Peace Centre and Peace Mansion at 1 Sophia Road have been put up for collective sale for the third time, at a reduced asking price of S$675 million.

This works out to around S$1,306 psf ppr, including an estimated S$145 million upgrading premium to top up the existing lease to a 99-year tenure, subject to approval from the relevant authorities.

The 40-year-old property comprises a part seven and part 32 storey commercial and residential building respectively. It sits on a 7,118 sq m prime commercial plot and can potentially be redeveloped into a commercial building with a gross floor area (GFA) of 58,329.371 sq m, exceeding the permissible plot ratio of 4.2 under the Master Plan 2008.

“Given its prominent location, the site offers an attractive opportunity to transform it into a bustling mixed used development comprising retail, entertainment, office, medical suites, SOHO or even service apartments (subject to approval) that can complement and synergise with the institutional, arts and entertainment, museums, residential uses in the vicinity,” said Suzie Mok, Director of Investment Sales at Savills Singapore, which is marketing the property.

1 Sophia Road is prominently located at the junction of Sophia Road and Selegie Road, and enjoys double frontages of approximately 175 m. It also has a captive market of residents from new prime residential developments, such as 8 @ Mt Sophia, Suites @ Orchard, Sophia Residences and Parc Emily.

“1 Sophia Road is unique as it is conveniently located with easy access to key districts such as the Central Business District, Marina Downtown and Orchard Road shopping belt,” said Mok.

The new development at the site will be the largest commercial property located along the streetscape comprising Parklane Shopping Centre, PoMo and Wilkie Edge.

“The outlook and demand for commercial space in the city centre remains strong and the developer may also leverage on the strong rebound in the office segment to develop a quality commercial block to cater to businesses that do not require to have a presence in the CBD.”

The tender for the site will close on 3 August 2011.

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