THE en bloc sale of People’s Park Centre, if successful, could help rejuvenate the Chinatown area, but buying interest is likely to be limited to consortiums, given the high ticket price, consultants have said.

The mixed-use development at 101 Upper Cross Street was put up for collective sale via public tender with a S$1.8 billion reserve price, marketing agent ERA Realty Network announced on Wednesday (Jul 6).

This translates to a land rate of about S$2,620 per square foot per plot ratio, including the differential premium and the premium to top up the land tenure to a fresh 99-year lease, ERA added.