International property consultant, Colliers International is launching Peace Centre/Peace Mansion, located on 1 Sophia Road, for collective sale by tender. The tender will close on February 11, 2015 at 2.30 pm.
The subject property sits on a 76,617 sq ft site that has a 99-year leasehold tenure commencing 2 June 1970. A 32-storey mixed commercial and residential development, the subject property comprises Peace Centre which is a part-7-part-10-storey commercial podium block and Peace Mansion which is a 22-storey residential tower with 84 apartments and 2 penthouses.
According to Master Plan 2014, the subject site is zoned for “Commercial” use, with a gross plot ratio of 4.2.
The indicative price is approximately S$680 million, which works out to be S$1,125 per sq ft per plot ratio.
The subject property has great potential to be transformed into an iconic mixed development in District 9, standing out from other nearby developments – including PoMo, Parklane Shopping Centre and Wilkie Edge.
Ms Stella Hoh (何春燕), Executive Director of Investment Services at Colliers International, says, “Based on our recent baseline enquiry and outline application results, the successful buyer can potentially re-develop the property into a mixed-use development comprising office/retail/residential/serviced apartment units, with an allowable gross floor area of some 604,578 sq ft. This is equivalent to a gross plot ratio of 7.89.
Alternatively, the new owner can consider refurbishment and reconfiguration. Subject to relevant authorities’ approval, Peace Centre can be refurbished into a modern shopping mall, while Peace Mansion can be converted to accommodate serviced apartments – all these while retaining the existing height of the building, which is currently the tallest in the vicinity.”
Ms Hoh adds, “This is a rare opportunity for developers to acquire a mixed-use re-development site of a significant size in the heart of the city. The vicinity that the subject site is located in is set to transform into a vibrant area with new developments and rejuvenation plans – including the planned transformation of the Ophir-Rochor Corridor, the recent sale of the residential GLS site at Mount Sophia, as well as the upcoming South Beach, DUO developments and Capitol Development.
The large catchment of both the student population from the numerous schools and residents from the nearby prime residential developments will also inject a healthy dose of dynamism to the vicinity.”
Strategically located at the junction of Selegie Road and Sophia Road, the subject property enjoys high visibility with prominent frontages. It is easily accessible by six MRT stations – Dhoby Ghaut, Little India, Bras Basah, Bugis, as well as the future Rochor and Bencoolen – all of which are within walking distance to the property.
Not only is it at the fringe of Orchard Road, it is also next to the Civic District. Prominent developments include National Museum of Singapore, Singapore Art Museum, School of the Arts and Singapore Management University, Sophia Residence, Parc Emily, Suites@Orchard and 8@Mt Sophia, among others.