It was reported earlier in March that Selegie Centre, a freehold District 7 property has been successfully sold in a collective sale at S$120 million reserve price in what has been its third attempt at en bloc sale.
This meant a land rate of S$1,942 psf ppr.
Anggasaputro family based in Surabaya back the Peak Tower Corporation and it has been one of the largest adhesive tape manufacturing company in the whole of Southeast Asia.
The acquisition is a part of the family’s plans to diversify its business. Mr Anggasaputro said that Singapore presents a good opportunity to invest in real estate and they feel the Bugis/Bras Basah area has tremendous potential to be redeveloped given it is the cultural district of Singapore.
The site is located at the junction of Mackenzie Road and Selegie Road. A mixed development property which is 30 years old Selegie Centre currently has 33 shop units apart from 25 residential units.
The 10-storey tower has 60,000 square feet GFA. The sale shall be completed by March 2020.