Analysts have said MediaCorp’s move to its new premises at Mediapolis@one-north in 2015 will likely see the existing Caldecott Broadcast Centre campus turned into high-class bungalows.
MediaCorp’s move was announced on Wednesday morning by Information, Communications and the Arts Minister Lui Tuck Yew at the Asia Television Forum.
Analysts said it is likely that the seven-hectare property at the corner of Andrew Road and Olive Road will be used for classy bungalows – with as many as 40 to 42 bungalow units being carved out.
Alternatively, the site can be used for a three- to four-storey residential development.
Nicholas Mak, executive director of research at SLP International, said: “If it were to be turned into, let’s say, landed development and the parcel of land is cut up and sold gradually, I think the impact is going to be positive, because we are going to see more of the same type of more high-end landed properties that might be developed in the area.”
For existing owners, analysts said the entry of new developers and new concepts of good-class bungalows can also result in a positive re-rating of their assets.
But a key risk would be the loss of its quiet charm if the property were to be used for a high-density development.
At today’s prices, analysts say the property could be worth S$420 million.
Donald Han, vice chairman of Cushman & Wakefield Singapore, said: “I think it would easily be the largest landed supply of plot in the market place to the best of my memory. 700,000 square feet would translate easily to an estimated price on a per square foot basis – on a conservative basis – of about 600 dollars per square feet. “That translates to almost S$420 million thereabouts in terms on a total package price…”
A MediaCorp spokesperson said that the land at the Caldecott Hill will be sold to finance the construction of the new campus at Mediapolis.
Redevelopment of the site, which is zoned by the Urban Redevelopment Authority as a Civic and Community Institution, will be subject to approval from relevant authorities.
Source : Channel NewsAsia – 8 Dec 2010