Peace Centre, Peace Mansion on Sophia Road put up for sale

Peace Centre and Peace Mansion on Sophia Road were put up for sale on Monday (Dec 15) with an indicative price of approximately S$680 million, according to Colliers International, the property consultant that launched the sale.

The property on 1 Sophia Road sits on a 76,617-square-foot site that has a 99-year leasehold tenure that commenced on Jun 2, 1970. The subject site is zoned for commercial use, with a gross plot ratio of 4.2 according to the Master Plan 2014, Colliers said.

Ms Stella Hoh, Executive Director of Investment Services at Colliers International, said the successful buyer can redevelop the property into a mixed-use development comprising office, retail, residential and serviced apartment units with an allowable gross floor area of about 604,578 sq ft.

“Alternatively, the new owner can consider refurbishment and reconfiguration. Subject to the relevant authorities’ approval, Peace Centre can be refurbished into a modern shopping mall, while Peace Mansion can be converted to accommodate serviced apartments – all these while retaining the existing height of the building, which is currently the tallest in the vicinity,” Ms Hoh said.

The tender will close on Feb 11, 2015 at 2.30pm, Colliers stated.

Source : Channel NewsAsia – 15 Dec 2014

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