People’s Park Centre In S$1.8bil En Bloc Sale Attempt
SINGAPORE – ERA Realty Network revealed on Wednesday that People’s Park Centre, a mixed-use development at 101 Upper Cross Street, has been launched for collective sale through public tender with a reserve price of S$1.8 billion, reported The Business Times on Wednesday morning (6 July, SGT).
The real estate agency said the reserve price works out to a land rate of roughly S$2,620 psf per plot ratio, including the differential premium and the premium to refresh the site’s lease to 99 years.
It has been put up for en bloc sale after its collective sale committee secured 84 percent of the unit owners’ signatures by strata area and 80 percent by share value. The integrated project comes with 120 residential units, 256 office units, 324 retail units, and a car park.
Previously, the mixed-use commercial property in Chinatown had a set a reserve price of S$1.35 billion during its first collective sale attempt in 2019.
The People’s Park Centre stands on a site measuring 95,467 sq ft, which has a gross plot ratio of 8.6. This means the project can be redeveloped to a gross floor area (GFA) of 821,017 sq ft.
Apart from being adjacent to the Chinatown MRT Station, the mixed-use commercial property is located near shopping centres like Chinatown Point and OG Building. It is also close to Singapore Management University and River Valley Primary School.
Sunny Wong, who leads the ERA Realty Network team in charge of the said collective sale, thinks that People’s Park Centre will appeal to both property funds and large real estate developers.
“It is not often for such a major development in the city area with a MRT interchange at the doorstep to come onto the market,” he noted, adding that the en bloc sale of People’s Park Centre will provide a rare opportunity for developers to construct an iconic building in the heart of Singapore’s historical district.
The tender for the mixed-use commercial property will close on 18 August at 3 pm.