# People’s Park Centre Is Making A Third En Bloc Attempt — With A $320 Million Lower Asking Price

- **Source:** Stacked Homes
- **Published:** 2026-07-15T13:00:10.000Z
- **Author:** Ryan J. Ong
- **Original:** https://stackedhomes.com/peoples-park-centre-making-third-en-bloc-attempt-320-million-lower-price/
- **Topics:** New Launches, Government & Policy, Transactions & Deals

## Featured rationale

The reduced price may improve developer interest, although the project’s scale, five-year sales deadline and local-buyer focus could continue limiting the pool of bidders.

## AI summary

People’s Park Centre launched its third collective sale at $1.48 billion, $320 million below its unsuccessful 2022 reserve price, after securing 80.54% owner approval.

## Original article

People’s Park Centre stands out for two key reasons in my mind. The first is the fury it causes, when – for the umpteenth time – someone enters the wrong address in their Grab app when they want to travel there. (Is it that easy to mistake it for the neighbouring People’s Park Complex?)

Next, this Chinatown landmark holds the title of being developed on the first ever land parcel sold under the Government Land Sales (GLS) programme, way back in 1967.

But the latest news about People’s Park Complex feels almost poetic in that context. Just as we embrace our appreciation for mixed-use projects in our urban landscape, one of the earliest examples of this type of development may be gone for good.

Here’s what’s happening: People’s Park Centre is making its third en-bloc attempt

People’s Park Centre has officially been launched for collective sale with a guide price of $1.48 billion, after securing an 80.54% approval from all of the owners controlling the building’s total share value.

The public tender for this collective sale begins tomorrow, July 16, and will close about two months later on Sept 16.

This is the third collective sale attempt that the owners of People’s Park Centre have attempted to date. Their first try in 2019 saw the development listed at a reserve price of $1.35 billion, but it flattered after the collective sales committee was unable to secure the necessary 80% approval from owners.

The next attempt came in 2022, this time with a much higher reserve price of $1.8 billion. The collective sale tender was launched, but it closed without attracting a successful bid.

This latest attempt at a collective sale is a bit more restrained. The new guide price of $1.48 billion is significantly lower than before, and to my mind it seems tempered by the awareness of narrowing developer margins and the challenges of redeveloping the site in a neighbourhood that from my perspective isn’t too family-oriented.

The guide price translates to about $2,455 psf per plot ratio (ppr), and it assumes it will get the approvals needed to top-up the lease for a fresh 99-year leasehold tenure. We also don’t know if any Land Betterment Charges – the tax payable on the increase in land value from the change of land use – will be payable if it is redeveloped into a mixed-use project.

People’s Park Centre is built on the first GLS site awarded by the government in 1967. (Picture: ERA)

Ironically, the site’s greatest strength is also part of its challenge.

People’s Park Centre boasts solid locational attributes, with a prominent location at the junction of Eu Tong Sen Street (where it also enjoys a 124m street-level frontage) and Upper Cross Street.

It’s also connected to Chinatown MRT Interchange on the North-East and Downtown Lines, and the building is close to the Central Business District (CBD).

Under the Master Plan, the site is zoned ‘Commercial’ with a gross plot ratio (GPR) of 8.6, making it one of the largest redevelopment opportunities in Singapore’s Core Central Region (CCR).

Part of the announcement of the collective sale tender is a suggestion that the site could be redeveloped into a new mixed-use project, comprising around 60% commercial and 40% residential. This would be subject to planning permissions and approvals.

However, there are two major issues that I can see.

First, the large size of the plot doesn’t just mean a much larger capital commitment. It also means a longer construction timeline and potentially many more residential units that need to be sold within the five-year deadline for the remittable portion of the Additional Buyer’s Stamp Duty (ABSD).

Miss that deadline and the developer stands to lose the 35% remittable ABSD. That’s roughly $518 million based on the $1.48 billion guide price.

Next, the largest and most active buyer group in the Singapore property market are HDB upgraders. These buyers are predominantly families, and Chinatown isn’t the most ideal place to raise one. For families, schools, neighbourhood parks, and larger homes tend to take precedence over being within the CBD – even if there’s an MRT station nearby.

Bearing in mind that developers can no longer rely on affluent foreign buyers for higher-cost CCRF projects, since the ABSD rate imposed on foreigners purchasing residential property in Singapore is now 60%. Thus, I fear that if the site is redeveloped, the future project will have to be a product that appeals to locals.

Together, I find that these factors explain why the guide price had to be more realistic for this latest collective sale attempt. It is one of the largest redevelopment opportunities to come along in the CCR in a long time, and would be a landmark project for any developer or consortium of developers.

But I sense that the pool of developers capable and willing to take on a project of this size could be quite small. The collective sale is marketed by ERA Realty, so they must feel that it is worth the attempt.

The existing development features a 13-storey block and a 30-storey block, with a total of 324 retail units, 256 office units, 120 residential units and a multi-storey car park. (Picture: ERA)

Still, there are reasons for the owners of People’s Park Centre to be optimistic, compared to their unsuccessful attempt in 2022

In general, the Chinatown area is embarking on its next transformation phase. The government’s planned 60-storey BTO project at nearby Pearl’s Hill will bring thousands of residents back into the city centre over the coming years.

Unlike office workers, residents generate activity throughout the day, creating more demand for supermarkets, restaurants, cafés etc. This feeds directly into the mixed-use nature of the redevelopment.

A larger residential population could make units here easier to move in the resale market, but that’s also contingent on the area becoming more family-oriented.

ERA also seems optimistic about the prospects. Sunny Wong, Division Director at ERA Realty Network and the person leading the collective sale exercise, says: “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”.

Pearl Lok, Director of Capital Markets & Investment Sales at ERA, also pointed to the site’s unique position within Chinatown. “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”.

In any case, the results of the tender after it closes on 16 September is bound to be closely watched.

## Chinese translation

> Translation model: grok_cli

### 珍珠坊中心发起第三次集体出售——叫价下调3.2亿新元

珍珠坊中心（People’s Park Centre）以14.8亿新元指导价发起第三次集体出售，此前2019年与2022年的出价均未成功。该地块是新加坡首个政府售地（GLS）地段，于1967年售出，位于牛车水地铁站上方，规划为混合用途。

在我看来，珍珠坊中心（People’s Park Centre）有两个关键理由格外突出。第一，是它一次又一次引发的怒火——当有人又在Grab应用里输错地址、却想去那里时。（要把它和相邻的珍珠坊大厦People’s Park Complex搞混，真的有那么容易吗？）

其次，这座牛车水地标坐落于政府售地（GLS）计划下售出的首个地段之上，时间要追溯到1967年。

但关于珍珠坊中心的最新消息，放在这一背景下几乎颇具诗意。就在我们日益欣赏城市景观中的综合用途项目之时，这类开发最早的例子之一，或许将彻底消失。

情况是这样的：珍珠坊中心正在发起其第三次集体出售（en bloc）

珍珠坊中心已正式以14.8亿新元的指导价推出集体出售，此前已获得控制该楼总份额价值的全部业主中80.54%的同意。

此次集体出售公开招标将于明天7月16日开始，约两个月后于9月16日截止。

这是珍珠坊中心业主迄今为止发起的第三次集体出售尝试。他们2019年的首次尝试将项目以13.5亿新元的底价挂牌，但因集体出售委员会未能取得业主必要的80%同意而告吹。

下一次尝试发生在2022年，这次底价大幅提高至18亿新元。集体出售招标已启动，但截止时未吸引到成功出价。

这一最新集体出售尝试更为克制。新的指导价14.8亿新元明显低于此前，在我看来，这似乎受到了发展商利润空间收窄、以及在该社区重新开发所面临挑战的影响——而在我看来，这里并不太以家庭导向见长。

该指导价约合每地积比平方英尺（psf ppr）2,455新元，并假设能取得所需批准以补地价、获得全新的99年地契。我们也不知道，若重新开发为综合用途项目，是否需要缴纳任何土地增值费（Land Betterment Charges）——即因土地用途变更导致地价上升而应缴的税款。

珍珠坊中心建于政府于1967年批出的首个GLS地段上。（图片：ERA）

讽刺的是，该地段最大的优势也是其挑战的一部分。

珍珠坊中心拥有扎实的区位条件，坐落于欧南园街（Eu Tong Sen Street，街面一线也有124米临街面）与克罗士街上段（Upper Cross Street）交界处的显要位置。

它也与东北线和市中心线的牛车水地铁转乘站相连，建筑靠近中央商务区（CBD）。

根据总蓝图，该地段规划为“商业”用途，总地积比（GPR）为8.6，使其成为新加坡核心中央区（CCR）最大的重新开发机会之一。

集体出售招标公告的一部分建议，该地段可重新开发为新的综合用途项目，大约由60%商业和40%住宅构成。这仍须获得规划许可与批准。

不过，我能看到两个主要问题。

首先，地块面积之大不仅意味着资本投入要大得多。它也意味着更长的施工周期，以及潜在需要在五年期限内售出的更多住宅单位——才能拿回可退还部分的额外买方印花税（ABSD）。

错过该期限，发展商将损失35%可退还ABSD。按14.8亿新元指导价计算，大约为5.18亿新元。

其次，新加坡房地产市场中最大、最活跃的买家群体是组屋提升买家。这些买家以家庭为主，而牛车水并不是最理想的育儿地点。对家庭而言，学校、邻里公园和更大的住房，往往优先于靠近CBD——即便附近有地铁站。

还要记住，发展商已无法再依赖富裕外国买家来支撑成本较高的CCR项目，因为外国人在新加坡购买住宅物业的ABSD税率现为60%。因此，我担心若该地段重新开发，未来项目将必须成为能吸引本地人的产品。

综合来看，我认为这些因素解释了为何这次最新集体出售尝试的指导价必须更加现实。这是CCR很长一段时间以来出现的最大重新开发机会之一，对任何发展商或发展商财团而言都将是地标项目。

但我感觉，有能力且愿意承接如此规模项目的发展商群体可能相当有限。此次集体出售由ERA Realty负责推介，因此他们必定认为值得一试。

现有项目包括一座13层楼和一座30层楼，共有324个零售单位、256个办公单位、120个住宅单位及一座多层停车场。（图片：ERA）

尽管如此，与2022年未成功的尝试相比，珍珠坊中心业主仍有乐观的理由

总体而言，牛车水地区正进入下一阶段转型。政府计划在附近珍珠山（Pearl’s Hill）兴建的60层预购组屋（BTO）项目，将在未来数年把数千名居民带回市中心。

与上班族不同，居民会在全天各时段产生活动，从而创造对超市、餐馆、咖啡馆等的更多需求。这直接契合重新开发的综合用途属性。

更大的居住人口可能让这里的单位在转售市场更好出手，但这同样取决于该区域是否变得更以家庭为导向。

ERA似乎也对前景感到乐观。ERA Realty Network分区总监、负责此次集体出售的Sunny Wong表示：“这种规模的机会很少出现在市场上。再加上周边地区持续更新，我们预计珍珠坊中心将吸引希望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总监Pearl Lok也指出了该地段在牛车水的独特位置。“珍珠坊中心位于牛车水心脏地带，位置显要，与CBD及更广阔市区的连接极佳。凭借其规模与中心区位，该地段代表着一个难得的未来重新开发机会，可在延续该区既有商业、住宅与生活方式业态组合的同时，为片区持续演进作出贡献。”

无论如何，招标于9月16日截止后的结果，势必会受到密切关注。