Sticking to its original reserve price of $2.08 million, Braddell View estate has put itself in the collective sale market once more.
Size of the residential site may be a barrier to a successful sale
At 1.14 sq ft, this hilltop site overlooking MacRitchie Reservoir Park may have the advantage of the panorama it provides but also the disadvantage of simply being so large.
Developers will inevitably associate the size of the site to the risks involved with acquiring it. It was put up for sale in March this year but the tender closed in May with no bids.
The site’s lease commenced in 1978 and has a 102-year tenure. Developers will have to top up the lease to a fresh 99 years and pay an estimated differential premium.
After factoring in the 7% balcony gross floor area, the land rate comes up to approximately $1,159 psf ppr.
It is currently the largest private residential site in Singapore with 918 apartments and 2 commercial units.
The units range from 1,453 sq ft to 3,369 sq ft in size and if successfully sold at its asking price, shop owners will receive between $530,000 to $1.2 million and apartment owners will stand to receive between $2.04 million and $4.03 million.
Prime location in Bishan-Toa Payoh
The location of the site, however, is prime. While not being in the city centre, its proximity to that is a plus. It is situated near at least 3 existing MRT stations -Braddell MRT station on the North-South Line, Marymount and Caldecott stations on the Circle Line.
Under the Urban Redevelopment Authority’s (URA) Draft Masterplan 2019, it will also benefit from the enhancements in the Bishan-Toa Payoh area.
The future development of the Bishan Sub-Regional Centre into a business hub will bring in new workforce, increase rental yields and property values.
Amenities also abound in the mature estates surrounding the site, with the Health City Novena and Mount Alvernia Hospital nearby. Schools in the area include Raffles Institution, Raffles Junior college, Catholic High School and Marymount Convent School.
See more: 8 facts you didn’t know about HDB flats