The historical Individuals’s Park Centre has been put up for sale via cumulative tender at a reserve cost of $1.8 billion. ERA has been assigned as the sole advertising and marketing firm.
Located at 101 Upper Cross Street, the growth is next to the Chinatown MRT Station (on the North-East Line and Downtown Line) as well as a short drive to the CBD.
Currently, the mixed-use growth contains 324 retail units, 256 office units and also 120 domestic systems, in addition to a carpark.
Completed in 1970, the 99-year leasehold site spans an acreage of 95,457 sq ft with an allowed gross story ratio of 8.6, translating to a maximum built-up area of 821,017 sq ft. ERA estimates the land cost at $2,620 psf ppr after taking into account the differential costs as well as lease top up to a fresh lease.
People’s Park Centre is positioned in the historical area of Chinatown. Famous landmarks including the Chinatown Heritage Centre and also Upper Barracks remain in the location. Chinatown Point and China Square Central are retail malls that are popular with residents and travelers. University such as River Valley Primary School, Zhangde Primary School as well as Outram Secondary School are nearby.
There are presently a total of 872 exclusive household dwellings within a 500m distance of the development, based on EdgeProp LandLens device. These include Riverside Piazza (40 devices); People’s Park Facility (288 devices); Fook Hai Structure (28 devices); as well as the approaching condo development, The Spots, which will certainly include one more 396 devices. The last, a joint venture in between ZACD Group, MCC Land as well as SSLE Growth, was the most recent property advancement to be released in the vicinity.
A few streets away, on Club Street, sits an upcoming resort that was bought by Midtown Growth, a subsidiary of Worldwide Hotel Team in 2018. It is significant for being the initial resort site to be released through Government Land Sales in a decade.
“The cumulative sale of Individuals’s Park Centre supplies an unusual chance for designers to construct a legendary structure in the heart of the historic district in Singapore,” says Sunny Wong, the ERA director leading the collective sale of Individuals’s Park Centre.
