News: Majority of Braddell View owners approve $2.08 billion price for en bloc sale

Feb 8, 2019

If the sale goes through, it would become Singapore’s most expensive en bloc deal, exceeding the $1.34 billion sale of Farrer Court in 2007. (Photo: HDB)

The 918-unit Braddell View residential project in District 20 is poised to be launched for collective sale after it secured the approval of at least 80 percent of its owners, marketing agent Colliers International told the Business Times.

At least 80 percent of the owners by share value and overall strata area must give their consent for the en bloc sale of developments older than 10 years and at least 90 percent for those below 10 years old.

More: Understanding The En Bloc Process (August 2018)

Braddell View has about 61 years left on its 102.5-year lease that commenced in 1978. Aside from being the largest of the 18 former HUDC estates in Singapore with a land area of 1.14 million sq ft, it is also the last to be privatised in March 2017.

Although the required number of signatures has been met, Colliers International’s managing director Tang Wei Leng revealed that this is still being legally verified and there is a five-day cooling-off period.

Once the legal verification is completed and the cooling-off period is over, the marketing agent shall make another announcement about the status of the signing process. It plans to make another announcement on the collective sale next week.

The owners have set the reserve price at $2.08 billion, which translates to $1,214 psf per plot ratio. If the collective sale is successful, it would become Singapore’s most expensive en bloc sale, exceeding the $1.34 billion sale of the 618-unit Farrer Court in 2007.

The asking price includes $831 million for the lease top-up and differential premium. Under the 2014 masterplan, the Braddell View site has a plot ratio of 2.1.

Get more details on the property market outlook for 2019 here

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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