Commercial redevelopment site at Sophia Rd up for en bloc sale

A commercial redevelopment site which Peace Centre and Peace Mansion sit on is up for en bloc sale.

Marketing manager Savills Singapore said the site at 1 Sophia Road is over 7,100 square metres and has a guide price of S$675 million.

This works out to S$1,306 per square foot per plot ratio, and includes an estimated upgrading premium of S$145 million to top up the existing lease to a 99-year tenure.

Savills said the site currently comprises a commercial and residential tower and can be redeveloped into a commercial development with a gross floor area of over 58,300 square metres.

This exceeds the permissible plot ratio of 4.2 as indicated in the Master Plan.

Savills said the new development will be the largest amongst those located along the streetscape comprising namely PoMo, Parklane Shopping Centre and Wilkie Edge.

It added that the site offers an attractive opportunity for a mixed-used development comprising retail, entertainment, office, medical suites, SOHO or even service apartments

The tender will close at 3pm on August 3.

Source : Channel NewsAsia – 11 Jul 2011

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