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

The historical People’s Park Centre has been put up for sale through cumulative tender at a book rate of $1.8 billion. ERA has actually been designated as the sole advertising and marketing company.

Copen Grand

Located at 101 Upper Cross Street, the development is beside the Chinatown MRT Station (on the North-East Line and Downtown Line) as well as a short drive to the CBD.
Presently, the mixed-use growth consists of 324 retail systems, 256 workplace units and 120 household units, as well as a carpark.

Finished in 1970, the 99-year leasehold website spans 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 cost at $2,620 psf ppr after taking into account the differential costs and lease top up to a fresh lease.

People’s Park Centre is located in the historical district of Chinatown. Iconic spots consisting of the Chinatown Heritage Centre and also Upper Barracks are in the location.

There are currently a total amount of 872 personal domestic dwellings within a 500m distance of the development, based on EdgeProp LandLens device. These consist of Waterfront Piazza (40 devices); Individuals’s Park Complicated (288 devices); Fook Hai Structure (28 units); and the upcoming condominium growth, The Site, which will include another 396 units. The last, a joint endeavor in between ZACD Team, MCC Land and also SSLE Growth, was the current household development to be introduced in the vicinity.

A couple of roads away, on Club Road, sits a future resort that was bought by Midtown Growth, a subsidiary of Worldwide Resort Group in 2018. It is remarkable for being the very first resort website to be released by means of Government Land Sales in a decade.

“The cumulative sale of Individuals’s Park Centre uses an uncommon chance for developers to develop an iconic structure in the heart of the historical area in Singapore,” says Sunny Wong, the age supervisor leading the cumulative sale of People’s Park Centre.