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People's Park Centre in Chinatown has been put up for collective sale for S$1.8 billion, The Straits Times reported.

The development consists of a 13-storey building and another 30-storey building.

In total, there are 324 shops, 256 offices, 120 apartments and a car park.

This come three years after a previous attempt to put the development up for collective sale in 2019 at a reserve price of S$1.35 billion.

ERA Realty Network is serving as the marketing agency.

The collective sale has obtained 84 per cent of the owners' signatures by strata area and 80 per cent by share value, ERA said.

The reserve price for the site translates to a land rate of S$2,620 per square foot per plot ratio (psf ppr) and factors in the differential premium and the premium to top up the land tenure to a fresh 99-year lease, ST reported.

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

Background

Built in 1970, the 52-year-old commercial-residential development sits on a 95,467 sq ft site, with a gross floor area of about 821,017 sq ft -- giving a gross plot ratio of 8.6.

It is zoned commercial under the Urban Redevelopment Authority's Master Plan 2019.

People's Park Centre is located near Chinatown Point, and schools including River Valley Primary School and Singapore Management University.

Just two months ago, Golden Mile Complex was sold to a consortium for S$700 million in May.

The consortium comprises Perennial Holdings, Sino Land and Far East Organization.

It said it was the first collective sale of a large-scale strata-titled conserved building in Singapore.

Golden Mile Complex, completed in 1973, was gazetted for conservation by the URA in 2020.

Top photo via Google Maps