SINGAPORE (THE BUSINESS TIMES) - Peace Centre/Peace Mansion has been put on the market for collective sale once again. This time, the owners are expecting offers in excess of $650 million, sole marketing agent JLL said on Monday.
The property was previously launched for collective sale in March 2019 with a reserve price of $688 million. The owners later received in-principle approval from the Singapore Land Authority for a lease top-up to 99 years in April 2019.
Peace Centre/Peace Mansion, which is located at 1 Sophia Road, was built around 1977. It comprises 232 commercial units, 86 apartments and a carpark with 162 lots, totalling 319 strata lots in a 10-storey front podium block and a rear 32-storey tower.
More than 80 per cent of the owners have consented to the collective sale, JLL said.
The 76,617 sq ft site the property sits on has a verified gross plot ratio of about 7.89 and may be redeveloped up to a height of 55m Singapore height datum, with part of the site potentially rising as high as 67m.
Based on a grant of outline planning permission (OPP) from the Urban Redevelopment Authority (URA) in 2019, a developer may redevelop the site up to an existing gross floor area (GFA) of 604,578 sq ft with 60 per cent commercial GFA and 40 per cent residential GFA.
This means the site could yield about 362,747 sq ft of commercial space and some 241,831 sq ft of residential units - or about 240 units at an average size of 1,000 sq ft, subject to the relevant authority's approval, JLL said.
It is located near shopping amenities such as Bugis Junction, Bugis+, Plaza Singapura, The Cathay, Wilkie Edge and GR.iD. There are also six MRT stations within 1km distance - Rochor, Bencoolen, Dhoby Ghaut, Bras Basah, Little India and Bugis.
The development is also near educational institutions such as Singapore Management University, School of the Arts Singapore, Lasalle College of the Arts, Nanyang Academy of Fine Arts and the Kaplan City Campus.
Schools within a 1km radius include St Margaret's Primary School and Stamford Primary School. Others within 2km of the site include Anglo-Chinese School (Junior), Farrer Park Primary School, River Valley Primary School and St Joseph's Institution Junior.
As the site is zoned for commercial use under URA's Master Plan 2019, there will be no additional buyer's stamp duty for its purchase. There is also no requirement for a pre-application feasibility study for the site based on inquiry with the Land Transport Authority.
JLL Singapore executive director Tan Hong Boon said: "With the OPP and the in-principle lease top-up approval in place previously, developers would have more clarity in evaluating and designing their products with certainty, which will result in them bidding with confidence."