Mixed-use development Peace Centre and Peace Mansion (pictured) on Sophia Road has been put up for collective sale by tender at an indicative price of S$680 million, marketing agent Colliers International said Monday, 15 December.
The 32-storey mixed commercial and residential development comprises Peace Centre which is a part-7-part-10-storey commercial podium block, and Peace Mansion which is a 22-storey residential tower with 84 apartments and two penthouses. It is situated on 76,617 sq ft site on 1 Sophia Road with a 99-year leasehold tenure commencing 2 June 1970. The subject site is zoned commercial under the 2014 Master Plan, and has a gross plot ratio of 4.2, the property consultancy said.
Stella Hoh, Executive Director of Investment Services at Colliers International, says, “Based on our recent baseline enquiry and outline application results, the successful buyer can potentially re-develop the property into a mixed-use development comprising office, retail, residential and serviced apartment units, with an allowable gross floor area of some 604,578 sq ft.”
“Alternatively, the new owner can consider refurbishment and reconfiguration. Subject to relevant authorities’ approval, Peace Centre can be refurbished into a modern shopping mall, while Peace Mansion can be converted to accommodate serviced apartments – all these while retaining the existing height of the building, which is currently the tallest in the vicinity,” she added.
Located at the junction of Selegie Road and Sophia Road, the subject property is easily accessible by several MRT stations including Dhoby Ghaut, Little India, Bras Basah, Bugis, as well as the future Rochor and Bencoolen.
The indicative price translates to S$1,125 per sq ft per plot ratio.
Tender exercise will close on February 11, 2015.
Image source: Colliers International
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg.