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by Cheryl Tay
Colliers International has announced that strata-titled units in Peace Centre (pictured) and Peace Mansion have been put up for sale by expression of interest (EOI), giving interested parties an opportunity to co-own and manage the units at 1 Sophia Road under a joint venture (JV).
The part-seven and part-10 storey Peace Centre is a commercial podium block while Peace Mansion is a 32-storey residential tower with 84 apartments and two penthouses. Jointly, they occupy a 76,617 sq ft 99-year leasehold site.
Offered for sale are 90 retail and office strata-titled units, including 11 residential units, a ground floor food court and 162 parking spaces. The units make up a total strata area of 283,908 sq ft and around 46 percent of the development’s total share value.
The property’s owner is looking for (a) JV partner(s) to handle the asset’s management services as well as enhance its value through active lease management, asset enhancement or tenant-mix repositioning.
To establish the JV partnership, the owner will sell part of its stake in the investment holding company.
Tang Wei Leng, Executive Director of Investment Services of Colliers International, said, “Currently, the 90 office and retail units have an occupancy rate of more than 90 per cent, while the 11 residential units are 84 percent leased. The self-operated car park also enjoys a high occupancy rate. The total monthly rental income for these properties is more than S$600,000.”
“Due to the limited supply of strata-titled office space available in the market, investors are always on the lookout to buy strata office space,” she added.
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