Peace Centre, Peace Mansion sold via en bloc sale worth $650 million
This is Peace Centre, Peace Mansion's 6th attempt at a collective sale.
Completed back in 1977, both Peace Centre and Peace Mansion have been sold via en bloc for a whopping $650 million.
The developer that acquired the site located at 1 Sophia Road is a joint venture between CEL Development, SingHaiyi, and Ultra Infinity.
The sale was likely backed by the resounding sales and response for Canninghill Piers.
Peace Centre, Peace Mansion was both launched for collective sale back in September 2021 after 80 per cent of the owners have given their consents.
It came after a week when International Plaza was launched for en bloc.
This is Peace Centre & Peace Mansion’s 6th attempt at a collective sale.
The last attempt failed in April 2019, with a reserve price of $688 million.
The 44-year-old development is sitting on a 99-year leasehold site since June 1970.
The development comprises a total of 86 residential units and 232 commercial units.
It sits along the prominent cross junction of Sophia Road and Selegie Road and is within the 1-km radius of St Margaret’s Primary School and a 2-km radius of River Valley Primary School, St Joseph’s Institution Junior, and Anglo-Chinese School Junior.
It’s also within close proximity to other educational institutes that include the likes of Singapore Management University (SMU), School of the Arts Singapore (SOTA), and LASELLE College of the Arts.
Most importantly, the site at Sophia Road is within a 600-metre radius of 6 MRT stations in total. Bencoolen MRT station (DT21) is the nearest among all.
The Peace Centre and Peace Mansion en bloc sale price translate to around $1,388 psf. This is inclusive of an additional bonus GFA of 7 per cent for the residential component.
Based on the outline planning permission obtained from the Urban Redevelopment Authority (URA) previously, the future new launch at Sophia Road will be a 60-40 mixed development.
That is to say, 60 per cent of commercial space could be around 362,747 square feet of retail & commercial space, while the remaining 241,831 square feet will be allocated for residential units.