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Will Peoples Park Centre enbloc
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People's Park Centre has been attempting an en bloc sale, but it has faced significant challenges. Here are the key points:
- The property was put up for collective sale in July 2022 with a reserve price of $1.8 billion, which is considered high and may have deterred potential buyers.
- The initial public tender closed in August 2022 without any bids, and subsequent private negotiations over 10 weeks also did not yield any successful offers.
- Despite the lack of bids, the collective sale committee remains optimistic about selling the property en bloc, highlighting its prime location in the Chinatown area and its proximity to the Central Business District and an MRT interchange.
- The reserve price translates to a land rate of $2,620 per square foot per plot ratio, including the differential premium and the premium to top up the land tenure to a fresh 99-year lease. However, analysts are sceptical due to the high quantum and rising construction costs.
- The initial public tender closed in August 2022 without any bids, and subsequent private negotiations over 10 weeks also did not yield any successful offers.
- Despite the lack of bids, the collective sale committee remains optimistic about selling the property en bloc, highlighting its prime location in the Chinatown area and its proximity to the Central Business District and an MRT interchange.
- The reserve price translates to a land rate of $2,620 per square foot per plot ratio, including the differential premium and the premium to top up the land tenure to a fresh 99-year lease. However, analysts are sceptical due to the high quantum and rising construction costs.
As of the latest updates, People's Park Centre is still seeking a buyer, but no successful sale has been achieved yet.
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