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Published February 10, 2011
Peace Centre complex is up for en bloc sale again
Asking price for the site now higher than in 2007, when it was last put up for sale
By UMA SHANKARI
THE landmark Peace Centre and Peace Mansion complex at the Selegie Road-Sophia Road junction is up for collective sale once again.
Building potential: The Peace Centre and Peace Mansion complex, which comprises a seven-storey commercial podium and a 32-storey residential tower, can be redeveloped into a building with a GFA of up to 627,900 sq ft
The now 40-year-old property was last put up for sale in 2007 through an expression-of-interest exercise with an indicative price of $470 million - or $880 per square foot per plot ratio (psf ppr), including an estimated $82 million charge to top up the tenure to 99 years.
But the asking price was not met, BT understands. Savills Singapore, which marketed the property, also did not manage to get the needed 80 per cent approval for a collective sale.
This time, the 80 per cent approval rate has been met, Savills said.
But the asking price is higher. Owners are now looking for $700 million. This works out to $1,355 psf ppr, including an estimated $150 million upgrading premium to top up the lease to 99 years.
The District 9 commercial site has a land area of about 76,600 sq ft.
The property currently comprises a seven-storey commercial podium and a 32-storey residential tower.
Subject to approval from the relevant authorities, the site can be redeveloped into a building with a gross floor area of up to 627,900 sq ft.
This is the current gross floor area, which exceeds the permissible plot ratio of 4.2 stipulated in the 2008 Master Plan.
Suzie Mok, director of investment sales at Savills Singapore, expects the site to be suitable for a new mall.
'With the successful rejuvenation of the Civic District and the expected continued strength in the local and regional economies, there will be tremendous potential for expansion of the retail scene beyond the main tourist and shopping belt of Orchard Road into the Selegie Road area,' she said.
Other than for retail, alternative uses for the site may include medical suites, offices, small office, home office (Soho) units or even service apartments, subject to approval.
The tender for the site will close on April 20.