relevant in the digital age, thus made the strategic decision to relocate to a state-of-the-art facility that would better cater to their evolving needs.
Additionally, the move was driven by Mediacorp's aspiration to foster a vibrant media ecosystem. The new facility, named Mediapolis, is situated in one of Singapore's creative hubs, providing access to a diverse range of talent and fostering collaborations and synergies within the industry. This relocation reflects Mediacorp's commitment to staying at the forefront of innovation and supporting the growth of Singapore's media industry.
Furthermore, the move was a strategic business decision. While Caldecott Hill had undoubtedly become an iconic landmark for Mediacorp, the new facility offers greater cost-effectiveness and efficiency. By consolidating various departments under one roof, Mediacorp can streamline operations and achieve economies of scale. This move ensures that Mediacorp remains financially sustainable in an increasingly competitive media landscape.
Where is the former Mediacorp headquarters?
The former Mediacorp headquarters can be found on Caldecott Hill. This iconic building served as the broadcasting hub for Mediacorp, the largest media company in Singapore, for several decades. The address of the former headquarters is 1 Andrew Road, Singapore 299939.
Over the years, the Mediacorp headquarters on Caldecott Hill became synonymous with the Singaporean media industry. It housed numerous television and radio studios, production facilities, and offices for various departments. Many popular and beloved shows were produced within its walls, making it a cultural landmark in Singapore.
Where did the former Mediacorp Headquarters move to?
Mediacorp has moved its operations to its new headquarters, Mediacorp Campus, which is located in Buona Vista. The move was a significant step towards modernization and ensuring state-of-the-art facilities for the company.
Nonetheless, the former headquarters on Caldecott Hill holds a special place in the hearts of Singaporeans and continues to be recognized as an important part of the country's media history.