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Peace Centre/Peace Mansion (PCPM) has secured in-principle approval (IPA) from the Singapore Land Authority (SLA) to top-up its lease to a fresh 99 years, revealed JLL.
The SLA granted the IPA on 26 March, subject “to redevelopment of the site for a mixed-use project with a total gross floor area of 56,167.15 sq m, being 60 percent of the total gross floor area for commercial use and the remaining 40 percent for residential use”.
JLL executive director Tan Hong Boon noted that the IPA on the lease renewal was timely, with the Urban Redevelopment Authority (URA) introducing incentives to encourage rejuvenation of the city-centre under the Draft Master Plan 2019.
“PCPM, being centrally located and highly accessible, with six MRT stations in the vicinity mostly within 500 to 700 metres’ walk, is well placed as an attractive value proposition for developers looking for a mixed-use development in the city in line with this objective.”
Zoned commercial under the current Master Plan, the outline planning permission (OPP) issued by the URA allowed PCPM to be redeveloped up to the current gross floor area (GFA) of 604,578.17 sq ft at a gross plot ratio of 7.89 for a mixed commercial and residential project.
JLL noted that the owners’ $688 million minimum price reflects a land rate of around $1,474 psf per plot ratio, inclusive of an estimated lease top-up premium but before taking into account the bonus balcony space for the residential component.
The tender for PCPM closes on 3 May.
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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