Peace Centre/Peace Mansion owners hope to be fifth time lucky with en bloc sale. The prime mixed development property located at 1 Sophia Road has launched a new tender and listed the property for $688m reserve price.
This translates to land rate of $1,474 psf ppr.
The site encompasses an area of 76,617 sq ft and has a GFA more than 600,000 sq ft. There are 32 floors in the existing property.
Peace Centre currently occupies from part-7 to part-10 in the commercial podium block. There are 86 residential units in the 22-storey residential tower that include two penthouses.
Interestingly this is the 5th attempt at collective sale on part of the owners. Their last attempt was in July 2018 when they had fixed the reserve price of $650 million.
As per the 2014 Master Plan of the Urban Redevelopment Authority the site has been zoned for commercial use. The GPR (gross plot ratio) for the side is estimated to be 7.89.
JLL Singapore the marketing agent for the collective sale, stated that the site can be redeveloped into a tower of 55 meters high.
The OPP (outline planning permission) was recently obtained from the URA which shall allow the developers to be redeveloped into 604,578 sq ft GFA which will utilize the 7.89 for commercial as well as residential project.
The new development according to the planning permission shall have 40% residential component and 60% commercial component.
This would translate into 241,831 sq ft of space for the residential component and 362,747 sq ft for the commercial/retail component according to the marketing agents.
The application to upgrade the 99-year-old lease agreement with a new top-up has already been submitted to the Singapore Land Authority and reply for this is soon awaited.
Tan Hong Boon, Executive Director at JLL said that they are expecting great interest from developers counting on three factors – Superb location, Mixed-use approval and the attractive pricing of the site.
The $1,474 psf ppr price according to him is very attractive and this doesn’t even factor the balcony bonus that would be applicable for the residential component.
The tender Peace Centre/Peace Mansion shall close on April 11 at 3:00 pm.