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Braddell View's en bloc tender closes without a bid

BRADDELL View's en bloc attempt, which was launched at a reserve price of S$2.08 billion, closed on Tuesday without any bids.

Tang Wei Leng, managing director of marketing agent Colliers International, said: "The Braddell View collective sale committee has instructed Colliers to enter into private treaty negotiation for the collective sale of the development, with a view to relaunch the tender if necessary."

The development at Braddell Hill is the largest of the 18 Housing and Urban Development Company (HUDC) estates in Singapore. It has 918 residential units and two commercial units.

The reserve price of S$2.08 billion works out to a land rate of S$1,199 per square foot per plot ratio, inclusive of the differential premium to intensify land use, and to top up the lease to a fresh 99 years which is estimated at S$795.1 million. Braddell View's land area is 1.14 million sq ft, and the site has a leasehold tenure of 102 years from Feb 1, 1978, which translates to a balance lease term of about 61 years.

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Meanwhile, Colliers also said that the collective sale of City Towers – a freehold development in District 10 – has been approved. City Towers was sold last year to a unit linked to Hong Kong tycoon Li Ka-shing for S$401.9 million. However, it initially hit a snag after a pair of siblings, who own two units at the residential development along Bukit Timah Road, filed their objections to the en bloc sale. The Business Times reported previously that one of the issues revolves around the payment of the Additional Buyer's Stamp Duty rates if the sale goes through. 

Colliers added that the defendants have withdrawn their objections and the sale order approving the collective sale has been issued by the High Court.