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.