2 commercial properties in the CBD up for sale

Two commercial properties within the central business district have been put up for sale by expressions of interest yesterday. A total of 90 retail and office strata-titled units at Peace Centre/Peace Mansion has been put on the market.

The total strata area of these units - including 11 residential units - amounts to some 283,908 square feet, and represents about 46 per cent of the total share value of the development.

The development comprises Peace Centre, a part-seven and part-10-storey commercial podium block; and Peace Mansion, a 32-storey residential tower comprising 84 apartments and two penthouses. It is sitting on a 76,617 sq ft site and has about 42 years of lease remaining.

There is also redevelopment potential for Peace Centre/Peace Mansion. Subject to the relevant authorities' approval, it can be redeveloped to the maximum of its current gross floor area/baseline record of 627,852 sq ft, exceeding the permissible plot ratio of 4.2 under the Master Plan 2008.

The second property put on the block is a 100 per cent strata interest in 700 Beach, an eight-storey office building located in Beach Road.

Within walking distance of the Nicoll Highway MRT station, the property comes with an indicative price tag of $120 million and 67,429 sq ft of strata area.

The property sits on a commercial-zoned site of 18,400 sq ft and existing plot ratio of 4.2, held in 55 strata title units and has obtained provisional outline planning permission for conversion to hotel use.

A 200 – room hotel can be built on the site.

Source: Business Times – 31 May 2012