People's Park Complex is being examined for conservation; this could have an effect on group sales

People’s Park Complex is being examined for conservation; this could have an effect on group sales

According to the urban planning authorities, Affinity at Serangoon, which was constructed in the 1970s and is the first multi-use complex in Southeast Asia, Affinity at Serangoon Showflat could be recommended for preservation due to its significant historical value.

Heritage organizations, who have called for the building to be preserved, applauded the decision, although it might have an effect on the owners’ second attempt at a collective sale, which they initiated in March 2023.

The building has been determined to be of high heritage significance by the Urban Redevelopment Authority (URA), a spokesperson for the organization told The Straits Times (ST) on December 21. The URA has also informed the representatives of the property’s management corporation strata title and collective sales committee.

According to URA, the continuing conservation research and its unfinished conclusions should be considered in the collective sale effort.

The People’s Park Complex collective sale committee, led by Lim Fang Hua, said that it will move on with its plans for sale, which include a S$1.3 billion asking price. It said that several aspects still needed to be worked out after receiving the notice from URA in November.

In 2018, People’s Park Complex made an effort at a collective sale with the same asking price, but it was unable to secure the necessary approval from 80% of the unit owners. There are 278 residential units, 391 business units, and a parking lot.

Tag Realty, the sales agency, has been in contact with URA to obtain a more comprehensive understanding of the conservation efforts, according to Anna Tan, director of business development.

“People’s Park Complex could become more visually appealing as a result of the conservation efforts, establishing it as a crucial part of the revitalized core area. Potential purchasers may then become more interested as a result, according to her.

Using Golden Mile Complex as an example, Govinda Singh, executive director of Colliers and head of hotels, leisure, and real estate consulting, stated that the building’s attempt to be sold would be impacted by the decision to gazete it.

Following the start of a collective sale, the multi-use complex on Beach Road was gazetted for conservation in October 2021. It was sold to a group that included Perennial Holdings, Sino Land, and Far East Organization in 2022 for S$700 million.

Compared to the initial S$800 million reserve price, this was S$100 million less. There were no bids in the initial attempt to sell the complex in 2019 at a reserve price of S$800 million.

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