Chief Editor July 06 2022

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People’s Park Centre en bloc at S$1.8 billion reserve price

People’s Park Centre is an iconic mixed commercial and residential development building at Chinatown. 

Real estate agency ERA Realty Network has put up People’s Park Centre for collective sale with a S$1.8 billion reserve price.

The reserve price translates into S$2,620 per square foot per plot ratio, including the differential premium and the premium to top up the land tenure to a fresh 99-year lease.

People’s Park Centre has a land size spanning 95,467 sq ft and a gross floor area of 821,017 sq ft.

People’s Park Centre is near to historical landmarks such as OG Building and Chinatown Point.

The development was completed in 1976 and it comprises of 256 office units, 324 retail units and 120 residential units as well as a multi storey car park.

The tender for People’s Park Centre collective sale will close at 3 pm on 18 Aug 2022.

According to ERA Realty Network, People’s Park Centre collective sale has obtained 84% of the owners’ signatures by strata area and 80% by share value.

Back in 2019, the reserve price was only S$1.35 billion for People’s Park Centre. 

The en bloc fever is brewing after Golden Mile Complex was eventually sold for S$700 million to a consortium comprising Perennial Holdings, Far East Organization and Sino Land.