Peace Centre/Peace Mansion up for collective sale

Tender closes at 3pm on 3 August 2011, so hurry.

Savills Singapore is pleased to launch for collective sale 1 Sophia Road – Peace Centre/Peace Mansion by tender.

The 40-year old landmark redevelopment site sits on 7,118 sqm of prime commercial land located at No. 1 Sophia Road. The Subject Property comprises a part 7 and part 32 storey commercial and residential tower respectively. Subject to relevant approval, the subject property can potentially be redeveloped into a sizeable commercial development of up to its current Gross Floor Area of 58,329.371 sqm. exceeding the permissible plot ratio of 4.2 as indicated in the Master Plan 2008.

Prominently located at the junction of Selegie Road and Sophia Road, 1 Sophia Road enjoys double frontages of approximately 175m. Upon redevelopment, the new development will be the largest amongst those located along the streetscape comprising namely, PoMo (GFA - 235,000 sq.ft.), Parklane Shopping Centre, Wilkie Edge.

With the upcoming Downtown Line 3 which is scheduled to complete in 2017, 1 Sophia Road will be within 200m to the Bencoolen MRT Station. 4 other MRT Stations - Dhoby Ghaut Interchange, Little India Interchange and Bugis MRT Station and the upcoming Rochor MRT Station, serving 4 MRT networks, namely North-South Line, North-East Line, Circle Line and the Downtown Line, and they are all located within 600 metre radius from the subject property.

Situated immediately next to the Civic District, 1 Sophia Road is within minutes walk from various leading educational institutions ie.School of the Arts Singapore Management University, LASALLE College of the Arts and the Nanyang Academy of Fine Arts etc. The National Museum and the Museum of Arts are also within minutes walk from the Subject Property.

In addition, 1 Sophia Road has a captive market of residents from new prime residential projects located such as Parc Emily, 8 @ Mt Sophia, Sophia Residences and Suites @ Orchard, which are both currently under-construction.

Based on a new full commercial scheme, the collective sale of 1 Sophia Road has an indicative guide price of S$675 million or S$1,306 psf ppr, including an estimated upgrading premium of S$145 million to top up the existing lease to a 99 year tenure (subject to approval from relevant authority).

1 Sophia Road is being marketed both locally and regionally, through Savills regional investment offices.