Peace Centre / Peace Mansion extends tender closing date to 3 May 2019 (Friday), 3.00 p.m.
SINGAPORE – The tender closing date for the collective sale of Peace Centre/ Peace Mansion (“PCPM”) has been extended to 3 May 2019 (Friday), 3.00 p.m.
The prime District 9 PCPM was launched for sale by tender in late February with the tender closing date originally scheduled for 11 April 2019.
“The owners are still waiting for the relevant authorities’ reply to their application for an In-principle Approval for the lease top-up to a fresh 99 years. The reply is expected to be any time soon but the schedule has fallen slightly behind owners’ expectation. The decision to extend the tender was made also following feedback from several developers that they would need more time, as they are preparing for or evaluating the few Government Land Sale sites currently up for tender in the market.” says Mr. Tan Hong Boon, Executive Director at JLL.
In view of the above, the Collective Sale Committee, in consultation with JLL and their lawyers, Lee & Lee, have made the decision to extend the tender closing date for an additional 3 weeks in order to ensure sufficient time is given to the developers for evaluations and decisions.
PCPM enjoys unparalleled location and physical attributes, possessing all the ingredients needed for a mixed development with superb accessibility. Within a 600-metre radius of the site, there are six MRT stations; namely Rochor, Bencoolen, Dhoby Ghaut, Bras Basah, Little India and Bugis that are mostly within walking distance of 500 to 700 metres from PCPM.
Zoned “Commercial” in the prevailing Master Plan, an outline planning permission (“OPP”) from the Urban Redevelopment Authority has been obtained recently for it to be redeveloped up to the existing Gross Floor Area (“GFA”) of approximately 604,578 sq ft at an equivalent Gross Plot Ratio of 7.89 for a mixed commercial (60% GFA) and residential (40% GFA) project. Based on the OPP, a new development on PCPM site could yield about 362,747 sq ft of retail/commercial space and some 241,831 sq ft of residential units.
At the owners’ minimum price of $688 million, it reflects a land rate of approximately $1,474 psf per plot ratio, before factoring in bonus balcony GFA for the residential component. With the OPP and assuming the lease top up for up to 99 years is in place, PCPM is an attractive value proposition for developers looking for a prime commercial development project in the city.
The tender for PCPM closes on Friday, 3 May 2019, at 3.00 p.m.
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