$1.8 billion collective sale tender for People’s Park Centre closes without bids
$1.8 billion collective sale tender for People’s Park Centre closes without bids. Mixed-use construction Three years after an earlier effort, the People’s Park Centre in Chinatown has been placed up for collective sale by public tender with a $1.8 billion reserve price.
According to ERA Realty Network, the site’s marketing firm, the reserve price amounts to a land rate of $2,620 per square foot per plot ratio (psf ppr) (July 6). The differential premium and the premium to upgrade the land tenure to a new 99-year lease are taken into account in the price. This is more than the $1.35 billion that it had set as a goal for 2019.
The commercial/residential development, which was built in 1970, has a gross floor area of around 821,017 square feet and is situated on a 95,467 square foot plot. According to the 2019 Urban Redevelopment Authority Master Plan, it has a gross plot ratio of 8.6 and is classified commercial. The complex features a parking, 324 stores, 256 offices, 120 flats, and is made up of a 13-story and a 30-story building. It is not designated for conservation.
According to ERA, the collective sale has received the signatures of 84% of the owners by stratum area and 80% of owners by share value. Many owners were pleased with the start of the collective sale, according to Mr. Koh Yam Khoon, head of the committee.
“The collective sale of People’s Park Centre will present a rare chance for developers to build an iconic building in the heart of a historical neighborhood in Singapore,” said Mr. Sunny Wong, who is in charge of the ERA team handling the development’s collective sale. A significant development in the city region, close to an MRT interchange, seldom enters the market, he continued.
Click the image to read the full details of report.