Peace Centre

By way of a private treaty, property developer SingHaiyi and Chip Eng Seng joint venture, and Ultra Infinity have jointly bid S$650 million for the combined development of Peace Centre and Peace Mansion, making it the year’s largest collective sale.

Sing-Haiyi Crystal, a SingHaiyi Group joint venture, is held equal share by a subsidiary of SingHaiyi Group and a company controlled by Singaporeans Celine Tang and Gordon Tang, who are also Chip Eng Seng key owners.

In September, the Peace Centre was placed up for collective sale, with the owners anticipating bids in excess of S$650 million.

In their releases, both SLB Development and KSH said that the joint purchasers have a strong mix of experience in property development and/or construction activities in Singapore, and that they would be able to draw on one another’s skills and experience.

On Friday, Chip Eng Seng’s stock rose 1.2 percent, or S$0.005, to S$0.415, SingHaiyi’s stock remained unchanged at S$0.117, while KSH’s stock fell 1.4 percent, or S$0.005, to S$0.345 (Dec 3).

SLB Development’s stock last traded at S$0.116 on November 30. On Friday, Lian Beng, which owns 77.6 percent of SLB Development, finished 2 percent or S$0.01 higher at S$0.515.


Peace Centre finally enbloc successfully at 5th Attempt

“We have never given up over the years as we have been tenacious.” “We’ve finally reach this point, and on our 5th attempt, we’ve found a purchaser,” said Mohamed Rafig Maideen, head of the Peace Centre’s collective selling committee.

Chip Eng Seng, Sing-Haiyi Crystal, and Ultra Infinity will create a joint venture as part of the agreement. Chip Eng Seng will have the greatest share, with 40%, while the other two will each have 30%.

The en bloc purchase of Peace Centre is contingent on the joint buyers receiving a sale order authorizing the collective sale, as well as permission from the property’s lessor and completing planning requirements.

The joint buyers will also require the Singapore Land Authority‘s (SLA) permission for a new 99-year lease extension.

The joint buyers had paid a S$1 million bid fee in conjunction with the transaction as of Friday.

In July 2011, the owners attempted to sell the property for S$675 million, and again in December 2014 for S$680 million. They set a reserve price of S$650 million in 2018 and then issued a tender for the property in February 2019 for S$688 million.

In April 2019, the SLA gave the owners in-principle permission for a lease extension to 99 years.

Chip Eng Seng said in a market filing that the en bloc sale of Peace Centre gives a strategic opportunity for the business to purchase a major District 9 redevelopment site.

Separately, SingHaiyi group mentioned in a filing that cooperating with the joint purchasers would help it better manage its financial and execution risks.


Peace Centre Location

Peace Centre Location

Located at 1 Sophia Road, Peace Centre and Peace Mansion sit at the tips of Singapore District 9. Being at the junction of Selegie Road and Sophia Road, this site will draws lots of eye balls for those commuting along Selegie Road.

Nearest MRT is at Douby Ghaut MRT over at Plaza Singapura and also at Bugis Junction, both are within walking distance.


Potential of the Site

Peace Centre site is a mixed-use complex with 319 strata apartments with a 99-year lease that began on June 2, 1970. It is now designated for commercial use and has a land size of 7,118 square meters.

The unit land prices for the transaction, after incorporating an expected lease top-up premium, is S$1,426 per square foot per plot ratio (psf ppr), according to JLL executive director Tan Hong Boon.

The land rate is S$1,388 psf ppr that include for a 7% bonus gross floor area (GFA) for the residential component.

Peace Centre’s only marketing agency is JLL. Previously, the Peace Centre’s owners hired Savills Singapore and Colliers International to advertise the property in separate en bloc procedures.

The owners were unable to get the required 80 percent clearance for a prospective collective sale in 2007, when they estimated a price of S$470 million.

According to Savills at the time, the needed clearance was obtained in February 2011, although at a higher asking price of S$700 million.

This Site at 1 Sophia Road is ideal for investors looking for rental yield with lots of International Schools and MNC nearby that draws lots of tenants around this area.


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Review of Former Peace Centre

Peace Centre
Peace Centre

By way of a private treaty, property developer SingHaiyi and Chip Eng Seng joint venture, and Ultra Infinity have jointly bid S$650 million for the combined development of Peace Centre and Peace Mansion, making it the year's largest collective sale.

Product SKU: Peace Centre

Product Currency: SGD

Product Price: 650000000

Product In-Stock: InStock