People’s Park Centre guns for third collective sale at lower S$1.48 billion guide price
People’s Park Centre will launch for public tender on July 16
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[SINGAPORE] People’s Park Centre in Chinatown is gunning for its third collective sale at a lower guide price of S$1.48 billion, following its previous failed attempt at S$1.8 billion in 2022, The Straits Times has learnt.
According to marketing agent ERA Realty Network, People’s Park Centre will launch for public tender on July 16, after securing the requisite 80 per cent owner consent on June 18. The tender will close on Sept 16 at 3pm.
ERA said that 764 subsidiary proprietors representing 545 out of 701 units have signed the collective sale agreement, constituting 80.5 per cent of the total share value and 84.6 per cent of the total area.
Spanning 95,467 square feet (sq ft), People’s Park Centre, which has an extensive frontage of about 124m along Eu Tong Sen Street and direct access to Chinatown MRT Interchange, comprises a 13-storey block and a 30-storey block, with 324 retail units, 256 office units, 120 residential units and a multi-storey carpark.
According to ERA, owners of shops ranging from 4 sq m to 596 sq m could receive sale proceeds of between S$170,000 and S$18.3 million, while those with offices of 21 sq m to 510 sq m could receive between S$440,000 and $10.3 million.
Owners of apartments ranging from 154 sq m to 392 sq m stand to receive between S$2 million and S$4.5 million in gross sale proceeds.
At S$1.48 billion, this price tag works out to a land rate of S$2,455 per square foot per plot ratio, includes an estimated lease upgrading premium of S$535.4 million and assumes approval is obtained for a lease top-up to a fresh 99-year tenure.
The land rate also assumes that no land betterment charge will be payable for a proposed mixed-use redevelopment, comprising 60 per cent commercial use and 40 per cent residential use. The lease top-up and redevelopment proposal are subject to the authorities’ approval.
Under the URA Master Plan 2025, the site is zoned commercial with a gross plot ratio of 8.6 and a building height control of up to 25 storeys.
Located at 101 Upper Cross Street, People’s Park Centre attempted to sell at S$1.8 billion in 2022 but closed without any bids. Its initial exercise at a reserve price of S$1.35 billion in 2019 failed to get the requisite mandate.
“Crossing the 80 per cent consent threshold marks an important milestone. Opportunities of this scale rarely come to market. Coupled with the surrounding area’s rejuvenation, we expect People’s Park Centre to attract strong interest from developers seeking to deliver a signature project,” said Sunny Wong, ERA Realty division director.
Pearl Lok, director of capital markets and investment sales at ERA Realty, said: “People’s Park Centre is prominently located in the heart of Chinatown, with connectivity to the Central Business District.”
“Given its scale and central location, the site represents a rare opportunity for developers to transform an iconic landmark and shape the next chapter of Chinatown’s evolution, while building on the area’s established mix of commercial, residential and lifestyle offerings,” she added.
The area’s ongoing transformation, including the planned 60-storey Build-To-Order flats in Pearl’s Hill in Outram Park, is expected to support future commercial activity at the site.
Meanwhile, People’s Park Complex, a neighbouring 31-storey strata-titled development, tried for a second collective sale at S$1.3 billion in March 2023. This came after its first attempt in 2018 at the same price failed to get the 80 per cent mandate.
But uncertainties emerged in November 2023 after the Urban Redevelopment Authority told the collective sales committee that the complex – a 25-storey residential block atop a six-storey commercial podium – was being assessed for conservation because of its heritage and architectural significance.
A structural investigation was completed in March 2025 as part of the URA’s study on the potential conservation of the modernist icon in Chinatown.
ST had reported that the People’s Park Complex’s collective sales committee is awaiting results of the structural study from URA, as well as an update from the agency on whether the owners will be granted conservation incentives, such as bonus gross floor area (GFA).
Meanwhile, Changi condominium Loyang Valley was sold to a SingHaiyi Group-led consortium for S$880 million on April 17 – the biggest residential collective sale since the S$810 million Thomson View deal in 2025.
Excluding the Loyang Valley sale, the collective sales market has been subdued, with only two transactions so far in 2026.
A rear block of The Centrepoint was sold to a Frasers Property unit on Feb 26 for S$391.9 million.
Kewalram House, a non-JTC industrial development, was sold to a subsidiary of industrial developer Soon Hock Enterprise for S$120.5 million in March.
To date, the biggest collective sale here is the S$1.34 billion Farrer Court deal sealed in 2007. THE STRAITS TIMES
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