The historical Individuals’s Park Centre has been put up for sale by means of collective tender at a get price of $1.8 billion. Period has been assigned as the sole advertising firm.
Situated at 101 Upper Cross Street, the development is alongside the Chinatown MRT Station (on the North-East Line and also Downtown Line) as well as a brief drive to the CBD.
Currently, the mixed-use development includes 324 retail devices, 256 workplace systems as well as 120 property units, in addition to a carpark.
Completed in 1970, the 99-year leasehold website spans a land area of 95,457 sq ft with an allowed gross story ratio of 8.6, converting to a maximum built-up area of 821,017 sq ft. ERA approximates the land price at $2,620 psf ppr after considering the differential premium and lease top as much as a fresh lease.
Individuals’s Park Centre is positioned in the historic district of Chinatown. Renowned landmarks including the Chinatown Heritage Centre and Upper Barracks are in the location.
There are presently a total amount of 872 private domestic residences within a 500m span of the development, based on EdgeProp LandLens device. These consist of Waterfront Piazza (40 units); Individuals’s Park Facility (288 units); Fook Hai Building (28 systems); and also the approaching condominium growth, The Site, which will include one more 396 devices. The latter, a joint venture between ZACD Team, MCC Land as well as SSLE Advancement, was the most recent household advancement to be introduced around.
A few streets away, on Club Street, rests an upcoming hotel that was purchased by Midtown Growth, a subsidiary of Worldwide Hotel Team in 2018. It is notable for being the very first hotel site to be introduced via Government Land Sales in a decade.
“The cumulative sale of People’s Park Centre provides a rare possibility Park Hill for designers to construct a renowned building in the heart of the historic area in Singapore,” states Sunny Wong, the ERA director leading the collective sale of People’s Park Centre.
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