The closing date for the collective sale tender of Peace Centre/Peace Mansion (PCPM) has been extended to May 3, 3pm, as the owners have yet to receive a response to their application for an in-principle approval to top up the lease to a fresh 99 years.
“The decision to extend the tender was [also due to] feedback from several developers that they would need more time, as they are preparing for or evaluating the few government land sale sites currently up for tender in the market,” says Tan Hong Boon, executive director of JLL.
The original tender closing date was April 11.
PCPM (Credit: JLL)
In February, the owners put up the property for sale at a reserve price of $688 million or $1,474 psf per plot ratio. This is the development’s fifth attempt at a collective sale.
PCPM is currently zoned “commercial” in the prevailing Master Plan. An outline planning permission (OPP) from the URA has been obtained recently for PCPM to be redeveloped up to the existing gross floor area (GFA) of about 604,578 sq ft. This translates into gross plot ratio of 7.89 for a mixed commercial and residential project.
JLL estimates that with the OPP, a new development on the site could yield 362,747 sq ft of retail and commercial space and another 241,831 sq ft of residential units.