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

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.”