People’s Park Centre to relaunch $1.8b collective sale after failed attempt

by Albert02

People’s Park Centre to relaunch $1.8b collective sale after failed attempt

People’s Park Centre to relaunch $1.8b collective sale after failed attempt. People’s Park Centre will try again for a $1.8 billion collective sale, despite a failed attempt in August that resulted in no bids.

The public tender will begin on Tuesday. The previous tender had ended with no bids, prompting a 10-week period of private negotiations, with marketing firm ERA Realty Network contacting property developers, fund managers, and overseas investors. Mr Sunny Wong, ERA’s division director for the collective sale, told The Straits Times that while nothing came of it, developers expressed genuine interest.

Mr Koh Yam Khoon, the chairman of the collective sale committee, stated that they are still hopeful about selling en bloc because the center is close to the Central Business District and an MRT station. “It’s time to reinvigorate the Chinatown neighborhood,” he said, “and we’re confident in having first-mover advantage.” People’s Park Centre has a reserve price of $2,620 per square foot per plot ratio. It also takes into account the differential premium and the cost of converting the land tenure to a new 99-year lease.

When asked about the choice to relaunch at the same reserve price, Mr Wong stated that the price will not be changed unless there are concrete offers. “Perhaps additional time may be required to make a conclusion or study joint venture opportunities due to the scope of the project,” he explained.

Attempts to sell the center in 2019 for $1.35 billion and $1.5 billion were failed owing to a lack of consent from a sufficient number of owners at the time. To proceed with the collective sale of developments 10 years or older, owners must agree to at least 80% of the share value and strata area. People’s Park Centre is made up of two buildings, one 13-story and one 30-story, as well as 324 stores, 256 offices, 120 residences, and a parking garage.

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Source:
https://www.straitstimes.com/singapore/housing/people-s-park-centre-to-relaunch-18b-collective-sale-after-failed-attempt


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