Peace Centre, Peace Mansions up for collective sale

Peace Centre, Peace Mansions up for collective sale

PEACE Centre and Peace Mansions in Sophia Road are for sale through an expression-of-interest exercise at an indicative price of $470 million, in what is one of Singapore's biggest mixed-development collective-sale offerings so far.

Steven Ming, director of investment sales at marketing agent Savills Singapore, said yesterday the indicative price for the 76,618 sq ft site translates to $880 per sq ft per plot ratio, including an estimated $82 million charge to reset the 37-year-old development's leasehold tenure to 99 years.

Mixed-development collective-sale sites transacted previously include Eng Cheong Towers, Kim Tian Plaza and, most recently, Kim Seng Plaza. Peace Centre/Peace Mansions, however, has the biggest price tag.

The development comprises a nine-storey commercial block and a 32-storey part-commercial, part-residential tower. There are 86 apartments, 137 offices, 95 shops and a car park.

Mr Ming says 70 per cent approval for a collective sale has already been achieved.

Subject to official approval, the site can be redeveloped up to its current gross floor area (GFA) of 627,852 sq ft, which happens to exceed the permissible plot ratio of 4.2.

A new, purely residential development is unlikely, says Mr Ming. More likely is a mixed development with a shopping mall, service apartments, medical or even an educational institution.

CapitaLand is developing a new shopping mall and service apartments nearby on the site of the former Selegie Complex.

Last year, Lend Lease Real Estate Investments bought the neighbouring Paradiz Centre for $138 million.