The rejuvenation of Selegie Road is gathering steam, with the owners of two buildings in the midst of putting them up for collective sale.
Selegie Centre, a 10-storey freehold commercial building, has obtained approval from around 90 per cent of owners by share value and strata area for a sale by tender, with a reserve price set at $120 million or a land rate of $1,942 per sq ft per plot ratio (psf ppr).
Over at Peace Centre/Peace Mansion, a mixed-use development located at 1 Sophia Road, off the main Selegie Road, it is 10 per cent shy of the requisite 80 per cent approval level. Its owners are said to be eyeing a reserve price of $650 million.
This will mark the third attempt for Selegie Centre and the fourth for Peace Centre.
Owners of Selegie Centre, which has 33 shops and 25 apartments, are looking to launch the tender next week with a closing date of July 26, said Mr M. Thomas, chairman of the collective sale committee. “We already have inquiries from several potential buyers, and we hope to sell our building fast,” he said.
For Peace Centre, over 70 per cent of owners in share value and strata area have consented to the sale. With some 50 years left on its original 99-year leasehold tenure, the buyer of Peace Centre will have to fork out an estimated $200 million in lease top-up premium. Development charges are not payable.
It sits on a 76,617 sq ft site, with a gross floor area of slightly over 600,000 sq ft. The property is made up of Peace Centre, which houses the commercial space, and Peace Mansion – a 22-storey residential tower with 84 apartments and two penthouses.
There is a growing list of commercial buildings whose collective sale tenders have closed this year but remain unsold. They include The Stradia, Jalan Besar Plaza and Verdun House.