SINGAPORE — People’s Park Centre has been put up for collective sale via public tender with a S$1.8 billion reserve price, three years after a previous attempt.
This translates to a land rate of about S$2,620 per sq ft per plot ratio, including the differential premium and the premium to top up the land tenure to a fresh 99 years lease, marketing agent ERA Realty Network said in a statement on Wednesday (6 July).
The collective sale has obtained 84 per cent of the owners' signatures by strata area and 80 per cent by share value.
The mixed-use development along Upper Cross Street in Outram had previously set a S$1.35 billion reserve price for its first collective sale attempt in 2019.
Sunny Wong, who leads the ERA team handling the en bloc sale, believes that it will attract both major developers and real estate funds.
"The collective sale of People's Park Centre will provide a rare opportunity for developers to build an iconic building in the heart of the historical district in Singapore," Wong said.
"It is not often for such a major development in the city area with a MRT interchange at the doorstep to come onto the market," he said.
Completed in 1976, People’s Park Centre comprises a total of 324 retail units, 256 office units, 120 residential units and a car park.
The development sits on one of the first three 99-year leasehold land plots sold under the government land sale programme.
It is based on a 95,467 sq ft site with a gross plot ratio of 8.6, which means it can be built up to a gross floor area of about 821,017 sq ft, according to the Urban Redevelopment Authority Master Plan 2019.
Located in Singapore's Chinatown, the 99-year leasehold property is next to the Chinatown MRT interchange and is also accessible via major roads and expressways.
Just two months ago, the iconic Golden Mile Complex was sold for S$700 million to a joint venture company comprising Perennial Holdings, Sino Land, and Far East Organization.
The tender for People’s Park Centre closes at 3pm on 18 August.
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