MIXED-USE development People’s Park Centre has been put up for collective sale via public tender with a S$1.8 billion reserve price, 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 years lease, ERA added.

The commercial-cum-residential development comprises a total of 324 retail units, 256 office units, 120 residential units and a car park. Its collective sale has obtained 84 per cent of the owners’ signatures by strata area and 80 per cent by share value.

Located at 101 Upper Cross Street, the mixed-use project had previously set a S$1.35 billion reserve price for its first collective sale attempt in 2019.

People’s Park Centre is located in Chinatown, next to the Chinatown MRT Interchange, which services the downtown and north-east MRT lines. It is also accessible via major roads and expressways.

The development is situated close to historical landmarks such as Chinatown and Upper Barracks, malls such as the OG Building and Chinatown Point, and several educational institutions including River Valley Primary School and Singapore Management University.

A NEWSLETTER FOR YOU

Tuesday, 12 pm

Property Insights

Get an exclusive analysis of real estate and property news in Singapore and beyond.

Sign Up

The Orchard shopping district and Marina Bay District, less than a 10-minute drive away, provide more options for shopping and dining.

The building sits on a plot spanning 95,467 square feet (sq ft) zoned under the Urban Redevelopment Authority’s 2019 Master Plan with a gross plot ratio of 8.6, which can be built up to a gross floor area of 821,017 sq ft.

The tender for People’s Park Centre closes at 3 pm on Aug 18, 2022.

This latest collective sale launch comes after Golden Mile Complex was successfully sold to a consortium comprising Far East Organization, Perennial Holdings and Sino Land for S$700 million earlier this year.

Sunny Wong, who leads the ERA team handling the en bloc sale of People’s Park Centre, believes that the en bloc sale will attract both major developers and real estate funds.

“It is not often for such a major development in the city area with a MRT interchange at the doorstep to come onto the market,” he said. “The collective sale of People’s Park Centre will provide a rare opportunity for developers to build an iconic building in the heart of the historical district in Singapore.”