Singapore’s prime property, Peace Centre / Peace Mansion (PCPM) at No. 1 Sophia Road in the prime District 9, has been up for sale with S$688 million reserve price by tender by sole marketing agent, JLL.
Under the 2014 Master Plan, the 76,617 sq ft site is zoned for ‘Commercial’ use. It has a verified gross plot ratio (“GPR”) of about 7.89 and may be redeveloped up to a height of 55 metres Above Mean Sea Level.
“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 600-metre radius, stands out with its convenient location and excellent accessibility”, says Mr. Tan Hong Boon, Executive Director at JLL.
”We expect strong interest for this prime property due to the reasonable pricing and its mixed-use approval.”
“We expect strong interest for this prime property due to the reasonable pricing and its mixed-use approval. Owners are expecting keen competition from developers to bid well in excess of their minimum price. At the owners’ minimum price of $688 million, it reflects a land rate of approximately $1,474 psf per plot ratio, before factoring in bonus balcony plot ratio for the residential component. This compares very favorably with transacted land sales in the vicinity as well as several other commercial and mixed use collective sale sites on the market now”, continues Mr. Tan.
Mr. Tan says: “With the OPP in place and the impending lease top-up approval which we expect to obtain shortly, developers would have more clarity in evaluating and designing their product with certainty, which will result in them bidding with confidence.”