Peace Centre Mansion Finally Sold En Bloc

Peace Centre Mansion in prime district 9 has finally found a buyer and sold en bloc for S$650 million during their private treaty sale period.

Joint venture of SingHaiyi, Chip Eng Seng and Ultra Infinity have successfully acquired the 1 Sophia Road prime site.

The unit land prices for the deal, after incorporating an expected lease top-up premium, is S$1,426 per square foot per plot ratio (psf ppr), according to JLL executive director Tan Hong Boon.

The land rate is S$1,388 psf ppr after accounting for a 7% bonus gross floor area (GFA) for the residential component.

In September 2021, PCPM was put up for collective sale, with the owners expecting incoming offers in excess of S$650 million.

“We have never given up throughout the years because we have been tenacious.” “We’ve finally arrived at this point, and on our fifth try, we’ve found a buyer,” said Mohamed Rafig Maideen, head of PCPM’s collective sale committee.

This round, he noted, the owners were more realistic.

Chip Eng Seng, Sing-Haiyi Crystal, and Ultra Infinity will create a joint venture as part of the agreement.

Chip Eng Seng will have the greatest share, with 40%, while the other two will each have 30%.

The joint offerors must acquire a sale order sanctioning the collective sale, as well as permission from the property’s lessor and satisfying planning standards, in order to complete the en bloc acquisition of PCPM.

The joint offerors will also need the Singapore Land Authority’s (SLA) permission for a new 99-year lease extension.

The joint offerors had paid a S$1 million offer fee in conjunction with the transaction as of Friday.

The Ultra Infinity consists of SLB Development, Ho Lee Group and a KSH Holdings subsidiary.

Sing-Haiyi Crystal, a SingHaiyi Group joint venture, is held equally by a SingHaiyi Group subsidiary and a company controlled by Singaporeans Gordon Tang and Celine Tang, who are also key owners in Chip Eng Seng.

Peace Centre/Peace Mansion mixed-use development is located just outside the fringe of popular Orchard Road shopping district.

The 1 Sophia Road District 9 prime enbloc site was built in the 1970s. and has a 99-year lease tenure that started on June 2, 1970.

The mixed-use development consists of 319 strata lots in a 10-storey front podium block and a 32-storey rear tower, with 232 business spaces, 86 apartments and a parking of 162 spots.

It has a gross plot ratio of around 7.89 and sits on an area of 76,617 square feet.

Peace Centre/Peace Mansion has ample amenities for everyone needs, places like Plaza Singapura, Bugis Junction, Wilkie Edge, Bugis+ and The Cathay are close to the site.

To access these hot spots easily, there are total of 6 MRT stations near the prime property and they are Bugis, Bras Basah, Bencoolen, Little India, Dhoby Ghaut and Rochor.

Some are only walking distance away.

Part of new launch success required prominent schools nearby, PCPM doesn’t lack of them.

Educational institutions namely Kaplan City Campus, Lasalle College of the Arts, Singapore Management University, Nanyang Academy of Fine Arts and the School of the Arts are proximity to the prime site.

Other schools that can be found within 1km radius are Stamford Primary School and St Margaret’s Primary.

Further out will be St Joseph’s Institution Junior, Farrer Park Primary, River Valley Primary and Anglo-Chinese School (Junior).

With all facilities easily reach, new project developed here will be inside home buyer’s mind…without doubt.