The economy of Singapore is booming because of the rise of property rates. This thing is clearly visible if we have a look at Singapore as sellers of two amazing developments are putting them up for an En Bloc deal.
Selegie Centre got its approval from 90 percent of its owners that they are selling the building on the price which has been reserved for $120 million. Talking about the land rate, it is of $1,942 per sq ft per plot ratio. Shedding light on the other building, Peace Centre at Sophia Road, it has been reported that the building is just 10 percent away from its approval level. The owners of the building are willing to have an expected reserve price of $650 million. These are the third and fourth attempt of Selegie and Peace Centre respectively.
The chairman of the collective sales committee said that the owner of Selegie Centre will be launching their tender by next week and will close it by 26th of July. He also added that there are many professional buyers in the market. They are hoping to sell their building as soon as possible. They are looking for someone who can buy the building at the best price.
On the other hand, the owners of Peace Centre that have a total of more than 70% share value / strata have agreed over the sale. There are about 50 years remained to its real leasehold occupancy of 99 years and the buyers of the centre have to pay approximately $220 million, which is something that they are not agreeing with since they cannot pay the Development charges.
The building of Peace Centre is located at a very attractive place. It is situated at the centre of the Orchid Road. Famous places like National Museum and Art Museum of Singapore, , SOTA (School of the Arts ) and SMU (Singapore Management University) are located in the close proximity of this building. These are some of the factors that make this building a hot property and a major reason why owners are asking for a higher price.
The area of the Peace Centre is 76,617 sq ft. It also has a floor that has the area of 600,000 sq ft. There is a huge commercial space in this building. Moreover, it also has Peace Mansion. it is a 22-storey residential tower which has around 84 apartments and two different penthouses. Whereas Selegie Centre has 33 shops and 25 apartments.
New launch condos that are nearby these areas