Peace Centre/Peace Mansion in 5th attempt at collective sale

Peace Centre/Peace Mansion in 5th attempt at collective sale

THE owners of Peace Centre/Peace Mansion have put the prime mixed development site at 1 Sophia Road up for tender again, with a reserve price of S$688 million, or about S$1,474 per square foot per plot ratio (psf ppr).

Peace Centre/ Peace Mansion (PCPM) sits on a 76,617 square feet site, with a gross floor area of slightly over 600,000 sq ft.

The property has 32 floors, with Peace Centre being a part-seven, part-10-storey commercial podium block, and Peace Mansion, a 22-storey residential tower with 84 apartments and two penthouses.

This is the owners' fifth attempt at a collective sale. In June last year, they were said to be eyeing a reserve price of S$650 million.

Under the Urban Redevelopment Authority's (URA) 2014 Master Plan, the PCPM site is zoned for commercial use.

It has a verified gross plot ratio (GPR) of about 7.89 and may be redeveloped up to a height of 55 metres above mean sea level, said sole marketing agent JLL.

An outline planning permission (OPP) from the URA has been obtained recently for a developer to redevelop the site up to the existing GFA of about 604,578 sq ft at an equivalent GPR of 7.89 for a mixed commercial and residential project, JLL said.

Based on the OPP, a new development comprising 60 per cent commercial GFA and 40 per cent residential GFA could yield about 362,747 sq ft of retail/commercial space, and some 241,831 sq ft of residential units, JLL said.

An application for an in-principle approval for the lease top-up to a fresh 99 years has also been made to the Singapore Land Authority and a reply is expected to be obtained soon.

JLL executive director Tan Hong Boon said he expects "strong interest for this site due to the reasonable pricing and its mixed-use approval".

"At the owners' minimum price of S$688 million, it reflects a land rate of approximately S$1,474 psf per plot ratio, before factoring in bonus balcony plot ratio for the residential component," he added.

The tender closes on April 11 at 3pm.

Source from The Business Times 26 Feb 2019

Call
WhatsApp
Message