People’s Park Centre up for collective sale: Shop owners hope to retire
People’s Park Centre up for collective sale: Shop owners hope to retire. Mrs. Lee Qing Qing saw the planned collective sale of the People’s Park Centre as an opportunity to retire. Since 1974, the 68-year-old owner of two Chinatown stores has sold clothing and shoes in the mixed-use development. “Of course, I’m depressed and sentimental, but everything good must come to an end. It’s been an incredible 48 years, but now it’s time to relax and enjoy my life “Mrs Lee told The Straits Times last week in her shoe shop, Darling Shoes. “It’s also past time for the center to get a fresh start and attract even more visitors, especially now that the (Covid-19) pandemic has resulted in fewer visitors.”
According to its marketing agency, ERA Realty Network, People’s Park Centre is up for public tender with a reserve price of $1.8 billion on July 6. According to owners who spoke to ST, an attempt to sell the center en bloc for $1.35 billion in 2019 failed because only about 30% of owners agreed to the move. Owners must agree to at least 80% of the share value and strata area to proceed with the collective sale of developments 10 years or older. The collective sale this time received 84 percent of the owners’ signatures by strata area and 80 percent by share value, according to ERA.
Mrs Lee said she paid $1.7 million for her shoe shop, which consists of two units totaling 804 square feet, because she thought the previous reserve price was too low. She wouldn’t say how much she stands to gain if the development is sold, but she did say, “If I get to retire, I’ll pick up art and flower arranging and spend my time on things I enjoy.” The commercial-cum-residential development was built in 1970 and sits on a 95,467 sq ft lot with an approximate gross floor area of 821,017 sq ft. It consists of two buildings, one 13-story and one 30-story, with 324 shops, 256 offices, 120 apartments, and a parking garage.
Owners of shops ranging from 4 sq m to 596 sq m could receive between $213,000 and $22.7 million in sale proceeds, while those with offices ranging from 21 sq m to 510 sq m could receive between $536,000 and $12.5 million. Apartments ranging from 154 to 224 square meters could fetch between $2.39 million and $3.42 million, while penthouses ranging from 243 to 392 square meters could fetch between $3.42 million and $5.33 million. Mr Rudy Jung, 43, who has lived with his father in a 154 sq m unit since the 1980s, said he agreed to the collective sale because his home has several problems due to its age.
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