StanChart's office space at Peace Centre sold for S$11m

Standard Chartered Bank has sold its two-storey corner space at Peace Centre along the junction of Sophia and Selegie Roads for slightly over S$11 million, according to a Business Times report.

The bank used to operate a branch office at the location. After two collective sales attempts last year, the space is now vacant.

A seasoned property investor has reportedly acquired StanChart's units, which measure some 5,600 sq ft. Based on the units’ total strata area, the transacted price was about S$1,970 psf.

Over in the MacPherson area, Tat Hong Investment has sold One Howard, an old, five-storey industrial building for S$30.3 million, which reflects a unit land price of S$402 psf ppr.

The buyer, Malaysian Dairy Industries, which owns the neighbouring properties, will also acquire the entire rectangular block fenced by Howard, Mactaggart, Davidson and MacPherson Roads.

Malaysian Dairy will likely renovate and occupy One Howard as soon as its existing tenancies expire. However, property watchers believe that Malaysian Dairy will tap the site’s redevelopment potential in the long term.

The plots, zoned for Business 1 use, are located some 300m from Tai Seng MRT station and have a plot ratio of 2.5 under the 2008 Master Plan.

One Howard has the potential for redevelopment with an estimated gross floor area (GFA) of about 54,000 sq ft, 30 percent below the 75,393 sq ft limit under the 2008 Master Plan.


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