People’s Park Centre drops price from $1.8B to $1.4B in third en bloc sale attempt

SINGAPORE: People’s Park Centre in Chinatown is making another bid for a collective sale, with owners lowering the guide price to S$1.48 billion in an effort to attract buyers after two previous attempts failed.

Real estate agency ERA Realty Network announced on Tuesday (July 15) that this is the third collective sale exercise for the landmark mixed-use development. The latest guide price represents a 17.78% reduction from the S$1.8 billion reserve price sought during its previous sale attempt.

The property was first put up for collective sale in 2019 with a reserve price of S$1.35 billion. However, the exercise did not proceed after failing to obtain the required level of consent from owners. A second attempt followed in 2022, when the reserve price was raised to S$1.8 billion, but no bids were received.

Completed in 1976, People’s Park Centre consists of two towers of 13 and 30 storeys, respectively. The development comprises 324 retail units, 256 office units, 120 residential units, and a multi-storey car park.

The site occupies about 95,467 sq ft and features approximately 124 metres of frontage along Eu Tong Sen Street.

Located at 101 Upper Cross Street, the development sits next to Chinatown MRT station, providing direct access to both the North East Line and the Downtown Line. It is also within walking distance of attractions such as the Chinatown Heritage Centre and the Buddha Tooth Relic Temple, as well as nearby shopping destinations including Chinatown Point and Riverside Point.

The latest sale comes as the surrounding district is set to undergo further transformation. In March this year, Minister for National Development Chee Hong Tat announced plans for a 60-storey Build-To-Order (BTO) development in the nearby Pearl Hill area. The project will become Singapore’s tallest public housing development and will mark the first BTO project in the area in more than four decades.

The Urban Redevelopment Authority (URA) has said the new development is expected to inject greater vibrancy into the neighbourhood while supporting future commercial activity as the precinct continues to evolve.

Under the URA’s 2025 Master Plan, the People’s Park Centre site is zoned for commercial use. ERA said the guide price translates to an estimated land rate of around S$2,455 per sq ft per plot ratio, assuming the lease is topped up to a fresh 99-year term.

Describing the site as one of the largest redevelopment opportunities in Singapore’s downtown area, ERA said the property presents developers with a rare chance to redevelop one of Chinatown’s most recognisable landmarks and contribute to the district’s next phase of growth.

The public tender for the collective sale will open on Thursday and is scheduled to close at 3 pm on Sep 16.