Former site of Mediacorp’s Caldecott Broadcast Centre sold for S$280.9 million

SINGAPORE — A tie-up between billionaire businessman Kuok Khoon Hong and an associated property firm has bought a sprawling 7ha hilltop site that formerly housed Mediacorp’s Caldecott Broadcast Centre for S$280.9 million.

A tender for the Andrew Road site closed on Dec 9. The site could be redeveloped into 67 two-storey bungalows with a land area of 800 sqm each.

It is the first time in the last decade that a site of this scale has been put on the market for landed housing.

The buyer, PRE 10, is an entity which will be jointly owned by Perennial Real Estate Holdings and Mr Kuok, who is also Perennial Real Estate Holdings chairman, said real estate consultants CBRE and Showsuite Consultancy in a press release on Tuesday (Dec 15).

The two consultancies were appointed by Mediacorp — the owner of TODAY — to advise and market the property.

Mr Kuok, 70, is also chief executive officer of Wilmar International, one of the world’s largest palm oil firms. Forbes magazine estimates his current wealth at US$3.1 billion (S$4.1 billion).

“Mediacorp would like to congratulate PRE 10, Perennial Real Estate Holdings and Mr Kuok Khoon Hong on their successful bid for the Andrew Road site,” a Mediacorp spokesperson said.

“We would also like to thank CBRE and Showsuite Consultancy for the successful execution of the sale.”

The 752,015-sq ft site has 73 years left on the lease. It is zoned “civic and community institution” under the 2019 Master Plan, and is located at the Caldecott Hill Good Class Bungalow Area.

Mediacorp’s broadcast station was located at the Caldecott Hill site for more than six decades before it relocated in 2015 to its current campus in one-north.

According to the statement by the consultancies, Mediacorp has been granted an Outline Approval by the Urban Redevelopment Authority for a proposed site redevelopment into two-storey bungalows with a minimum land area of 800 sq m per house.

“PRE 10, may, however, explore development options upon completion of the transaction,” the consultancies added.

Mr Michael Tay, CBRE head of capital markets in Singapore, said that the purchaser will be “working with relevant authorities to review redevelopment options”.

Mr Tay, who led the negotiation, added that it is the largest private redevelopment site sold in 2020.

Mr Karamjit Singh, the chief executive officer of Showsuite Consultancy, said that the tender exercise had attracted “multiple competitive bids with the under-bidders falling close to the winning submission”.

In response to queries from TODAY, Perennial Real Estate Holdings' spokesperson, said: “We are excited to have this rare opportunity to own a vast piece of prime land and will explore development options most befitting of the exclusive precinct it is strategically located in.”