Peace Centre/Mansion En Bloc Sale 2021 – Owners in Buoyant Mood

Fiercely Contested Site, Developers Need to Come Out with the Right Numbers

Peace Centre/Mansion En Bloc Details

  • Status: For Sale

  • Tenure: 99-yr Leasehold

  • Land Size: 76,617 square feet

  • Plot Ratio: 7.89

  • Gross Floor Area: 604,578 sq ft

  • Total Units: 318

  • Address: 1 Sophia Road

  • District: 9

  • Nearest MRT: Dhoby Ghaut Interchange, Bugis, Little India Interchange, Rochor, Bencoolen and Bras Basah

  • Marketing Agent: JLL Singapore

  • Reserve Price: S$650 million 

  • Tender Close: Nov 9, 2021

Peace Centre/Mansion En Bloc Sale 2021 - Owners in Buoyant Mood

This is the Owners 6th Attempt at Collective Sale and It Will Be the LAST!

This is the Year PCPM’s Owners Have Been Waiting For…

Peace Centre/Peace Mansion, a prime mixed-use site in district 9 has launched for en bloc sale in 2021.

The timing is perfect as this time around with robust residential sales and developers still hungry for more lands especially in the prime zone of Singapore.

JLL, the appointed marketing agent will oversee the whole enbloc process and will guide them to their first collective sale success.

According to them, more than 80% of the owners have consented to the collective sale and they are very confident this time.

The reserve price is set at S$650 million and PCPM’s owners are expecting incoming offers more than the target price.

The mixed-use redevelopment site has an attractive land rate of S$1,443 psf ppr, which includes estimated lease top-up premium and base on the reserve price.

This is currently the most attractive price in the collective sale market for a prime site which will definitely draw many developers to bid for this site.

The 1 Sophia Road property last attempt for en bloc sale was in March 2019. The reserve price was put up for S$688 million.

In April 2019, the owners got in-principle permission from the Singapore Land Authority for a lease extension to 99 years.

This will be mostly the be 3rd multi-million-dollar site to be sold in 2021 after  Flynn Park was sold recently and Maxwell house was acquired earlier this year.

PCPM’s neighbours short distance away from their site also found its way to the developers land bank: Golden Wall Centre Sold in 2018 and Selegie Centre Sold in 2019.

Golden Wall Centre En Bloc SOLD to Worldwide Hotels for S$276.2 million.

Golden Wall Centre En Bloc SOLD to Worldwide Hotels for S$276.2 million.

Selegie Centre En Bloc SOLD for S$120 million in 2019

Selegie Centre En Bloc SOLD for S$120 million

Peace Centre/Mansion Prime Site Information and Redevelopment Plan

PCPM development was completed in 1977. The site was built with 10-storey front podium block and a rear 32-storey tower.

The Mega building consists a total of 318 strata lots which includes 86 apartments, 232 commercial spaces and 162 carpark lots.

The prime site covers a land area of 76,617 square feet and has a confirmed gross plot ratio of around 7.89.

It can be rebuilt up to a height of 55 meters in Singapore height datum, with a portion of the site potentially rising to 67 meters.

The successful bidder may rebuild the property up to an existing gross floor area (GFA) of 604,578 sq ft with 60% commercial GFA and 40% residential GFA based on an outline planning permission (OPP) granted by the Urban Redevelopment Authority (URA) in 2019.

According to JLL, the property could generate around 362,747 square feet of commercial space and 241,831 square feet of residential units – or about 240 apartments with an average size of 1,000 square feet.

There will be no additional buyer’s stamp duty (ABSD) because the land parcel is designated for commercial use. This is according to URA’s Master Plan 2019.

On the basis of an inquiry with the Land Transport Authority, there is also no necessity for a pre-application feasibility assessment for the site.

Developers would have greater clarity in analyzing and developing their products with certainty, according to Tan Hong Boon of JLL Singapore, who added that with the OPP and in-principle lease top-up permission in place, they will be able to bid with confidence.

Because of the attractive land rate and the possibility of mixed-use approval, we anticipate a lot of interest in this property.

We expect fierce competition from developers to bid much beyond the owners’ minimum price, given the strong sales reported from nearby new launch mixed development projects such as The M Condo and Midtown-Modern.

The public tender for PCPM site will close on Nov 9, 2021 at 3pm.

The M Condo, Nearby Project is Enjoying High Sales. Home Buyers Snapped Up Most of the Units.

The M Condo, Nearby Project is Enjoying High Sales. Home Buyers Snapped Up Most of the Units.

Another New Launch Project in Prime D7, Midtown-Modern Sold almost 70% of their units.

Another New Launch Project in Prime D7, Midtown-Modern Sold almost 70% of their units.

Peace Centre/Peace Mansion Location and Nearby Amenities

Peace Centre is near Dhoby Ghaut MRT Interchange

Dhoby Ghaut MRT Interchange Which Served 3 Lines is Close to the En Bloc Site

LASALLE College of the Arts Near Peace Centre

LASALLE College of the Arts Nearby

Singapore School of the Arts Near Peace Centre

Singapore School of the Arts Short Walk Away, Up in the Street

The mixed-use redevelopment site has the best location and connectivity, situated at the fringe of Orchard Road shopping belt and with all the necessary amenities nearby.

New launch luxury condominium developed here will have no problem finding buyers as they will have everything they need.

From dining, shopping and entertainments, they have tons of choices. Not only that, all these are short walk away.

Wilkie Edge, Plaza Singapura, The Cathay, Bugis Junction, Bugis+, and GR.ID are all within walking distance of PCPM.

There are 6 MRT stations surrounded the enbloc site and they are Dhoby Ghaut interchange, Little India interchange, Bencoolen, Rochor, Bras Basah and Bugis interchange.

The redevelopment site is also proximity to some of the best education institutions namely Nanyang Academy of Fine Arts, Singapore Management University, LASALLE College of the Arts, Singapore School of the Arts, and the Kaplan city campus.

St Margaret’s Primary School and Stamford Primary School are two schools that also can be found nearby.

Others schools need to be mention are River Valley Primary, Farrer Park Primary, Anglo-Chinese (Junior), and St Joseph’s Institution Junior.

PCPM’s Owners Made Several Collective Sale Attempts in the Past
Pinterest Peace Centre Mansion En Bloc Sale 2021

Last is 6, Six is Enough! 

PCPM’s owners have been seeking to sell their property since 2007 and have hired marketing firms Savills Singapore and Colliers to promote the property in separate en bloc campaigns.

They were unable to obtain the required 80 percent clearance for a prospective collective sale in 2007 when the owners were expecting a price of S$470 million.

According to Savills at the time, the requisite clearance was obtained in February 2011, albeit at a higher asking price of S$700 million.

The property was put up for sale again in July 2011 for S$675 million and again in December 2014 for S$680 million.

In 2018, the property’s owners set a reserve price of S$650 million and then launched a S$688 million tender in February 2019.

All several collective sale attempts made in the past found no success but this time in 2021 is different….

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