# People's Park Centre back on market with lower S$1.48 billion price guide after failed 2022 en bloc sale attempt

- **Source:** Channel NewsAsia
- **Published:** 2026-07-15T10:14:28.000Z
- **Author:** Darcel Al Anthony
- **Original:** https://www.channelnewsasia.com/singapore/peoples-park-centre-property-sale-chinatown-6255596
- **Topics:** HDB & Public Housing, Commercial & Industrial, Transactions & Deals

## Featured rationale

The reduced guide price may improve developer interest, although the substantial city-centre land cost could continue to constrain redevelopment bids and transaction prospects.

## AI summary

People’s Park Centre launched its third collective-sale attempt at S$1.48 billion, below the S$1.8 billion price that attracted no bids in 2022.

## Original article

SINGAPORE: People's Park Centre in Chinatown will be put up for collective sale with a guide price of S$1.48 billion (US$1.14 billion), its real estate agency ERA Realty Network said on Wednesday (Jul 15). This marks the property's third collective sale attempt, following failed bids in 2019 at a reserve price of S$1.35 billion that did not secure owner consent and in 2022 at a reserve price of S$1.8 billion that attracted no bids. Completed in 1976, People's Park Centre features a 13-storey block and a 30-storey block, consisting of 324 retail units, 256 office units, 120 residential units and a multi-storey car park. It sits on a land area of 95,467 sq ft and commands a 124m frontage along Eu Tong Sen Street. The building is located at 101 Upper Cross Street and is next to Chinatown MRT station, offering direct access to the North-East and Downtown MRT Lines. It is also near attractions such as the Chinatown Heritage Centre and Buddha Tooth Relic Temple, as well as shopping complexes like Chinatown Point and Riverside Point. In March, National Development Minister Chee Hong Tat announced plans to develop 60-storey Build-To-Order (BTO) flats in the nearby Pearl's Hill precinct. This will be Singapore's tallest public housing project and the first BTO project in over 40 years. ERA said that the area's ongoing transformation is expected to "contribute to the locality’s vibrancy over time and support future commercial activity". The site is zoned for commercial use under the Urban Redevelopment Authority's Master Plan 2025. Its guide price reflects an estimated land rate of S$2,455 per square foot per plot ratio, assuming approval is obtained for a lease top-up to a fresh 99-year tenure, said ERA. "As one of the largest redevelopment opportunities in Singapore's city centre, the site presents a rare opportunity for developers to transform an iconic landmark and shape the next chapter of Chinatown's evolution," said ERA. The tender for People's Park Centre will launch on Thursday and will close on Sep 16, 3pm.

Ms Sunny Wong, ERA's division director at ERA, said that "opportunities of this scale rarely come to market". "Coupled with the surrounding area's ongoing rejuvenation, we expect People's Park Centre to attract strong interest from developers seeking to deliver a signature project," she said. Ms Pearl Lok, director of capital markets and investment sales at ERA said: "People's Park Centre is prominently located in the heart of Chinatown, with excellent connectivity to the CBD and the wider city. "Given its scale and central location, the site represents a rare opportunity for a future redevelopment to contribute to the continued evolution of the precinct, while building on the area's established mix of commercial, residential and lifestyle offerings.”

## Chinese translation

> Translation model: grok

### 珍珠坊中心再挂牌，指导价下调至14.8亿新元；2022年集体出售流标后第三次尝试

这座标志性的牛车水项目四年前曾以18亿新元挂牌，当时未获任何投标。

新加坡：房地产中介ERA Realty Network周三（7月15日）表示，位于牛车水的珍珠坊中心（People's Park Centre）将以14.8亿新元（约11.4亿美元）的指导价进行集体出售。这是该物业第三次尝试集体出售：2019年以13.5亿新元的底价未能取得业主同意；2022年以18亿新元底价挂牌则未获任何投标。

珍珠坊中心于1976年落成，设有一幢13层与一幢30层楼宇，包括324个零售单位、256个办公单位、120个住宅单位及多层停车场。地块面积95,467平方英尺，沿欧南街（Eu Tong Sen Street）临街面长达124米。大厦地址为克罗士街上段101号，毗邻牛车水地铁站，可直接衔接东北线与滨海市区线；邻近景点包括牛车水原貌馆与佛牙寺龙华院，以及牛车水广场、河边广场等商场。

今年3月，国家发展部长徐芳达宣布计划在附近珍珠山一带兴建60层高的预购组屋（BTO），将成为新加坡最高公共住宅项目，也是当地逾40年来首个BTO项目。ERA表示，该区持续转型料将“随时间提升地段活力，并支撑未来商业活动”。

根据市区重建局《总体规划2025》，该地块划为商业用途。ERA称，在假定获准将地契补足至全新99年的前提下，指导价约相当于每平方英尺地积比2,455新元的地价。“作为新加坡市中心最大的重建机会之一，该地块为发展商提供了难得机遇，可改造地标建筑，书写牛车水演进的下一章，”ERA表示。珍珠坊中心的招标将于周四启动，并于9月16日下午3时截止。

ERA部门董事Sunny Wong表示，“如此规模的机会极少出现在市场上。”“加上周边持续更新，我们预期珍珠坊中心将吸引有意打造标志性项目的发展商的强烈兴趣。”ERA资本市场与投资销售董事Pearl Lok说：“珍珠坊中心位处牛车水核心，连接中央商务区与更广市区的通达性极佳。”“凭借其规模与中心位置，该地块是未来重建难得机遇，可在既有商业、住宅与生活方式业态基础上，继续推动片区演进。”