Located at 1 Sophia Road, Peace Centre/Peace Mansion (PCPM)’s closing date for the collective sale tender has extended by 3 weeks by the owners.
As per reports, the reason behind the postponement is the delaying of the lease top-up approval from the authorities and also developers need extra time to assess government land sale sites present in the market
Formerly, the tender closing date was April 11, but now the owners have extended the date to May 3 till 3 pm.
JLL’s executive director, Tang Hong Boon is the only marketing agent of the property. He proclaims that the owners are still in the wait of the response for the in-principle approval of their lease renewal application to the fresh 99 years by the authorities.
He predicted that the reply would come anytime sooner but the owners were not expecting the current delay that affected the schedule.
The tender date has been extended after getting the feedback from different developers that they require more time for either preparation or evaluation of the few GLS sites that are available for tender in the market recently, informed the executive director of JLL.
Keeping in view the developers’ demand of evaluations, the collective sale committee consulted JLL and its lawyers and decided to delay the tender closing date to provide enough time to the developers to take the decision, stated JLL on Friday in a press statement.
The commercial property, located in Prime District 9, was up for sale at the end of February. This is the fifth appearance of the property at a collective sale.
The price offered is $688 million which makes it around $1,474 psf ppr. In this calculation, the bonus balcony GFA for the residential compound is not included.
Under the Urban Redevelopment Authority’s (URA) 2014 Master Plan, the site is set for commercial usage.
The property covers the area of 76,617 sq. ft. on land and the total floor area becomes around 600,000 sq. ft. with its 32 floors.
The Peace Mansion is the tall 22-storey tower designated for residential purposes with two penthouses and 84 apartments. The other one, Peace Centre, is a commercial building of part-seven and part-10-storey.
According to JLL Singapore, permission has been awarded lately up to the current gross floor area of 604,578 sq. ft., at 7.89 for the mixed residential and commercial total plot ratio.