Peace Mansion going for $688m in 5th en bloc attempt

Romesh Navaratnarajah26 Feb 2019

Peace-Centre-Peace-Mansion-Building-photo crop

Over 80 percent of the owners of Peace Centre/Peace Mansion (PCPM) have agreed to launch the development for collective sale again at a minimum price of $688 million, which translates to a land rate of around $1,474 psf per plot ratio. (Photo: JLL)

Undeterred by four prior failed attempts, over 80 percent of the owners of Peace Centre/Peace Mansion (PCPM) have agreed to launch the development for collective sale again at a minimum price of $688 million, which translates to a land rate of around $1,474 psf per plot ratio (excluding bonus balcony space).

“PCPM, with its District 9 address, prominent corner site with a very high visibility of 100m frontage onto Sophia Road, 70m onto Selegie Road and its proximity to six MRT stations within a 600m radius, stands out with its convenient location and excellent accessibility,” said Tan Hong Boon, executive director at marketing agent JLL.

More: Understanding The En Bloc Process (August 2018)

Located on a 76,617 sq ft site within walking distance to Singapore’s iconic Orchard Road shopping belt, the mixed-use project has 162 parking spaces, 133 offices, 99 retail units and 86 apartments.

Based on an outline planning permission (OPP) from the Urban Redevelopment Authority, the site can be redeveloped to its existing gross floor area (GFA) of about 604,578 sq ft, with 362,747 sq ft (60 percent) allocated for commercial premises and 241,831 sq ft for the residential component. Assuming an average unit size of 1,000 sq ft, the buyer can build around 240 apartments, subject to approval from relevant government agencies.

PCPM has also already applied for an in-principle approval from the Singapore Land Authority to refresh the lease to 99 years. There is also no need for a Pre-Application Feasibility Study from the Land Transport Authority.

Aside from being close to six MRT stations – Rochor, Bencoolen, Dhoby Ghaut, Bras Basah, Little India and Bugis, the project is also within a 1km radius to reputable learning institutions like Stamford Primary School and St Margaret’s Primary School.

The tender exercise for PCPM will close on 11 April.

Get more details on the property market outlook for 2019 here

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

POST COMMENT

You may also like these articles

Majority of Braddell View owners approve $2.08 billion price for en bloc sale

The owners have set the reserve price at $2.08 billion, which translates to $1,214 psf per plot ratio. If the collective sale is successful, it would become Singapore’s most expensive en bloc sale,

Continue Reading8 Feb 2019

Spanish Village goes en bloc for the third time

The 226-unit residential development along Farrer Road, has been relaunched for en bloc sale with the guide price unchanged at $882 million. Including a development charge of around $30 million, the

Continue Reading12 Feb 2019

Margate Point makes another collective sale attempt

Majority of the owners agreed to lower the reserve price of the Katong property from $38 million to $36.5 million. Situated off Meyer Road and Mountbatten Road, Margate Point sits on a 12,800 sq ft si

Continue Reading14 Feb 2019