Perennial Plans to Sell Former Mediacorp Caldecott Site for $350M as It Shifts Toward Healthcare Projects
Perennial Holdings has put the former Caldecott Broadcast Centre site up for sale at more than $350 million, five years after buying it for $280.9 million. The company is shifting its focus toward healthcare and assisted-living developments. The 752,014 sq ft plot can potentially be redeveloped into more than 60 bungalows, but carries constraints such as 99-year tenure, zoning limits and possible land betterment charges.
The 752,014 sq ft hilltop plot was acquired for $280.9 million in late 2020 by an entity jointly owned by Perennial and Wilmar co-founder Kuok Khoon Hong. The company had planned to build what would have been the largest cluster of leasehold Good Class Bungalows (GCBs) in the mostly freehold Caldecott Hill area.
A Perennial spokesperson said the original intention was to develop large GCBs on the site.
Zoning and Redevelopment Parameters
Under the 2019 Master Plan, the land is zoned for civic and community institution use. Subject to approval, the site could be redeveloped into more than 60 two-storey bungalows with a minimum land size of 800 sq m each. The site sits near MacRitchie Reservoir Park and Caldecott MRT station, and the former broadcast buildings have already been demolished.
The proposed sale comes as the company shifts towards expanding its healthcare portfolio. In August, Perennial announced that Perennial Living — positioned as Singapore’s first private assisted-living development — is scheduled to open by the first quarter of 2026. The $260 million project in Parry Avenue will comprise 200 apartments with private lift access, sky terraces, clubhouse facilities, concierge services and a rehabilitation, medical and wellness centre.
Sales Process and Market Context
The sale is being handled by Savills Singapore and Delasa through an expression-of-interest exercise closing on Jan 15, 2026.
Delasa chief executive Karamjit Singh said continued growth in Singapore’s economy and wealth, along with the arrival of new ultra-high-net-worth residents, has supported demand for bungalows, with supply remaining tight.
Savills managing director Jeremy Lake added that few sites offer an opportunity to create a new landed housing precinct, and noted that groundwork and planning have already been completed.
Detached home transactions in districts 9, 10 and 11 reached $1.11 billion in the first 10 months of 2025, slightly above the $1.105 billion recorded in 2024 and $1.02 billion in 2023.
ERA Singapore key executive officer Eugene Lim said the 99-year tenure may allow the site to be priced more attractively compared with nearby freehold landed homes. He added that a future buyer could potentially subdivide the site into smaller bungalow plots of at least 400 sq m, rather than GCB-sized plots of 1,400 sq m.
Mr Singh said interest could also come from extended families or private groups seeking to develop bespoke mansions within a shared enclave.
Constraints and Risks
JLL head of research and consultancy for South-east Asia Dr Chua Yang Liang said the market for 99-year GCB-type properties remains largely untested in Singapore, making pricing benchmarks uncertain.
He noted that a land betterment charge may apply, as the land is currently zoned for civic and community institution use. Developers would also need to pay a lease upgrading premium to extend the remaining 68-year lease to a new 99-year term.
Dr Chua said non-landed residential proposals are unlikely to receive approval, as earlier plans for condominium developments were rejected. Future pricing would depend on zoning decisions, market sentiment and redevelopment allowances.
Given limited recent transactions in the 99-year GCB segment, he added that reliable pricing comparisons are difficult.
FAQ: Perennial Plans to Sell Former Mediacorp Caldecott Site for $350M as It Shifts Toward Healthcare Projects
What is Perennial selling?
The former Mediacorp Caldecott Broadcast Centre site, over 752,000 sq ft in size.
How much is the guide price?
Above $350 million.
Why is Perennial selling the site?
To focus on healthcare and eldercare real estate projects.
Can the land be redeveloped into bungalows?
Yes, potentially over 60 bungalow plots, subject to planning approvals.
Is the land freehold?
No, it has a 99-year leasehold, with 68 years left.
Can condos be built on the site?
Unlikely, due to its zoning for civic and community institution use.
