Perennial puts former Mediacorp site on sale for $350 million

It had bought the land in 2020 for $280.9m with plans to build large GCBs

- Grace Leong Senior Correspondent

Zoned for civic and community institution use under the 2019 Master Plan, the massive 752,014 sq ft leasehold land could be redeveloped into more than 60 two-storey bungalows - each with a minimum land area of 800 sq m, subject to approvals. PHOTO: DELASA, SAVILLS SINGAPORE

(DELASA SAVILLS SINGAPORE)

Real estate and healthcare company Perennial Holdings has put up for sale, at a guide price of more than $350 million, the former Caldecott Broadcast Centre site it had acquired from national broadcaster Mediacorp.

An entity jointly owned by Perennial and Wilmar co-founder Kuok Khoon Hong had bought the hilltop site for $280.9 million in late 2020 to build what was to be the biggest cluster of leasehold Good Class Bungalows (GCBs) in a predominantly freehold GCB area in Caldecott Hill.

A Perennial spokesperson said on Nov 11 that it had “originally planned to redevelop the site to build large GCBs”.

Zoned for civic and community institution use under the 2019 Master Plan, the massive 752,014 sq ft leasehold land located near MacRitchie Reservoir Park and Caldecott MRT station could be redeveloped into more than 60 two-storey bungalows - each with a minimum land area of 800 sq m, subject to approvals.

Put on the market via Perennial’s indirect associate firm, the site’s proposed sale comes as the company recalibrates its resources to build its healthcare and healthcare real estate businesses.