Peace Mansion Received an Offer of $650 Million from Singapore Firms

]A group of Singapore listed companies have recently made an offer of $650 million for Peace Mansion under a private treaty deal. This offer is enclosed under the collective sale tender that was launched during the early months of this year, the companies announced it recently on Friday, December 3.

The companies that grabbed this deal include Ultra Infinity, Chip Eng Seng and a ShingHaiyi joint venture. Note that Sing-Haiyi Crystal, the SingHaiyi joint venture is 50-50 owned by SingHaiyi joint venture and a company controlled by Celine and Gordon Tang, a billionaire couple of Singapore. This couple is currently controlling shareholders of Chip Eng Seng and SingHaiyi.

As per the recent news, SingHaiyi and Chip Eng Seng partnered with Chuan Investments in May month to close the deal for Maxwell House for $276.8 million under the en bloc tender. Peace Mansion made 6thattempt for collective sale in the month of September this year and the owners are now expecting offers for more than $650 million. This District 9 property is situated at 1 Sophia Road and it was originally developed in 1977. It includes 86 apartments, 232 commercial units, a car park offering 162 slots, 319 strata lots located within the front podium block and a rear tower of 32 storeys.

This site is currently having a 99-year tenure which started from the 2nd June 1970. However, as per the recent deal, the join offerors need to get another principle approval from Land Authority in Singapore to avail another 99-year lease. They are required to submit an application for approval to Urban Redevelopment Authority so that they can further redevelop the property to ensure desirable residential and commercial development. At present, this 7118 sq m site is rated as commercial.

Chip Eng Seng, Ultra Infinity and SingHaiyi Crystal are into the joint venture for leading property redevelopment and acquisition settlements. The news updates reveal that a 40% stake for this property will be held by Chip Eng Seng; whereas the remaining two partners own 30% each. The acquisition is an important concern for the joint offers that obtained sale order approval under collective sale; they need to make efforts to meet planning criteria as well as to get the lease topped up.

Peace Mansion is located in close vicinity to popular shopping amenities such as Wilkie Edge, The Cathay, Plaza Singapura, Bugis + and Bugis Junction. The residents can also access the six most important MRT stations within a short distance of 1km, the list includes Bugis, Little India, Bras Basah, Dhoby Ghaut, Bencoolen and Rochor.

Other than this, the property also ensures close connection to the top educational institutes of Singapore including Kaplan City Campus, Nanyang Academy of Fine Arts, Lasalle College of the Arts, the School of the Arts, and Singapore Management University. Popular schools such as Stamford Primary School and St. Margaret’s Primary School are also located within a 1km radius. Few other schools within the estimated distance of 2km include St Joseph’s Institutional Junior, River Valley Primary School, Farrer Park Primary School and Anglo Chinese School.


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