People's Park Centre up for en bloc sale at S$1.8 billion reserve price
SINGAPORE — People’s Park Centre in Chinatown has been put up for collective sale at a reserve price of S$1.8 billion, real estate agency ERA Realty Network said on Wednesday (July 6).
Completed in 1976, the 99-year leasehold mixed-use commercial-and-residential development is located at 101 Upper Cross Street, next to Chinatown MRT station.
People’s Park Centre is also near famous historical landmarks such as Chinatown Heritage Centre, and malls such as OG Building, Chinatown Point, Riverside Point and Far East Square.
The development comprises 324 retail units, 256 office units, 120 residential units and a car park.
The reserve price translates into S$2,620 per square foot per plot ratio, including the differential premium and the premium to top up the land tenure to a fresh 99-year lease.
It sits on a plot spanning 95,467 sq ft, and has a gross floor area of 821,017 sq ft.
The collective sale has obtained 84 per cent of the owners’ signatures by strata area, and 80 per cent by share value, said ERA.
The tender for People’s Park Centre closes on Aug 18, 3pm.
The en bloc attempt comes two months after Golden Mile Complex was sold for S$700 million to a consortium comprising Perennial Holdings, Sino Land, and Far East Organization.
Built in 1973, the 16-storey building was gazetted as a conserved building in October last year in light of its historical and architectural significance. CNA
Related topicsPeople's Park Centre en bloc chinatown
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