Orchard Road’s Peace Centre and Peace Mansion are up for grabs at a guide price of $680 million. This news marks the fourth time the owners of this property has put it on sale, which Colliers International will handle this time.
The current ask price of $680 million rounds down to $1,125 per sq ft per, which beats the developers’ 2011 price by $5 million and is $210 million more than the amount the owners first asked for in the year 2007.
Peace Centre has a seven and ten-floor blocks. The blocks house offices and retail shops. On the other hand, Peace Mansion is a residential building with 22 floors and a total of 86 units, of which two are penthouses.
The sale of the property targets both local and international investors and is open until Feb 11 next year.
The prime location
Investment executive director at Colliers Int’l, Ms. Stella Hoh, pointed out that joint strata-titled property is at a prime location; the interception of the Selegie and Sophia roads. The student populated area has others malls, including Parklane Shopping Centre, PoMo, and Wilkie Edge.
She was also quick to finger at the areas rejuvenation plans, to be precise, the upcoming development of the Ophir-Rochor Corridor.
The 76,617 sq ft property is in the 44th year of its 99 years lease tenure. It has a joint total floor area of about 604,578 square feet, an equivalent to 7.89 approved gross plot ratio. And since the building specification fits well within the current recommended 3:2 commercial to residential use ratio, there shall be no additional development levies.
According to Stella, whoever buys the Peace Centre could refurbish it to a modern shopping centre and have the Peace Mansion turned into serviced apartments. She, however, stressed that this was subject to approval by the regulatory body.