Exclusive marketing agent Jones Lang Laselle (JLL) said that the Peace Centre and Peace Mansion en bloc was put forth in the market on Monday, 6th Setp 2021 at a reserve price of S$650 million. It consists of a shopping mall and residential tower.
Peace Centre And Peace Mansion En Bloc:
Image credit: onemap
On Friday, 3 Dec 2021, the offer was accepted in its fifth en bloc attempt.
Peace Centre and Peace Mansion were sold to entities linked to SingHaiyi and Chip Eng Seng.
The deal will see Chip Eng Seng, Ultra Infinity and Sing-Haiyi Crystal forming a joint venture. Among the 3 investors, Chip Eng Seng holds 40 percent of the shares, followed by each of the other 2 with 30 percent.
An in-principle-approval for the 99 years lease top-up was obtained by the owners in April 2019 from the Singapore Land Authority (SLA).
Currently, there are 319 strata units made up of commercial units occupying the 10-storey block fronting Selegie Road and residential apartments in the back 32-storey building. Land size is 76,617 sqft. Its 99-year lease dates from June 2, 1970. PCPM was developed around 1977. Peace Centre is zoned commercial in the Urban Redevelopment Authority Masterplan 2019 with a plot ratio of 7.89.
JLL said that the developers may build a mixed development allotting 60% of the 604,578 sqft GFA to commercial and the remaining 40% of the GFA to residential. This represents approximately 362,747 sqft GFA of commercial space and 241,831 sqft GFA of residential space. This could yield around 240 unis at 1,000 sqft on average.
A few minutes’ walk from PCPM are shopping malls such as Bugis +, Bugis Junction, Bugis+, Wilkie Edge, Plaza Singapura, The Cathay, Wilkie Edge, and GR.ID. Six MRT stations are located within a one-kilometre radius: Dhoby Ghaut, Rochor, Bencoolen, Little India, Bras Basah, and Bugis.
PCPM is also close to Kaplan city campus, Singapore School of the Arts, LASALLE College of the Arts, Nanyang Academy of Fine Arts, and Singapore Management University.
Within a kilometre to PCPM, parents can put their young school-going kids in St Margaret’s Primary School and Stamford Primary School. Farrer Park Primary School, Anglo-Chinese School (Junior), River Valley Primary School and St Joseph’s Institution Junior are among the schools within two kilometres of the site.
The unit land rate or this plot of land works out to $1,426 per square foot per plot ratio (psf ppr) based on the en bloc price of $650 mil. This is inclusive of a fresh lease top up to 99 years. With a 7% gross floor area (GLF) bonus for the residential section, the psf ppr works out to $1,388.
Considering it is a commercial site, there will be no Additional Buyer’s Stamp Duty.
Peace Centre And Peace Mansion In Central Area:
Image credit: ura,streetdirectory
Peace Centre and the adjacent Peace Mansion residential building sit in prime D9 locale in the Central Area. This land acquisition comes in timely for redevelopment of the site. The area in the vicinity of Sophia is in need of rejuvenation to bring about a façade change to refresh the whole landscape. A recent new condominium launch within 500m radius is Haus On Handy on Handy Road by City Developments Limited. Before that, the last development was launched in 2014 and it is Sophia Hills by Hoi Hup Realty Pte Ltd, Sunway Developments Pte Ltd & S C Wong Holdings Pte Ltd. Sophia Hills has obtained its Temporary Occupation Period already.
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