People’s Park Centre in Chinatown has launched its third collective sale tender at a guide price of S$1.48 billion, down from S$1.8 billion in 2022, as the owners seek redevelopment opportunities in prime central Singapore [1, 2, 3]. The sale has secured 80.5% owner consent, representing 764 subsidiary proprietors and 545 of the 701 units, surpassing the required threshold to proceed [1, 2, 3].

The mixed-use development spans 95,467 square feet and features two blocks—a 13-storey and a 30-storey building—with a total of 324 retail units, 256 office units, 120 residential units, and a multi-storey carpark [1, 2, 3]. It has an extensive frontage of about 124 meters along Eu Tong Sen Street and direct access to the Chinatown MRT Interchange [1, 2, 3].

Owners stand to receive proceeds varying by unit type and size: shop owners with units between 4 and 596 square meters could get between S$170,000 and S$18.3 million; office owners with units from 21 to 510 square meters between S$440,000 and S$10.3 million; residential owners with apartments sized 154 to 392 square meters between S$2 million and S$4.5 million [1, 2, 3].

The price tag of S$1.48 billion translates to a land rate of S$2,455 per square foot per plot ratio and includes an estimated lease upgrading premium of S$535.4 million. The transaction assumes approval to top up the lease to a fresh 99-year tenure followed by redevelopment into a mixed-use project with about 60% commercial and 40% residential use [1, 2, 3]. Authorities’ approval is pending, and no land betterment charge is assumed for the redevelopment [1, 2, 3].

Under the Urban Redevelopment Authority (URA) Master Plan 2025, the site is zoned commercial with a gross plot ratio of 8.6 and a maximum building height limit of 25 storeys [3].

Previous attempts at collective sale failed twice: the first in 2019 at a reserve price of S$1.35 billion failed to secure enough owner support, while the second in 2022 at S$1.8 billion closed with no bids [1, 2, 3].

The public tender for the collective sale opened on July 16, 2026, and will close at 3 p.m. on September 16, 2026 [1, 2, 3].