Singapore’s largest broadcaster, Mediacorp, has put up for sale the sprawling site that formerly housed the Caldecott Broadcast Centre in Andrew Road.

The hilltop site is spread over 752,015 sq ft, and served as the broadcast hub for more than six decades until 2015, when Mediacorp relocated to its current location in Mediapolis in one-north.

The sale, which will take place via a public tender exercise, will close on Dec 9.

The 99-year leasehold island site is located at the heart of the Caldecott Hill Good Class Bungalow (GCB) Area and currently has a balance lease term of 73 years. Mediacorp has been granted an Outline Approval by the Urban Redevelopment Authority (URA) for a proposed site redevelopment into two-storey bungalows with a minimum land area of 800 sq m per house.

Mediacorp has appointed an architect to work out a subdivision scheme for the site, accommodating 67 bungalow plots, subject to approval.

The gross land value for a proposed bungalow redevelopment on the site is expected to be in excess of S$400 million including a differential premium and lease upgrading premium, which would translate to a land rate in the region of S$540 per sq ft.

This would work out to a land cost of around S$6 million per land plot. At this price, a developer may break even at about S$9 to S$10 million per bungalow.

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