People’s Park Centre Eyes Third Collective Sale at S$1.48 Billion After Securing 80% Consent

ERA said that 764 subsidiary proprietors representing 545 out of 701 units have signed the collective sale agreement, constituting 80.5% of the total share value and 84.6% of the total area.

Spanning 95,467 square feet, People’s Park Centre has an extensive frontage of about 124m along Eu Tong Sen Street and direct access to Chinatown MRT Interchange. The development comprises a 13-storey block and a 30-storey block, with 324 retail units, 256 office units, 120 residential units and a multi-storey carpark.

According to ERA, owners of shops ranging from 4 sq m to 596 sq m could receive sale proceeds of between S$170,000 and S$18.3 million, while those with offices of 21 sq m to 510 sq m could receive between S$440,000 and S$10.3 million. Owners of apartments ranging from 154 sq m to 392 sq m stand to receive between S$2 million and S$4.5 million in gross sale proceeds.

At S$1.48 billion, the price tag works out to a land rate of S$2,455 per square foot per plot ratio, and includes an estimated lease upgrade premium of S$535.4 million. This assumes approval is obtained for a lease top-up to a fresh 99-year tenure.

The land rate also assumes that no land betterment charge will be payable for a proposed mixed-use redevelopment comprising 60% commercial use and 40% residential use. The lease top-up and redevelopment proposal are subject to the authorities’ approval.

Under the URA Master Plan 2025, the site is zoned commercial with a gross plot ratio of 8.6 and a building height control of up to 25 storeys. Located at 101 Upper Cross Street, People’s Park Centre attempted to sell at S$1.8 billion in 2022 but closed without any bids. Its initial exercise at a reserve price of S$1.35 billion in 2019 also failed to get the requisite mandate.

ERA’s Sunny Wong noted that crossing the 80% consent threshold marks an important milestone, as opportunities of this scale rarely come to market. Coupled with the surrounding area’s rejuvenation, ERA expects People’s Park Centre to attract strong interest from developers seeking to deliver a signature project.

Pearl Lok, director of capital markets and investment sales at ERA Realty, said the site is prominently located in the heart of Chinatown with connectivity to the Central Business District, representing a rare opportunity to transform an iconic landmark.

The area’s ongoing transformation includes the planned 60-storey Build-To-Order flats in Pearl’s Hill in Outram Park, which is expected to support future commercial activity at the site. Meanwhile, People’s Park Complex, a neighbouring 31-storey strata-titled development, tried for a second collective sale at S$1.3 billion in March 2023 after its first attempt in 2018 at the same price failed to get 80% consent.

Uncertainties have emerged in November 2023 after the Urban Redevelopment Authority told the People’s Park Complex collective sales committee that the complex was being assessed for conservation because of its heritage and architectural significance. The collective sales market has been subdued in 2026, with only two transactions so far. Changi condominium Loyang Valley was sold to a SingHaiyi Group-led consortium for S$880 million on April 17, and a rear block of The Centrepoint was sold to a Frasers Property unit on February 26 for S$391.9 million.