People’s Park Centre launched for collective sale at $1.8 bil

SINGAPORE (EDGEPROP) - The longstanding People’s Park Centre has been put up for sale via collective tender at a reserve price of $1.8 billion. ERA has been appointed as the sole marketing agency.

Read also: Tanjong Katong Road development put up for collective sale at $65.5 mil

Located at 101 Upper Cross Street, the development is next to the Chinatown MRT Station (on the North-East Line and Downtown Line) and a short drive to the CBD.

Currently, the mixed-use development consists of 324 retail units, 256 office units and 120 residential units, as well as a carpark.

Completed in 1970, the 99-year leasehold site spans a land area of 95,457 sq ft with an allowable gross plot ratio of 8.6, translating to a maximum built-up area of 821,017 sq ft. ERA estimates the land price at $2,620 psf per plot ratio (or psf ppr) after taking into consideration the differential premium and lease top up to a fresh lease.

People’s Park Centre is situated in the historical district of Chinatown. Iconic landmarks including the Chinatown Heritage Centre and Upper Barracks are in the vicinity. Chinatown Point and China Square Central are retail malls that are popular with tourists and locals. Educational institutions such as River Valley Primary School, Zhangde Primary School and Outram Secondary School are nearby.

There are currently a total of 872 private residential dwellings within a 500m radius of the development, based on EdgeProp LandLens tool. These include Riverside Piazza (40 units); People’s Park Complex (288 units); Fook Hai Building (28 units); and the upcoming condominium development, The Landmark, which will add another 396 units. The latter, a joint venture between ZACD Group, MCC Land and SSLE Development, was the latest residential development to be launched in the vicinity.

A few streets away, on Club Street, sits an upcoming hotel that was purchased by Midtown Development, a subsidiary of Worldwide Hotel Group in 2018. It is notable for being the first hotel site to be launched via Government Land Sales in a decade.

“The collective sale of People’s Park Centre offers a rare opportunity for developers to build an iconic building in the heart of the historical district in Singapore,” says Sunny Wong, the ERA director leading the collective sale of People’s Park Centre.

The tender will close on Aug 18, at 3pm.