The price works out to a land rate of around $1,159 per sq ft per plot ratio (psf ppr), after taking into account the seven percent bonus balcony area, the estimated differential premium and to top up the lease to a fresh 99 years. The hilltop site has a leasehold tenure of around 102 years starting from 1 February 1978.
Nestled on a 1,142, 276 sq ft site, Braddell View comprises two shops as well as 918 apartment units, maisonettes and penthouses. It was previously put for up en bloc sale on 27 March.
“Understandably, developers are assessing the risks associated with acquiring a large site. That said, there are ways to mitigate these risks – forming a consortium to undertake development being one of them,” said Colliers International managing director Tang Wei Leng.
“The Braddell View site is one of a kind and presents an exciting opportunity to create a new way of living by developing innovative housing options and a vibrant residential community. In addition, the site will also potentially benefit from the upcoming enhancements in the Bishan-Toa Payoh area under the Draft Master Plan 2019.”
Well-served by three MRT stations, the Braddell, Caldecott and Marymount MRT stations, the development is near various amenities such as Alvernia Hospital, Health City Novena as well as schools including Raffles Institution, Raffles Junior College, Marymount Convent School and Catholic High School.
The upcoming North-South Corridor will also improve accessibility and help reduce travel time to the city once completed by 2026.
In the event of a successful sale, the owners of residential units could receive $2.04 million to $4.03 million each, depending on the size of their property. The commercial shop owners, on the other hand, could receive between $529,500 and $1.2 million.
Zoned residential under the 2019 Draft Master Plan, the Braddell View site has a gross plot ratio of 2.1 and will have a proposed total gross floor area of 2,398,781 sq ft. Colliers expects the site to yield up to 2,620 new homes averaging 915 sq ft each, subject to Pre-Application Feasibility Study and relevant approvals.
The tender for Braddell View closes on 25 September.