A&G News 15 March 2021
Allen & Gledhill advised PRE 10 Pte. Ltd. ("Perennial") on its S$280.9 million acquisition of Caldecott Broadcast Centre, Andrew Road, Singapore 299939 ("Property").
The sale process was done by a way of tender, with bidders given a choice to acquire the Property either directly via an asset acquisition, or indirectly via an acquisition of the entire paid-up capital of Caldecott Properties Pte. Ltd. (“Caldecott Properties”), the registered proprietor of the Property.
Perennial was the successful tenderer and elected to acquire the Property via an acquisition of the entire paid-up capital of Caldecott Properties. At the time of the award of the tender, the 69,864.50 square metre site was the largest private redevelopment site sold in 2020.
The Property is located at the Caldecott Hill Good Class Bungalow Area in Singapore and sits on land zoned “Civic & Community Institution” which comprises developments for civic, community, cultural, association/clan or other similar purposes under Singapore’s Urban Redevelopment Authority 2019 Master Plan. It is an iconic landmark which has served as a broadcast hub for more than six decades until 2015.