Ravi Chandran
Peace Centre / Peace Mansion (“PCPM”), a prime mixed development site in Central Area has just been launched for sale by tender. The sole marketing agent of the prime mixed development site at No. 1 Sophia Road, JLL, said that it was a ‘high visibility’ commercial site in the prime District 9.
Built around 1977, the prime mixed development site comprises 99 retail/commercial units, 133 offices, 86 apartments and a carpark with 162 lots, totalling 319 strata lots in a 10-storey front podium block and a rear 32-storey tower. More than 80 per cent of the owners have consented to the collective sale and are expecting offers in excess of $688 million.
Under the 2014 Master Plan, the 76,617 sq ft site is zoned for ‘Commercial’ use. It has a verified gross plot ratio (“GPR”) of about 7.89 and may be redeveloped up to a height of 55 metres Above Mean Sea Level.
An outline planning permission (“OPP”) from the Urban Redevelopment Authority has been obtained recently for a developer to redevelop the site up to the existing Gross Floor Area (“GFA”) of approximately 604,578 sq ft at an equivalent GPR of 7.89 for a mixed commercial and residential project. Based on the OPP, a new development comprising of 60 per cent commercial GFA and 40 per cent residential GFA could yield about 362,747 sq ft of retail/commercial space and some 241,831 sq ft of residential units (or about 240 units at an average size of 1,000 sq ft, subject to relevant authority’s approval).
An application for an in-principle approval for the lease top up to a fresh 99 years has also been made to the Singapore Land Authority and a reply is expected to be obtained soon. There is also no requirement for a Pre-Application Feasibility Study for the site based on enquiry with the Land Transport Authority.
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A stone’s throw from the renowned Orchard Road, the prime mixed development site is located within the Bras Basah-Bugis district, which is Singapore’s arts, civic, cultural, heritage, design and education precinct, home to the greatest concentration of museums, historic monuments, heritage buildings, places of worship, arts groups, arts schools, educational institutions and lifestyle malls in the city centre.
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“PCPM, with its District 9 address, prominent corner site with a very high visibility of 100m frontage onto Sophia Road, 70m onto Selegie Road and its proximity to six MRT stations within a 600-metre radius, stands out with its convenient location and excellent accessibility”, says Mr. Tan Hong Boon, Executive Director at JLL.
Established shopping amenities, popular eateries and hip cafes are readily accessible within the Bras Basah-Bugis district. Bugis Junction, Plaza Singapura, The Cathay and PoMo are all located within walking distance to PCPM. The popular Bugis Village is also in close proximity.
Within a 600-metre radius of the site, there are six MRT stations within walking distance. The Rochor and Bencoolen Stations are about 500-metre’s walk and Dhoby Ghaut and Bras Basah Stations are some 600 metres walk away. The Little India Station is within a 700-metre walk and Bugis about 1km. These stations practically cover all the MRT lines on the island, namely the East-West Line, North- East Line, Downtown Line and Circle Line, bringing accessibility to the whole Singapore at PCPM’s doorstep.
Prestigious schools within 1 km of PCPM include St Margaret’s Primary School and Stamford Primary School. Other popular schools within 2 km of the site include Anglo-Chinese School (Junior), Farrer Park Primary School, River Valley Primary School and St Joseph’s Institution Junior.
Other prominent educational institutions nearby include Singapore Management University, Singapore School of the Arts, LASALLE College of the Arts, Nanyang Academy of Fine Arts and the Kaplan city campus.
The vibrant dynamics of the locale will propel demand for the commercial and residential space in the new project. Retail demand is strongly supported by tourists, students of nearby educational institutions, as well as residents of nearby upscale private housings in the established Mount Sophia, while residential demand is enhanced by the high income demographics and excellent connectivity of the area just off Orchard Road and Bras Basah Road.
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“We expect strong interest for this site due to the reasonable pricing and its mixed-use approval. Owners are expecting keen competition from developers to bid well in excess of their minimum price. At the owners’ minimum price of $688 million, it reflects a land rate of approximately $1,474 psf per plot ratio, before factoring in bonus balcony plot ratio for the residential component. This compares very favorably with transacted land sales in the vicinity as well as several other commercial and mixed use collective sale sites on the market now”, continues Mr. Tan.
Mr. Tan says: “With the OPP in place and the impending lease top-up approval which we expect to obtain shortly, developers would have more clarity in evaluating and designing their product with certainty, which will result in them bidding with confidence.”
The tender for the prime mixed development site closes on Thursday, 11 April 2019, at 3.00 p.m.
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