The former HUDC estate which sits on a huge site was put up for en bloc sale recently with a reserve price of $2.08 billion. (Photo: Colliers International)
The en bloc success of the 918-unit Braddell View development may hinge on the creative use of the huge site, reported the Business Times.
With a land area of 106,121.1 sq m, the former HUDC estate was put up for en bloc sale on 27 March with a reserve price of $2.08 billion.
More: Understanding The En Bloc Process (August 2018)
“Given that this is a sizeable development, it is likely to see interest coming from a consortium of developers,” said Tang Wei Leng, managing director at marketing agent Colliers International. She also floated the possibility of selling the site as two separate plots.
However, there are other creative options for the site, which is zoned residential under the 2014 Master Plan with a gross plot ratio of 2.1.
This comes as residential zoning allows for more options than landed homes and condos.
“Serviced apartments and student hostels may be allowed subject to evaluation by the competent authority,” said URA.
Retirement housing is another option. In 2018, URA opened the private land developer market to the first “private retirement housing product”, with the Jalan Jurong Kechil site eventually launched by World Class Land as The Hillford.
The project, however, was met with grouses as it had no age limits in place. This resulted in younger buyers flocking in to invest thanks to the project’s 60-year lease that made units cheaper.
Developers can also take inspiration from group homes within HDB rental blocks, like the AWWA Senior Community Home in Ang Mo Kio.
Reviving such senior living – albeit with certain safeguards for consumers, such as an age bar on residents, minimum unit sizes and commitments to maintain amenities could prove lucrative for private players.
URA noted that “the quantum of all ancillary or non-residential uses needed for support or management of a residential estate” could be determined by the authorities based on the development’s scale.
And while earlier retirement home efforts did not really work out, the concept’s time may have finally arrived.
Notably, the share of elderly people in Singapore rose from 8.7 percent in 2008 to 13.7 percent in 2018.
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 firstname.lastname@example.org