PEACE Centre/Peace Mansion (PCPM) has been put on the market for collective sale once again. This time, the owners are expecting offers in excess of S$650 million, sole marketing agent JLL said on Monday.
The minimum price of S$650 million reflects a unit land rate of about S$1,443 per square foot per plot ratio, after including an estimated lease top-up premium, but before factoring in bonus balcony plot ratio for the residential component.
The property was previously launched for en bloc in March 2019 with a reserve price of S$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.
PCPM, 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 square-foot (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 55 metres Singapore height datum, with part of the site potentially rising as high as 67 metres.
source: The Business Times