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The Peace Centre and Peace Mansion complex located at the Selegie Road-Sophia Road junction has been launched for collective sale once again.
The 40-year-old District 9 property was previously launched for sale in 2007, via an expression-of-interest exercise at an indicative price of S$470 million or S$880 psf ppr. The price included a charge of approximately S$82 million to top up the lease to 99 years.
However, the asking price was not reached, according to The Business Times. Savills Singapore, the marketing agent for the property, also failed to obtain the required 80 percent approval for an en bloc sale.
This time, the 80 percent approval rate has been achieved, said Savills.
However, the asking price has been increased to S$700 million or S$1,355 psf ppr, which includes an upgrading premium of approximately S$150 million to top up the tenure to 99 years.
With a land area of around 76,600 sq ft, the commercial site consists of a 32-storey residential tower and a seven-storey commercial podium.
The property can be redeveloped into a building with a gross floor area (GFA) of up to 627,900 sq ft.
Suzie Mok, Director of Investment Sales at Savills Singapore, said the site will be suitable for a new mall.
“With the successful rejuvenation of the Civic District and the expected continued strength in the local and regional economies, there will be tremendous potential for expansion of the retail scene beyond the main tourist and shopping belt of Orchard Road into the Selegie Road area,” she said.
The tender for the Peace Centre and Peace Mansion complex will close on 20 April.