Selegie malls up for Collective Centre again

Peace Centre and Peace Mansion on the fringe of the Orchard Road precinct are up for collective sale for the fourth time, after three failed attempts.

This time, the owners have set a guide price of $680 million, which works out to $1,125 per sq ft per plot ratio.

This is a slight increase from the $675 million guide price in 2011. In 2007, when the owners had first tried to make a sale, the indicative price was $470 million.

The strata-titled mixed development sits on a 76,617 sq ft site at the junction of Selegie Road and Sophia Road. It has about 55 years of lease remaining on a 99-year leasehold tenure.

Peace Centre is an office and retail space comprising two blocks that are seven storeys and 10 storeys high. Peace Mansion is a 22- storey residential tower with 86 units, including two penthouses.

The developer which purchases the plot can build a new project with a gross floor area of some 604,578 sq ft, or an approved gross plot ratio of 7.89.

Based on the current approved ratio of 60 per cent commercial use and 40 per cent residential use, there is no development charge payable.

Peace Centre could be refurbished into a modern shopping mall, and Peace Mansion converted to accommodate serviced apartments, subject to regulatory approval, said Ms Stella Hoh, executive director of investment services at Colliers International, which is handling the sale.

“The vicinity… is set to be transformed into a vibrant area with new developments and rejuvenation plans,” added Ms Hoh, noting the planned development of the Ophir-Rochor Corridor.

The District 9 property also sits near malls such as PoMo, Parklane Shopping Centre and Wilkie Edge, and enjoys a large catchment student population.

Colliers is marketing the property to local and international funds and developers.

The tender will close on Feb 11 next year.

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