Business

Braddell View eyeing $2 billion collective sale

Braddell View, the largest of Singapore's 18 former HUDC estates, plans to jump on the collective sale bandwagon just months after it was privatised.

The 918-unit ex-HUDC project is holding a meeting on Oct 10 to form a collective sales committee to kick-start the process.

Mr Alex Teo, chairman of the Management Corporation Strata Title, told The Straits Times yesterday that they hope to sell the estate for more than $2 billion - a price that would dwarf Pine Grove's $1.65 billion collective sale attempt.

The 99-year lease project across 1.124 million square feet has 63 years left on its tenure.

Braddell View was privatised in March after a hard-fought process that spanned 18 years because of the need to "harmonise" the leases of two separate plots of land that make up the estate.

Now many owners want to capitalise on the collective sale fever that has been building in the market this year.

"We did a survey on Aug 18 on whether the residents wanted to en bloc the property.

"Out of 400 who responded, about 82 per cent wanted to go for it," Mr Teo said.

"Based on the target price of above $2 billion, each owner can probably get above $2 million on average."

The residential site has a 2.1 plot ratio, so a project of up to 3,000 units could be built there, analysts said.

Mr Teo said there are talks underway to raise the plot ratio to between 2.8 and 3.2.

Selling all the units within five years of buying the land to avoid additional buyer's stamp duty will pose a challenge, analysts said.

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