The historical Individuals’s Park Centre has been put up for sale using cumulative tender at a book rate of $1.8 billion. ERA has actually been appointed as the sole advertising and marketing company.
Located at 101 Upper Cross Street, the development is alongside the Chinatown MRT Station (on the North-East Line and also Downtown Line) and a brief drive to the CBD.
Presently, the mixed-use advancement consists of 324 retail units, 256 workplace devices and also 120 household systems, as well as a carpark.
Finished in 1970, the 99-year leasehold site covers a land area of 95,457 sq ft with an allowable gross plot proportion of 8.6, translating to an optimum built-up area of 821,017 sq ft. ERA estimates the land price at $2,620 psf ppr after considering the differential costs and also lease top as much as a fresh lease.
People’s Park Centre is located in the historical district of Chinatown. Famous landmarks including the Chinatown Heritage Centre Lentor Mansion and also Upper Barracks are in the location.
There are currently a total of 872 exclusive household residences within a 500m span of the advancement, based upon EdgeProp LandLens tool. These consist of Waterfront Piazza (40 devices); People’s Park Complex (288 systems); Fook Hai Building (28 systems); and also the approaching condo growth, The Landmark, which will include another 396 devices. The latter, a joint venture in between ZACD Team, MCC Land and also SSLE Advancement, was the latest residential advancement to be launched in the vicinity.
A couple of roads away, on Club Street, sits an approaching resort that was purchased by Midtown Advancement, a subsidiary of Worldwide Hotel Group in 2018. It is remarkable for being the first resort site to be introduced via Government Land Sales in a decade.
“The cumulative sale of People’s Park Centre offers a rare possibility for developers to construct a renowned structure in the heart of the historic area in Singapore,” says Sunny Wong, the period director leading the cumulative sale of People’s Park Centre.
