Mediacorp’s Andrew Road Site Sold for S$280.9 Million to PRE 10, an entity which will be jointly owned by Perennial Real Estate Holdings and Mr Kuok Khoon Hong

Mediacorp’s Andrew Road Site Sold for S$280.9 Million to PRE 10, an entity which will be jointly owned by Perennial Real Estate Holdings and Mr Kuok Khoon Hong
Winning Bid Price Outperforms in a Closely Contested Tender Exercise for the Former Caldecott Broadcast Centre Site

Singapore, 15 December 2020 – The sprawling hilltop site that formerly housed the iconic Caldecott Broadcast Centre was sold to PRE 10 Pte. Ltd. (“PRE 10”), an entity which will be jointly owned by Perennial Real Estate Holdings Private Limited (“Perennial Real Estate Holdings”) and Mr Kuok Khoon Hong, Chairman of Perennial Real Estate Holdings, for S$280.9 million in a closely contested tender exercise that closed on 9 December 2020.

Real estate consultants – CBRE and Showsuite Consultancy – were jointly appointed by Mediacorp, Singapore’s national media network, to advise and market the property.

The 752,015-square-foot island site currently has a balance lease term of 73 years and is zoned ‘Civic & Community Institution’ under the 2019 Master Plan.

Located at the heart of the prestigious Caldecott Hill Good Class Bungalow (“GCB”) Area, Mediacorp has been granted an Outline Approval by the Urban Redevelopment Authority (URA) for a proposed site redevelopment into two-storey bungalows with a minimum land area of 800 square metres per house. PRE 10, may, however, explore development options upon completion of the transaction.

Mr Michael Tay (郑兆能), Head of Capital Markets, Singapore at CBRE, who led the negotiations, said, “This is the largest private redevelopment site sold in 2020 and this is testament to developers’ confidence in the Singapore market. We understand that the purchaser will be working with relevant authorities to review redevelopment options.”

Mr Karamjit Singh, CEO of Showsuite Consultancy, said, “The tender exercise attracted multiple competitive bids with the under-bidders falling close to the winning submission. It is after all, a rare opportunity to acquire a massive plot of elevated land for redevelopment. The entire estate would stand to benefit from the eventual harmonization of the plot with it.”



About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

About Showsuite Consultancy
Showsuite Consultancy are specialists in Singapore real estate investment sales, which includes the divestment and acquisition of land, buildings and en bloc projects across all sectors. It is helmed by investment sales veteran consultants – Karamjit Singh, Chia Mein Mein, and Pamela Kow, all of whom were formerly from Credo Real Estate. Credo Real Estate was the market leader in land and en bloc sales having advised and facilitated over S$5 billion worth of deals, including Singapore’s largest residential land sale – the en bloc of Farrer Court at S$1.338 billion in 2007. Showsuite Consultancy’s clients includes families and estates, corporates, land and building owners, developers, as well as private and institutional investors. Please visit us at www.consultancy.showsuite.com.




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