People’s Park Complex and Centre are two iconic shopping malls that many Singaporeans probably have fond memories of.
However, some would know that the owners have made multiple attempts to sell the buildings over the years.
Well, it has recently been confirmed that People’s Park Complex and People’s Park Centre are set to be collectively put on sale again.
This will be the owner’s second attempt at selling People’s Park Centre, and their third at selling People’s Park Complex since 2018.
According to Shin Min Daily News, People’s Park Complex has been in operation since 1973.
The famed building used to be the largest shopping centre in Singapore.
In 2018, the development set up a committee in a bid to sell the building. However, due to prolonged negotiations with the owners, the plan to sell the mall in 2019 fell through.
In addition, the nearby People’s Park Centre will put on an en bloc sale for a third time as well.
Source: Chinatown Singapore
The owner first attempted to sell the building for S$1.5 billion in 2018, but the committee failed to obtain the minimum 80% of the unit owners’ signatures.
In both Aug 2021 and Feb 2023, the owners made attempts to sell the building for S$1.8 billion, but it fell through as there were no bidders.
A new committee has been set up to manage the collective sale of the properties.
The team hopes People’s Park Centre will fetch an estimated reserve price of between S$1.5 billion to S$1.7 billion in this sale attempt.
They are, however, not prepared to share details regarding the reserve price of People’s Park Complex.
The collective sale committee apparently started preparations for the sale of the two Chinatown malls.
According to Shin Min Daily News, a member of the committee shared that they are more confident of this sale. Many shareholders have apparently contacted them to share their hopes that the building will be sold quickly.
She added that they will soon begin to collect signatures from unit owners to hit the 80% minimum requirement.
She also said,
After the Covid-19 Pandemic, although the market has opened, bank interest rates are still high, and the world situation remains tense. We will see if there are any suitable big buyers or overseas buyers, and move forward with a price that is suitable to both parties.
That said, we look forward to seeing who the eventual buyer of the malls will be.
If the malls were an iconic part of your childhood, make sure to visit them for a last wave of nostalgia before the deal is sealed.
Or, if you’ve never visited the two malls, go have a visit while you still can.
Here’s how to get there:
People’s Park Complex
Address: 1 Park Rd, Singapore 059108
Opening Hours: 11am – 10pm
Nearest MRT: Chinatown Station
People’s Park Centre
Address: 101 Upper Cross St, #07-09, Singapore 058357
Opening Hours: 11am – 10pm
Nearest MRT: Clarke Quay Station
Have news you must share? Get in touch with us via email at news@mustsharenews.com.
Featured image adapted from Chinatown Singapore and @itsme_ratchada on Instagram. Images for illustration purposes only.
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