People’s Park Centre up for collective sale: Shop owners hope to retire
People’s Park Centre up for collective sale: Shop owners hope to retire. Mrs. Lee Qing Qing saw the People’s Park Centre’s planned collective sale as an opportunity to retire. The 68-year-old owner of two Chinatown stores has sold clothing and shoes at the mixed-use development since 1974. “Of course, I’m depressed and sentimental, but all good things must come to an end. It’s been a great 48 years, but now it’s time to unwind and enjoy my life “Mrs Lee told The Straits Times in her shoe shop, Darling Shoes, last week. “It’s also past time for the center to get a new lease on life and attract even more visitors, especially since the (Covid-19) pandemic has resulted in fewer visitors.”
People’s Park Centre is up for public tender with a reserve price of $1.8 billion, according to its marketing agency, ERA Realty Network, on July 6. An attempt to sell the center en bloc for $1.35 billion in 2019 failed because only about 30% of owners agreed to the move, according to owners who spoke to ST. 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. According to ERA, the collective sale this time received 84% of the owners’ signatures by strata area and 80% by share value.
Mrs Lee said she thought the previous reserve price was too low when she paid $1.7 million for her shoe shop, which consists of two units totaling 804 square feet. She would not say how much she stands to gain if the development is sold, but she did say, “If I get to retire, I’ll pick up art and flower arrangement, and spend my time on things I like to do.” The commercial-cum-residential development was built in 1970 and sits on a 95,467 sq ft lot with a gross floor area of approximately 821,017 sq ft. It consists of a 13-story and a 30-story building with 324 shops, 256 offices, 120 apartments, and a carpark.
Owners of shops ranging in size from 4 square meters to 596 square meters could receive between $213,000 and $22.7 million in sale proceeds, while owners of offices ranging in size from 21 square meters to 510 square meters could receive between $536,000 and $12.5 million. Apartments measuring 154 to 224 square meters could sell for between $2.39 million and $3.42 million, while penthouses measuring 243 to 392 square meters could sell for between $3.42 million and $5.33 million. Mr Rudy Jung, 43, who has lived in a 154 sq m unit with his father since the 1980s, said he agreed to the collective sale because his home has a number of issues due to its age.
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