People's Park Centre in Singapore's Chinatown district has been put up for collective sale for the third time, with a revised guide price of S$1.48 billion. This latest attempt follows two previous efforts that failed to secure a buyer: a 2019 bid at S$1.35 billion that lacked sufficient owner support, and a 2022 attempt at S$1.8 billion that received no bids. The property, which sits on a 95,467 sq ft site, has now secured the mandatory 80% owner consent required to proceed with the tender.
Completed in 1976, the development is a prominent mixed-use landmark featuring a 13-storey block and a 30-storey block. It currently houses 324 retail units, 256 office units, 120 residential units, and a multi-storey car park. Its strategic location, adjacent to the Chinatown MRT interchange, makes it a significant redevelopment opportunity within the city centre. The site is zoned for commercial use under the Urban Redevelopment Authority's Master Plan 2025, with a gross plot ratio of 8.6 and a height limit of 25 storeys.
The new guide price of S$1.48 billion reflects an estimated land rate of S$2,455 per square foot per plot ratio. This figure includes an estimated lease upgrading premium of approximately S$535.4 million, assuming the successful bidder obtains approval to top up the land tenure to a fresh 99-year lease. The proposal also assumes that no land betterment charge will be payable for a mixed-use project consisting of 60% commercial and 40% residential space.
Marketing agent ERA Realty Network, which is managing the sale, noted that the tender will open on July 16 and close on September 16. For current owners, the sale represents a potential exit strategy, with estimated proceeds varying based on unit size and type. While the collective sale committee remains optimistic about the site's potential for rejuvenation, the success of the tender remains subject to market conditions and final approval from relevant authorities regarding the lease and redevelopment plans.