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The closing date for the collective sale tender of Peace Centre/Peace Mansion (PCPM) has been extended from 11 April to 3 May, reported the Business Times.
This comes as the owners of the property are still waiting for the authorities’ approval for a lease top-up and to give developers more time to evaluate Government Land Sale (GLS) sites available on the market.
“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,” said Tan Hong Boon, executive director at marketing agent JLL.
“The decision to extend the tender was made also following feedback from several developers that they would need more time, as they are preparing for, or evaluating the few GLS sites currently up for tender in the market.”
Situated on a 76,617 sq ft site, the prime mixed development was launched for sale in February with a $688 million reserve price. This works out to around $1,474 psf per plot ratio (psf ppr), before taking into account the residential component’s bonus balcony gross floor area (GFA).
The 32-storey property in District 9 has a gross floor area of over 600,000 sq ft. Peace Centre is a part-seven, part-10-storey commercial podium tower, while Peace Mansion is a 22-storey residential block.
JLL revealed that it has obtained approval to redevelop the site – which is zoned commercial under the 2014 Master Plan – up to the existing GFA of around 604,578 sq ft at a gross plot ratio of 7.89 for a mixed commercial and residential project.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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