Peace Centre Mansion Finally Sold En Bloc in 2021

Peace Centre Mansion Finally Sold En Bloc for S$650 million

Peace Centre Mansion in prime district 9 has finally found a buyer and sold en bloc for S$650 million during their private treaty sale period.

Joint venture of SingHaiyi, Chip Eng Seng and Ultra Infinity have successfully acquired the 1 Sophia Road prime site.

The unit land prices for the deal, after incorporating an expected lease top-up premium, is S$1,426 per square foot per plot ratio (psf ppr), according to JLL executive director Tan Hong Boon.

The land rate is S$1,388 psf ppr after accounting for a 7% bonus gross floor area (GFA) for the residential component.

In September 2021, PCPM was put up for collective sale, with the owners expecting incoming offers in excess of S$650 million.

“We have never given up throughout the years because we have been tenacious.” “We’ve finally arrived at this point, and on our fifth try, we’ve found a buyer,” said Mohamed Rafig Maideen, head of PCPM’s collective sale committee.

This round, he noted, the owners were more realistic.

Chip Eng Seng, Sing-Haiyi Crystal, and Ultra Infinity will create a joint venture as part of the agreement.

Chip Eng Seng will have the greatest share, with 40%, while the other two will each have 30%.

The joint offerors must acquire a sale order sanctioning the collective sale, as well as permission from the property’s lessor and satisfying planning standards, in order to complete the en bloc acquisition of PCPM.

The joint offerors will also need the Singapore Land Authority’s (SLA) permission for a new 99-year lease extension.

The joint offerors had paid a S$1 million offer fee in conjunction with the transaction as of Friday.

The Ultra Infinity consists of SLB Development, Ho Lee Group and a KSH Holdings subsidiary.

Sing-Haiyi Crystal, a SingHaiyi Group joint venture, is held equally by a SingHaiyi Group subsidiary and a company controlled by Singaporeans Gordon Tang and Celine Tang, who are also key owners in Chip Eng Seng.

After 5 attempts at Collective Sale, Owners Finally Made it

Peace Centre/Peace Mansion owners have made several attempts at collective sales in the past, all without success.

The taste of collective success is quite a long one for PCPM owners, almost 14 years since they begin their first attempt in 2007.

The owners were unable to obtain the required 80 percent consent for a prospective collective sale in 2007, when they estimated a price of S$470 million.

According to Savills at the time, the needed approval was obtained in February 2011, although at a higher asking price of S$700 million.

In July 2011, the owners attempted to sell the property for S$675 million but still without success.

They tried again in December 2014 for S$680 million, still no buyer.

They set a reserve price of S$650 million in 2018 and then issued a tender for the property in February 2019 for S$688 million, still no one picked up their site.

In 2021, owners realize that this might be the year they have been waiting for with residential market picking up and some collective sites being sold.

Determine for success, they launched their en bloc tender in September 2021 and even extended to November.

When tender closed, several offers were received and to their disappointment again, all offers were below their reserve price which the CSC cannot approve it.

It was during the private treaty sale period, after long negotiation with a buyer, the deal was finally sealed.

Cooperation and Development

Chip Eng Seng stated in a bourse filing that the en bloc sale of PCPM provides a strategic opportunity for the business to purchase a major District 9 redevelopment site.

Separately, the SingHaiyi group said in a bourse filing that cooperating with the joint offerors will help it better manage its financial and execution risks.

In their releases, both SLB Development and KSH stated that the joint offerors have a strong mix of experience in property development and/or construction activities in Singapore, and that they will be able to draw on one another’s skills and experience.

Peace Centre/Peace Mansion Prime Site Information

Peace Centre/Peace Mansion mixed-use development is located just outside the fringe of popular Orchard Road shopping district.

The 1 Sophia Road District 9 prime enbloc site was built in the 1970s. and has a 99-year lease tenure that started on June 2, 1970.

The mixed-use development consists of 319 strata lots in a 10-storey front podium block and a 32-storey rear tower, with 232 business spaces, 86 apartments and a parking of 162 spots.

It has a gross plot ratio of around 7.89 and sits on an area of 76,617 square feet.

Peace Centre/Peace Mansion has ample amenities for everyone needs, places like Plaza Singapura, Bugis Junction, Wilkie Edge, Bugis+ and The Cathay are close to the site.

To access these hot spots easily, there are total of 6 MRT stations near the prime property and they are Bugis, Bras Basah, Bencoolen, Little India, Dhoby Ghaut and Rochor.

Some are only walking distance away.

Part of new launch success required prominent schools nearby, PCPM doesn’t lack of them.

Educational institutions namely Kaplan City Campus, Lasalle College of the Arts, Singapore Management University, Nanyang Academy of Fine Arts and the School of the Arts are proximity to the prime site.

Other schools that can be found within 1km radius are Stamford Primary School and St Margaret’s Primary.

Further out will be St Joseph’s Institution Junior, Farrer Park Primary, River Valley Primary and Anglo-Chinese School (Junior).

With all facilities easily reach, new project developed here will be inside home buyer’s mind…without doubt.

Peace Centre Mansion Joined the Ranks of
(District 9 – Successful Collective Sales Club)

Peace Centre/Peace Mansion En Bloc All Details

Peace Centre Mansion Sold En Bloc Pinterest
  • Status: SOLD

  • Tenure: 99-yr Leasehold

  • Land Size: 76,617 square feet

  • Gross Floor Area: 604,578 sq ft

  • Total Units: 318

  • Gross Plot Ratio: 7.89

  • Address: 1 Sophia Road

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

  • District: 9

  • Marketing Agent: JLL Singapore

  • Reserve Price: S$650 million

  • Sale Price: S$650 million

  • No. of Attempts: 5

  • Date of Sale: December 2021

  • Buyer: Joint venture of SingHaiyi, Chip Eng Seng and Ultra Infinity

  • New Development: TBA