# People's Park Centre takes third stab at collective sale with $1.48 bil guide price

- **Source:** EdgeProp Singapore
- **Published:** 2026-07-15T09:02:29.000Z
- **Author:** Edgeprop Singapore
- **Original:** https://www.edgeprop.sg/property-news/peoples-park-centre-takes-third-stab-collective-sale-148-bil-guide-price
- **Topics:** Commercial & Industrial, New Launches, Government & Policy

## Featured rationale

The large redevelopment opportunity may test developer appetite for complex city-centre mixed-use sites requiring lease top-up approval and an estimated $535.4 million upgrading premium.

## AI summary

People’s Park Centre will make its third collective-sale attempt at a $1.48 billion guide price, reflecting an estimated land rate of $2,455 psf ppr.

## Original article

Chinatown development People’s Park Centre — which houses residential, retail and office units — will be launched for collective sale via public tender on July 16 with a guide price of $1.48 billion, after having secured the required 80% owner consent.

The collective sale agreement had been signed by 764 subsidiary proprietors representing 545 out of 701 units as at June 18.

That comes up to 80.54% of the total share value and 84.56% of the total area of the lots, according to a July 15 press release by ERA Realty Network.

Read also: Owners of freehold Balestier Centre launch first collective sale bid at $180 mil

This will be People’s Park Centre’s third attempt at selling en bloc. In 2019, the unit owners had tried to go for a collective sale with a $1.35 billion reserve price but the requisite level of owner consent was not garnered. In 2021, they took a stab with a higher reserve price of $1.8 billion, but did not receive any bids.

Located on Upper Cross Street, the development occupies a site area of about 8,869 sq m (95,467 sq ft) and has an extensive 124m frontage along Eu Tong Sen Street.

Under URA’s Master Plan 2025, the site is zoned for commercial use with a gross plot ratio of 8.6 and a building height control of up to 25 storeys.

ERA said it is “one of the largest redevelopment opportunities in Singapore’s city centre”, offering developers a rare opportunity to transform an iconic landmark and shape the next chapter of Chinatown’s evolution.

Prospective buyers may potentially create a more modern, accessible and efficient development while “drawing on the character that has made People’s Park Centre such a recognisable part of the precinct”, ERA added.

The latest guide price of $1.48 billion reflects an estimated land rate of $2,455 psf per plot ratio (psf ppr), assuming approval is obtained for a lease top-up to a fresh 99-year tenure.

Read also: Freehold residential property on Upper East Coast Road for sale at $14.1 mil

This land rate includes an estimated lease upgrading premium of about $535.4 million, according to ERA.

Also, the estimated land rate assumes that no land betterment charge (LBC) will be payable for a proposed mixed-use redevelopment comprising a rough mix of 60% commercial and 40% residential uses.

The lease top-up and redevelopment proposal are subject to approval by the relevant authorities.

The existing development comprises 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.

If a collective sale is concluded at the $1.48 billion price tag, the subsidiary proprietors are estimated to receive gross sale proceeds as follows:

Retail units measuring 4 to 596 sq m: $0.17 million to $18.3 millionOffice units measuring 21 to 510 sq m: $0.44 million to $10.3 millionResidential units measuring 154 to 392 sq m: $2 million to $4.5 million

“Opportunities of this scale rarely come to market,” said Sunny Wong, division director at ERA, who is leading the collective sale exercise. “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.”

Read also: Retail shop at People's Park Centre for sale at $18 mil

The tender will close on Sept 16 at 3pm.

Check out the latest listings for People's Park Centre, Chinatown properties

## Chinese translation

> Translation model: grok

### 珍珠坊中心第三次冲击集体出售，指导价14.8亿新元

若以该价成交，单位业主预计可获约17万至1,830万新元毛售楼收益。

牛车水综合项目珍珠坊中心——集住宅、零售与办公于一体——将于7月16日通过公开招标启动集体出售，指导价14.8亿新元，此前已取得所需的80%业主同意。

截至6月18日，集体出售协议已获764名附属产业主签署，代表701个单位中的545个。

据ERA Realty Network 7月15日新闻稿，这相当于总份额价值的80.54%，以及地段总面积的84.56%。

延伸阅读：无限制地契Balestier Centre业主首次发起集体出售，底价1.8亿新元

这将是珍珠坊中心第三次尝试集体出售。2019年，业主曾以13.5亿新元底价推动，但未取得所需同意比例；2021年再以更高的18亿新元底价尝试，却未获任何投标。

项目位于克罗士街上段，占地约8,869平方米（95,467平方英尺），沿欧南街临街面长达124米。

根据市区重建局《总体规划2025》，该地块划为商业用途，总地积比为8.6，建筑高度管制最高25层。

ERA称其为“新加坡市中心最大的重建机会之一”，为发展商提供改造标志性地标、书写牛车水演进下一章的难得机遇。

ERA补充，潜在买家或可打造更现代、更通达、更高效的发展项目，同时“汲取令珍珠坊中心成为片区可识别一部分的特色”。

最新14.8亿新元指导价，在假定获准将地契补足至全新99年的前提下，约相当于每平方英尺地积比2,455新元的地价。

延伸阅读：东海岸路上段无限制地契住宅物业以1,410万新元挂售

据ERA，该地价包含估计约5.354亿新元的地契升级溢价。

此外，估算地价亦假设拟议的混合用途重建（粗略按约60%商业、40%住宅）无需支付土地改良费（LBC）。

地契补足与重建方案均须获相关当局批准。

现有发展项目包括一幢13层与一幢30层楼宇，共有324个零售单位、256个办公单位、120个住宅单位及多层停车场。

若以14.8亿新元完成集体出售，附属产业主预估毛售楼收益如下：

零售单位面积4至596平方米：17万至1,830万新元
办公单位面积21至510平方米：44万至1,030万新元
住宅单位面积154至392平方米：200万至450万新元

“如此规模的机会极少出现在市场上，”负责此次集体出售的ERA部门董事Sunny Wong说。“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。”

延伸阅读：珍珠坊中心零售店面以1,800万新元挂售

招标将于9月16日下午3时截止。

查看珍珠坊中心、牛车水物业最新挂牌