Colliers International Group Inc. said the public tender for the collective sale of Braddell View, the largest private residential estate in Singapore, will commence March 27.
The biggest of 18 privatized Housing and Urban Development Co. residential sites in the city-state is hitting the market with a reserve price of S$2.08 billion after at least 80% of the properties' owners agreed to the sale. It features 918 apartment units, maisonettes and penthouses and two shops.
Braddell View occupies a 106,121.1-square-meter leasehold site for a term of about 102 years from Feb. 1, 1978. The asking price includes the estimated S$795.1 million differential premium to add 99 years to the estate's lease, according to a release.
The estate can be redeveloped into a residential project that could accommodate up to 2,620 new residential units, subject to authorities' approvals.
The upcoming tender for the estate is slated to close May 28, the marketing agent added.
As of March 18, US$1 was equivalent to S$1.35.