A Rare $350M Land Plot Big Enough for 60 Bungalows Just Hit the Market In Singapore

How often does a site large enough for 60+ bungalows hit the market in Singapore’s prime central region?

The answer? Rarely.

And that scarcity explains why the former Caldecott Broadcast Centre site, with 752,014 sq ft of vacant, hilltop land within the Caldecott Hill Good Class Bungalow (GCB) area, deserves attention.

Perennial Holdings has placed it on the market with a guide price above $350 million and an Expressions of Interest (EOI) deadline of 15 January 2026.

Long-Term Supply Constraints

To understand why this matters, consider the supply constraint. According to Karamjit Singh, CEO of Delasa (one of the appointed agents): “Three decades ago, Singapore had 2.82 million citizens and 130,000 private homes, including about 10,000 detached houses. Today, the citizen population has grown to 3.66 million and the private housing stock to 461,000 units, yet the number of detached houses has held at around 10,000.”

Demand Trends in Prime Districts

And the effects aren’t just theoretical – they show up in the numbers. That mismatch shows up in transaction activity. In the first 10 months of 2025, detached home sales in prime Districts 9, 10, and 11 reached $1.11 billion, already surpassing the full-year totals of 2024 ($1.105 billion) and 2023 ($1.02 billion). The demand is there; the supply is not.

What the Guide Price Means Per Plot

Now let’s translate the guide price into something more tangible. The guide price of $350 million works out to roughly S$465 per sq ft of land. Subject to approvals, the site could be subdivided into more than 60 two-storey bungalows, each with a minimum land area of 800 sqm (8,611 sq ft). Divide the guide price by 60 units, and that’s roughly $5.83 million per plot, before factoring in development costs, holding costs, or approvals risk.

Interpreting the Land Cost

But here’s the important nuance: the $5.83 million per plot is the land cost only. Final unit pricing will depend on construction costs, holding costs, and developer margins, figures that the press materials don’t provide. What we do know: the buyer pool for completed luxury bungalows in this location skews toward ultra-high-net-worth households, and transaction volumes suggest a niche but active market.

Potential Buyers and the Consortium Angle

Here’s where the consortium model becomes interesting. Beyond pure developer play, another buyer profile emerges.

Singh notes: “Beyond traditional developers, we also anticipate a consortium of ultra-affluent Singaporeans – including extended families, banding together to acquire the site for the development of bespoke mansions. This approach offers three advantages: they can curate a super-luxury enclave to their own design, live as immediate neighbours, and crucially deploy materially less equity by capitalising on the leasehold discount relative to mainstream freehold bungalows.”

The Tenure Question

That leasehold discount is the operative term. While the press materials confirm the land is leasehold, they don’t specify the remaining tenure. Leasehold landed sites in prime areas tend to trade at 20–30% discounts to comparable freehold land (word on the ground, as exact comparables are scarce). If freehold GCB land in the area commands, say, S$600–700 per sq ft, then S$465 per sq ft for leasehold starts to make sense. But buyers need to model lease decay carefully. For financing, Loan-to-Value (LTV) limits tighten as the remaining lease shortens, which affects leverage and cash deployment.

Zoning and Approvals

There is also a critical planning detail buyers need to understand.

The site is zoned ‘Civic & Community Institution’ under the 2019 Master Plan. That’s not residential zoning, which means buyers must secure approval to subdivide and redevelop into bungalows. Jeremy Lake, Managing Director of Savills, notes that “considerable groundwork has been carried out so far, including the demolition of all the structures on site, engagement and master planning.” Translation: Perennial has de-risked the site to some extent, but final approvals remain pending. Buyers assume execution risk.

Site Attributes and Surroundings

On the flip side, several fundamentals work strongly in the site’s favour. The site sits within walking distance of Caldecott MRT (Circle Line) and near MacRitchie Reservoir Park. Within a 2-kilometre radius: CHIJ (Toa Payoh), Singapore Chinese Girls’ Primary School, Raffles Institution, and St Joseph’s Institution International. For the ultra-high-net-worth (UHNW) buyer prioritising greenery, connectivity, and school access, the fundamentals align. 

Why Perennial Is Exiting

Understanding the seller’s motivation also helps frame the opportunity – and Perennial’s rationale for selling is straightforward.

A spokesperson for the company explained: “We had originally planned to redevelop the site to build large GCBs. With our pivot towards a healthcare-centric, complemented by healthcare real estate strategy, we are availing the site for sale so that resources can be recalibrated to focus on our core business.” That’s a strategic exit, not a distress move, which is important context for pricing expectations.

Pricing and Uncertainties

As with any large site, not everything is straightforward. So the caveat is that the S$350 million guide price is just that, a guide. Whether the site transacts above or below that figure depends on developer appetite, the final subdivision plan, and competing uses of capital. 

The EOI closes 15 January 2026. We’ll see what the market thinks the site is worth then.