People’s Park Centre Up For S$1.8 Billion En Bloc Sale, Chinatown Building May Be Redeveloped

People’s Park Centre Up For En Bloc Sale

Another iconic landmark in Singapore has been put up for an en bloc sale.

Not long after Golden Mile Complex on Beach Road was sold to a consortium, People’s Park Centre in Chinatown has been put up for collective sale with a reserve price of S$1.8 billion.

This price translates into S$2,620 per square foot per plot ratio and includes a brand new 99-year lease.

Unlike other iconic buildings around Singapore that have faced a similar fate, People’s Park Centre has not been earmarked for conservation.

If and when a sale goes through, this might be the last we see of the iconic building for good.

Majority have voted for People’s Park Centre sale

On Wednesday (6 Jul), marketing agency ERA Realty Network announced that People’s Park Centre is now up for collective sale at a reserve price of S$1.8 billion. This is higher than the S$1.35 billion asking price during a previous en bloc attempt three years ago.

The price includes the differential premium as well as the premium to top up the land tenure to a fresh 99-year lease.

According to The Straits Times (ST), many owners were pleased with the news of the sale.

It obtained 84% of the owners’ signatures by strata area and 80% by share value, said ERA.

Channel NewsAsia (CNA) spoke to some of the owners who approved of the sale.

One woman, whose family has sold shoes at People’s Park Centre for about 50 years, said that they are planning to retire as the business has struggled over the past two years during the pandemic.

She added that it’s about time to tear down the old building and redevelop a new one.

People’s Park Centre was completed in 1976 and houses 324 retail units, 256 office units, 120 residential units, and one car park.

Industry watchers are reportedly expecting developers to come together to launch a bid, given the massive price tag.

ERA noted that the sale presents a rare opportunity for developers to build something in the heart of a historical district in Singapore.

After all, it’s not often that a major development in the city area gets put on the market.

Aside from being next to an MRT interchange, People’s Park Centre is close to many other landmarks. This includes Chinatown Heritage Centre, OG Building, Chinatown Point, and River Valley Primary School.

The tender for the site will close at 3pm on 18 Aug.

Golden Mile Complex was sold in May for S$700 million

The news of People’s Park Centre’s collective sale comes two months after Golden Mile Complex was sold for S$700 million to a consortium comprising property companies Perennial Holdings Private Limited, Sino Land, and Far East Organization.

The iconic building was gazetted for conservation by the Urban Redevelopment Authority (URA) in 2021.

In a joint statement, the consortium said that “the existing building will be sensitively restored”.

Special care will also be taken to retain the “main building’s key features and its signature terraced profile”.

People’s Park Centre, however, has not been earmarked for conservation, ST reports.

Tenants can finally retire after years in business

For nostalgic folks, losing another iconic building and replacing it with a slick new shopping mall may not be ideal.

However, the sale is an opportunity for tenants to finally close one chapter in their lives and retire in peace.

Regardless, whatever takes over the space has all the ingredients to become an integral part of the area’s history.