Pek Chuan Building back on the market at same guide price of S$80 million
This is owners’ second attempt to sell the four-storey commercial building
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[SINGAPORE] Pek Chuan Building, a four-storey commercial building in Kallang, is being put up for tender again in a collective sale, with an unchanged guide price of S$80 million.
The price tag translates to a land rate of S$1,114 per square foot (psf) on the gross floor area of 71,750 sq ft, said Dillon Loi, director at marketing agency Mount Everest Properties, on Wednesday (Mar 25).
Located along Lavender Street, the 99-year leasehold building sits on a land area of 28,700 sq ft with about 56 years left on its lease.
It is within close proximity of Lavender and Bendemeer MRT stations.
It comprises retail units on the first to third floors, and office units on the fourth floor.
Under the Urban Redevelopment Authority’s Master Plan 2025, the site is zoned as commercial with a plot ratio of 2.5. Its redevelopment can be built up to 12 storeys.
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This marks the owners’ second attempt in the last year to sell Pek Chuan Building. A previous tender closed on Nov 10, 2025. While the site drew an offer, it fell below the reserve price and failed to secure the requisite 80 per cent consent from owners to proceed.
Loi said the owners’ latest attempt comes amid strengthening price momentum in the broader property market, especially in the residential segment.
He believes this will continue, given the current low interest rate environment. “At a certain inflection point, pent-up demand will likely spill over into the commercial strata sector to drive prices up.”
Caveats data showed that in the past five years, just three units at Pek Chuan Building – two offices and one retail – have been sold. Most recently in December 2025, an office unit spanning 646 sq ft changed hands at S$718,000 or S$1,112 psf.
The last successful commercial en bloc in the area was the sale of GSM Building to LHN unit Coliwoo for S$80 million.
The tender for Pek Chuan Building closes on Apr 10 at 2 pm.
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