SINGAPORE - Peace Centre/Peace Mansion (PCPM) at 1 Sophia Road has extended its collective sale tender closing date by three weeks on the basis that the property's owners are still awaiting approval from the relevant authorities for a lease top-up, and that developers would require more time to evaluate government land sale (GLS) sites currently available in the market.
The tender closing date, previously scheduled for April 11, is now May 3, at 3pm. It is the owners' fifth attempt at a collective sale.
The prime mixed development in District 9 was launched for sale in late February with a reserve price of $688 million, or about $1,474 per square foot per plot ratio, before factoring in bonus balcony GFA for the residential component.
Tan Hong Boon, executive director at JLL, which is the sole marketing agent for the development said: "The owners are still waiting for the relevant authorities' reply to their application for an in-principle approval for the lease top-up to a fresh 99 years. The reply is expected to be any time soon, but the schedule has fallen slightly behind owners' expectation.
"The decision to extend the tender was made also following feedback from several developers that they would need more time, as they are preparing for, or evaluating the few GLS sites currently up for tender in the market."
In view of this, the collective sale committee, in consultation with JLL and their lawyers, Lee & Lee, have made the decision to extend the tender closing date, in order to ensure sufficient time is given to the developers for evaluations and decisions, JLL said in a press statement on Friday.
PCPM sits on a 76,617 sq ft site, with a gross floor area of slightly over 600,000 sq ft. The property has 32 floors, with Peace Centre being a part-seven, part-10-storey commercial podium block, and Peace Mansion, a 22-storey residential tower with 84 apartments and two penthouses.
The site is zoned for commercial use under the Urban Redevelopment Authority's (URA) 2014 Master Plan.
JLL also noted that permission has recently been granted for it to be redeveloped up to the existing gross floor area (GFA) of about 604,578 sq ft, at a gross plot ratio of 7.89 for a mixed commercial (60 per cent GFA) and residential (40 per cent GFA) project.