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.
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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.
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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email firstname.lastname@example.org