Peace Center / Peace Mansion, a district 9 prime property has relaunched their Collective Sale for a reserve price amounting to S$688 million and this works out to a land rate of S$1,474 psf ppr.
PCPM stands on a site measuring 76,617 square feet. It comes with a gross floor area of more than 600,000 square feet. It has 32 floors.
Peace Center exists as a part-7 and part-10-storey commercial block. It has total of 133 offices and 99 commercial units.
On the other hand, Peace Mansion is a residential building that comes with 84 apartment units and 2 penthouse units.
This is basically the owners’ fifth attempt for a collective sale. It is said that sometime in June 2018, they were looking forward to having a reserve price of 650 million dollars.
Under URA’s 2014 Master Plan, Peace Center/ Peace Mansion location is zoned for business and commercial purposes.
JLL Singapore, PCPM’s marketing agent said that PCPM has a gross plot ratio of 7.89 and can be redeveloped to 55 meters above sea level.
Prior to this, an outlined planning permission or OPP have been secured from URA, allowing the redevelopment of the site. This redevelopment allows PCPM to be used as residential and commercial areas.
According to the OPP, new redevelopment projects should comprise 60% for commercial GFA while 40% GFA is allowed for residential use. This means that PCPM’s redevelopment can yield approximately 362,747 square feet for commercial space and 241,831 sq ft for residential use.
Approval from SG Land Authority for an in-principle application for lease top-up to a fresh 99 years and reply is expected anytime soon.
Tan Hong Boon, JLL’s executive director stated that he expects a very strong interests from buyers about this site. This is due to the reasonable prices being offered to potential buyers.
Also, its mixed-use approval is another factor that made him expect much higher. Furthermore, it comes with attractive land rate of S$1,474 psf ppr.
The tendering of the property will end on the 11th of April at 3pm.
Peace Center / Peace Mansion site will be very attractive to buyers as it is located in Prime location in Singapore.
The prime mixed development enjoys a wide double frontage of around 175 meters and it is found at the junction of Selegie and Sophia Road.
After the redevelopment, it is expected that Peace Center can become the area’s largest mall in the streets of POMO, Wilkie Edge and Parklane Shopping Center.
There are four MRT stations found within the area too: Bugis and Rochors MRT Stations and Dhoby Ghaut and Little India Interchanges. All lines from the northeast, north-south, downtown and circle are just within 600 meters (in radius) away from the site.
The En Bloc Site is conveniently located next to SG’s Civic District. On the other hand, 1 Sophia Rd is just a few minutes’ walk away from SG’s leading institutions like SOTA, SMU, La Salle College of Arts and Nanyang’s Fine Arts Academy.
The SG Art Museum and National Museum are also nearby the site.
Moreover, the development site also has a strong market of potential residents that hail from nearby residential areas like in Cathay Residences, Suites at Orchard, Sophia Residences, 8 at Mt Sophia and Parc Emily.
With all these amenities and attractions surrounded the site, it will definitely draw interests from potential investors.