Peace Centre's 5th Enbloc sales attempt successfully concluded on the 3 Dec 2021, to successful tenderer Chip Eng Seng, SingHaiyi.
After factoring in an additional 7 per cent bonus gross floor area (GFA) for the residential component, the land rate is S$1,388 psf ppr.
Subject to relevant authorities' approval, Peace Centre can be refurbished into a modern shopping mall, while Peace Mansion can be converted to accommodate serviced apartments.
PRESS COVERAGE
On fifth attempt, Peace Centre/Peace Mansion sold to entities linked to Chip Eng Seng, SingHaiyi
3 Dec 2021
ROPERTY player Chip Eng Seng Chip Eng Seng : C29 +0.7%, a SingHaiyi SingHaiyi : 5H0 0% joint venture and Ultra Infinity have made a joint S$650 million bid for the combined development of Peace Centre and Peace Mansion, by way of a private treaty, making it the largest collective sale this year.
The companies in separate bourse filings on Friday (Dec 3) announced that the "offer was accepted".
A KSH Holdings KSH : ER0 0% subsidiary, SLB Development $ SLB Dev : 1J0 0% and Ho Lee Group each own a one-third stake in Ultra Infinity.
The SingHaiyi joint venture, Sing-Haiyi Crystal, is equally owned by a SingHaiyi Group subsidiary and an entity controlled by Singaporeans Gordon Tang and Celine Tang - who are also Chip Eng Seng controlling shareholders.
Peace Centre was put on the market for collective sale in September, with the owners expecting offers in excess of S$650 million.
PRESS COVERAGE
6 Sep 2021
PEACE Centre/Peace Mansion (PCPM) has been put on the market for collective sale once again. This time, the owners are expecting offers in excess of S$650 million, sole marketing agent JLL said on Monday.
The minimum price of S$650 million reflects a unit land rate of about S$1,443 per square foot per plot ratio, after including an estimated lease top-up premium, but before factoring in bonus balcony plot ratio for the residential component.
The property was previously launched for en bloc in March 2019 with a reserve price of S$688 million. The owners later received in-principle approval from the Singapore Land Authority for a lease top-up to 99 years in April 2019.
PCPM, which is located at 1 Sophia Road, was built around 1977. It comprises 232 commercial units, 86 apartments and a carpark with 162 lots, totalling 319 strata lots in a 10-storey front podium block and a rear 32-storey tower.
PRESS COVERAGE
15 Mar 2019
PEACE Centre/Peace Mansion (PCPM) at 1 Sophia Road has extended its collective sale tender closing date by three weeks on the basis that the property's owners are still awaiting approval from the relevant authorities for a lease top-up, and that developers would require more time to evaluate government land sale (GLS) sites currently available in the market.
The tender closing date, previously scheduled for April 11, is now May 3, at 3pm. It is the owners' fifth attempt at a collective sale.
The prime mixed development in District 9 was launched for sale in late February with a reserve price of S$688 million, or about S$1,474 per square foot per plot ratio, before factoring in bonus balcony GFA for the residential component.
Tan Hong Boon, executive director at JLL, which is the sole marketing agent for the development said: "The owners are still waiting for the relevant authorities’ reply to their application for an in-principle approval for the lease top-up to a fresh 99 years. The reply is expected to be any time soon, but the schedule has fallen slightly behind owners' expectation.
PRESS COVERAGE
25 Feb 2019
THE owners of Peace Centre/Peace Mansion have put the prime mixed development site at 1 Sophia Road up for tender again, with a reserve price of S$688 million, or about S$1,474 per square foot per plot ratio (psf ppr).
Peace Centre/ Peace Mansion (PCPM) sits on a 76,617 square feet site, with a gross floor area of slightly over 600,000 sq ft. The property has 32 floors, with Peace Centre being a part-seven, part-10-storey commercial podium block, and Peace Mansion, a 22-storey residential tower with 84 apartments and two penthouses.
This is the owners' fifth attempt at a collective sale. In June last year, they were said to be eyeing a reserve price of S$650 million.
Under the Urban Redevelopment Authority's (URA) 2014 Master Plan, PCPM's 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, said sole maketing agent JLL.
PRESS COVERAGE
Both are mixed developments; list of commercial buildings still seeking buyers is growing
23 Jun 2018
THE rejuvenation of Selegie Road will move further along if the owners of two buildings there succeed in their collective sale bids.
Selegie Centre, a 10-storey freehold commercial building, has obtained approval from around 90 per cent of owners by share value and strata area to launch a tender with a reserve price of S$120 million.
The land rate works out to S$1,942 per square foot per plot ratio (psf ppr).
This is the development's third bid at an en bloc sale, and its marketing agent is ERA Realty.
Over at Peace Centre/Peace Mansion, things are pending. This mixed-use development at 1 Sophia Road, off Selegie Road, is 10 per cent shy of the requisite 80 per cent approval level; over 70 per cent of owners by share value and strata area have said yes, including one owner who accounts for about 40 per cent.
For the owners, said to be eyeing a reserve price of S$650 million, this will be their fourth attempt at a collective sale. The marketing agent is JLL.
PRESS COVERAGE
Indicative price is about S$680 million, which works out to S$1,125 per square foot per plot ratio
16 Dec 2014
PEACE Centre/Peace Mansion, a residential-commercial mixed development along 1 Sophia Road in the prime District 9, has been put up for collective sale by tender for the third time, following two earlier failed attempts.
The indicative price is about S$680 million, which works out to S$1,125 per square foot per plot ratio (psf ppr). This price is calculated with neither a differential premium nor topping-up of lease.
The property sits on a 76,617 sq ft site which has about 54.5 years left on its original 99-year leasehold tenure.
It has 32 floors in all: Peace Centre is a part-seven, part-ten-storey commercial podium block, while Peace Mansion is a 22-storey residential tower with 84 apartments and two penthouses.
Nearby commercial buildings include PoMo, Parklane Shopping Centre and Wilkie Edge. Considered to be located at the fringe of Orchard Road, it is also near the National Museum of Singapore, Singapore Art Museum, School of the Arts and Singapore Management University.