{"id":123706,"date":"2021-12-09T00:56:10","date_gmt":"2021-12-08T17:56:10","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/peace-centre-peace-mansion-sold-for-650mil\/"},"modified":"2021-12-09T09:20:48","modified_gmt":"2021-12-09T02:20:48","slug":"peace-centre-peace-mansion-sold-for-650mil","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/peace-centre-peace-mansion-sold-for-650mil\/","title":{"rendered":"Peace Centre, Peace Mansion sold for $650mil"},"content":{"rendered":"


\nLocated along Sophia Road, Peace Centre and Peace Mansion\u00a0occupy a 76,617 sq ft site. Source: Google\u00a0Maps
\nAfter five tries at a collective sale, the shopping mall Peace Centre and apartment complex Peace Mansion have finally been sold for $650 million to a joint venture comprising Sing Haiyi Crystal, CEL Development and Ultra Infinity, reported Channel News Asia (CNA) citing sole marketing agent JLL.
\nBuilt around 1977, the mixed development at Sophia Road comprises 232 commercial units, 86 apartment units and a 162-lot car park or a total of 319 strata units within a 10-storey front podium block as well as a rear 32-storey tower.
\nIt occupies a 76,617 sq ft site that is zoned for commercial use under the 2019 Master Plan, with a verified gross plot ratio of 7.89.
\nIn March 2019, in-principle approval from the Singapore Land Authority was obtained to renew the site\u2019s lease to a fresh 99-year term.
\n\u201cBased on a grant of outline planning permission from the URA in 2019, a developer may redevelop the site up to the existing gross floor area (GFA) of approximately 604,578 sq ft for a mixed commercial and residential project with 60% commercial gross floor area and 40% residential gross floor area,\u201d said JLL as quoted by CNA.
\nMeanwhile, Mohamed Rafig Maideen, current collective sale chairman, said the owners were more realistic during this round, with the sale agreement concluded following \u201cintense negotiations on the terms of the contract\u201d.
\nNotably, over 80% of the owners consented to the sale of the development.
\n\u201cWe have been persistent over the years and never gave up,\u201d he said as quoted by CNA. \u201cWe have finally come to this stage and successfully found a buyer on our fifth attempt.\u201d
\nJLL Executive Director Tan Hong Boon said the buyer can develop a well-connected mixed-use development at the site given its \u201cexcellent accessibility\u201d to six MRT stations and central location.
\nAt $650 million and based on a new development comprising 60% commercial and 40% residential, the unit land rate stands at about $1,426 per sq ft per plot ratio (psf ppr) including the estimated lease top-up premium or $1,388 psf ppr after factoring in an additional 7% bonus GFA for the residential component, he added.
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nCheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email:\u00a0cheryl@propertyguru.com.sg.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Peace Centre, Peace Mansion sold for 0mil<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Located along Sophia Road, Peace Centre and Peace Mansion\u00a0occupy a 76,617 sq ft site. Source:...<\/p>\n","protected":false},"author":1,"featured_media":123707,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-123706","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/12\/Peace-Centre-Peace-Mansion-Building-photo-crop.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-wbg","jetpack-related-posts":[{"id":104407,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/peace-mansion-going-for-688m-in-5th-en-bloc-attempt\/","url_meta":{"origin":123706,"position":0},"title":"Peace Mansion going for $688m in 5th en bloc attempt","date":"February 26, 2019","format":false,"excerpt":"\r Majority of the owners of Peace Centre\/Peace Mansion have agreed to launch the development for collective sale again at a minimum price of $688 million. (Photo: JLL) Undeterred by four prior failed attempts, over 80 percent of the owners of Peace Centre\/Peace Mansion (PCPM) have agreed to launch the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":91720,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/gloria-mansion-in-district-5-up-for-en-bloc-sale-at-79m\/","url_meta":{"origin":123706,"position":1},"title":"Gloria Mansion in District 5 up for en bloc sale at $79m","date":"June 19, 2018","format":false,"excerpt":"\r The hilltop apartment at Pasir Panjang Road is close to Haw Par Villa MRT station, the West Coast Highway and Ayer Rajah Expressway. (Photo: Huttons Asia) Gloria Mansion, a freehold residential development at Pasir Panjang Road, has been put up for collective sale with a reserve price of $79\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":74512,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/parkway-mansion-sold-for-146-99mil-to-sustained-land-led-consortium\/","url_meta":{"origin":123706,"position":2},"title":"Parkway Mansion sold for $146.99mil to Sustained Land-led consortium","date":"December 14, 2017","format":false,"excerpt":"\r After two failed attempts at a collective sale, Parkway Mansion has finally been sold to a consortium led by Sustained Land Pte Ltd for $146.99 million. Colliers International revealed that the sale price was 6.5 percent higher than the owners\u2019 guide price of $138 million during the tender launched\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":84828,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/united-mansion-up-for-en-bloc-sale-with-reserve-price-of-98m\/","url_meta":{"origin":123706,"position":3},"title":"United Mansion up for en bloc sale with reserve price of $98m","date":"April 9, 2018","format":false,"excerpt":"\r Completed in 1968, United Mansion in Siglap is located close to Parkway Parade, I12 Katong and various schools. (Photo: Cushman & Wakefield) The freehold United Mansion development at 592 to 614 East Coast Road has been launched for collective sale at a reserve price of $98 million, marketing agent\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":83517,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/makeway-view-sold-for-168m-to-bukit-sembawang\/","url_meta":{"origin":123706,"position":4},"title":"Makeway View sold for $168m to Bukit Sembawang","date":"March 23, 2018","format":false,"excerpt":"\r Makeway View comprises 28 apartments and four penthouses, and is close to Newton MRT interchange. (Photo: Edmund Tie & Co) The freehold Makeway View condominium in Newton has been sold to Bukit Sembawang Estates for $168 million, marketing agent Edmund Tie & Co said on Thursday (22 Mar). Completed\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":124342,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/15-leasehold-gcbs-to-rise-at-former-caldecott-broadcast-centre-site-gloria-mansion-sold-for-70-3mil-and-more\/","url_meta":{"origin":123706,"position":5},"title":"15 leasehold GCBs to rise at former Caldecott Broadcast Centre site, Gloria Mansion sold for $70.3mil and more","date":"January 25, 2022","format":false,"excerpt":"\r 18th January to 24th January 2022 The former Caldecott Broadcast Centre site is set to become the largest cluster of leasehold Good Class Bungalows (GCBs) in Caldecott Hill as Perennial Holdings proposed to redevelop the site into 15 leasehold GCBs. Meanwhile, Gloria Mansion was sold en bloc for $70.3\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/01\/Singapore-CBD-landscape.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/123706"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=123706"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/123706\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/123707"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=123706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=123706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=123706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}