Perennial seeks more than S$350m for Caldecott Hill site as capital shifts to healthc

Perennial seeks more than S$350m for Caldecott Hill site as capital shifts to healthcare strategy

Nov 12, 2025

CONDOsingapore.com

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Perennial Holdings has launched the sale of its large Caldecott Hill land parcel, seeking offers above S$350 million, in a move that signals capital recycling and strategic realignment toward its core healthcare platform.

The 752,014 sq ft 99-year leasehold site was acquired in 2020 from Mediacorp for S$280.9 million by an entity jointly owned by Perennial Real Estate Holdings and its director Kuok Khoon Hong.

Originally earmarked for redevelopment into large-format Good Class Bungalows (GCBs), the site is now being divested as Perennial pivots toward a healthcare-centric growth strategy, including healthcare real estate.

Repricing the land: understanding the effective cost base

While the headline asking price exceeds S$350 million, a redevelopment would require a land betterment charge (LBC) of approximately S$250 million to convert the site from “civic and community institution” use to residential and to refresh the 99-year lease tenure.

This implies a total effective land cost of around S$600 million, or approximately S$798 psf on land area — a key benchmark for developers underwriting feasibility.

The site currently has about 68 years of lease remaining. All previous broadcasting structures have been demolished, reducing upfront site preparation risk for a purchaser.

Based on prior outline approval granted to Mediacorp, the land can accommodate more than 60 two-storey bungalows, each with a minimum plot size of 8,611 sq ft. However, buyers may explore alternative concepts, subject to planning approvals.

Optionality: from GCB cluster to retirement enclave

While the base-case scenario remains a landed housing enclave, the site’s scale introduces unusual flexibility.

Perennial’s own track record in healthcare and senior living — including approximately 25,000 beds across medical and eldercare facilities in China and the recent launch of Singapore’s first private assisted-living project in Parry Avenue — raises the possibility that future owners could evaluate hybrid or retirement-living concepts, depending on planning latitude.

Such optionality may broaden the buyer pool beyond traditional landed developers to include:

• Private family offices
• Ultra-high-net-worth (UHNW) consortium buyers
• Healthcare operators with real estate capabilities
• Boutique luxury enclave developers
• Supply scarcity supports underwriting case

The marketing agents — Savills Singapore and Delasa — are positioning the site as a rare “blank canvas” in a tightly held landed segment.

Detached home transaction values in prime Districts 9, 10 and 11 reached S$1.11 billion in the first 10 months of 2025, already surpassing full-year 2024 and 2023 totals. This suggests improving liquidity and confidence at the top end of the market.

Structurally, Singapore’s detached housing supply has remained almost static at roughly 10,000 units over three decades, despite:

• Citizen population growth from 2.8 million to 3.7 million
• Expansion of private housing stock from 130,000 to 461,000 units
• Rising household wealth and an increase in ultra-high-net-worth residents

This persistent supply constraint continues to underpin pricing resilience in the bungalow segment.

Leasehold discount as strategic lever

Unlike freehold GCBs in core districts, the Caldecott Hill parcel is leasehold, potentially allowing buyers to deploy materially less equity per unit of land relative to freehold benchmarks.

For ultra-affluent families or consortium buyers, this presents a strategic opportunity: curate a bespoke luxury enclave at a relative discount to mainstream freehold GCB prices, while still enjoying location advantages near MacRitchie Reservoir Park and within walking distance of Caldecott MRT station.

Capital recycling theme

From Perennial’s perspective, the divestment reflects disciplined capital allocation. Redeveloping a large-scale landed project would entail extended gestation and capital lock-up. Recycling the site allows management to redeploy resources into higher-return healthcare operating assets aligned with its long-term strategy.

The expression of interest exercise closes on Jan 15, 2026.