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People’s Park Centre launched for collective sale at $1.8 bil

The historical Individuals’s Park Centre has been offered via collective tender at a get price of $1.8 billion. ERA has been appointed as the single advertising firm.

Copen Grand

Situated at 101 Upper Cross Street, the advancement is beside the Chinatown MRT Station (on the North-East Line and Downtown Line) and a brief drive to the CBD.
Presently, the mixed-use growth includes 324 retail devices, 256 office units and also 120 property units, along with a carpark.

Finished in 1970, the 99-year leasehold site spans an acreage of 95,457 sq ft with an allowable gross plot ratio of 8.6, converting to a maximum built-up area of 821,017 sq ft. ERA estimates the land cost at $2,620 psf ppr after taking into consideration the differential premium and also lease top up to a fresh lease.

People’s Park Centre is located in the historic district of Chinatown. Famous sites consisting of the Chinatown Heritage Centre and also Upper Barracks are in the vicinity.

There are currently a total amount of 872 private property residences within a 500m radius of the development, based upon EdgeProp LandLens tool. These consist of Waterfront Piazza (40 units); People’s Park Complex (288 systems); Fook Hai Structure (28 units); and the future condo development, The Landmark, which will add an additional 396 devices. The latter, a joint venture between ZACD Team, MCC Land and also SSLE Advancement, was the most recent property advancement to be introduced in the vicinity.

A few streets away, on Club Road, rests an upcoming hotel that was acquired by Midtown Development, a subsidiary of Worldwide Hotel Group in 2018. It is significant for being the first resort website to be launched via Government Land Sales in a decade.

“The cumulative sale of People’s Park Centre provides an uncommon possibility for designers to construct a famous structure in the heart of the historic district in Singapore,” states Sunny Wong, the ERA supervisor leading the cumulative sale of Individuals’s Park Centre.

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