Braddell View is a 99-year leasehold development apartment completed in 1981 and has a total of 438 units.
Most residents of Braddell View voted to form a collective sales committee on Tuesday (10 October), with 493 people in favour, while 28 opposed it, reported the Straits Times.
“I think the general feeling is that there is no harm in exploring the possibility. Let’s wait and see what the committee can come up with,” said a homeowner in the 918-unit development.
As such, Braddell View is now among the former HUDC estates that kick-started the en bloc process such as Laguna Park, Pine Grove, Chancery Court and Florence Regency, while Ivory Heights has already been launched for sale.
This follows a recent increase in collective sales, with Normanton Park sold last week in one of Singapore’s largest en bloc deals. The privatised housing project constructed in 1977 for the military and their families was purchased for $830.1 million.
In comparison, the owners of Braddell View hope to get over $2 billion, said Alex Teo, chairman of its Management Corporation Strata Title.
“The site is large, which implies that the quantum will be high. Notwithstanding that, the sale of 488-unit Normanton Park suggests that there are developers with the appetite for larger sites, especially if there is scope to intensify the site,” said Edmund Tie & Company research head Dr Lee Nai Jia.
With an area of 1.124 million sq ft, Braddell View is the biggest former HUDC estate. It has 63 years remaining on its 99-year lease and is close to Caldecott MRT station as well as Bishan and Toa Payoh.
However, ZACD Group executive director Nicholas Mak thinks that the residents could struggle in finding a buyer as such huge sites require more capital. Despite the upturn in the market, developers are also expected to be prudent in their bids given the fixed deadline in selling the units and the existing property curbs.
“Normanton Park’s total quantum is about $1.3 billion, and its land area is about 661,000 sq ft. Braddell View’s quantum is much bigger, and its land area is almost double that of Normanton Park’s,” he said, adding that the owners could have better chance if they divide the site into three parcels which is extremely hard to do.
This article was edited by Keshia Faculin.