Pek Chuan Building in Kallang up for collective sale at S$80 million
It comprises retail units on the first to third floors, with office units on the fourth floor; the site has a plot ratio of 2.5, and can be built up to 12 storeys
[SINGAPORE] Pek Chuan Building, a four-storey commercial building in Kallang, is being put up for a collective sale at S$80 million.
This translates to a land rate of S$1,114 per square foot per plot ratio (psf ppr), said Dillon Loi, director at marketing agency Mount Everest Properties.
The 99-year leasehold building sits on a land area of 28,700 square feet (sq ft), with about 56 years left on its lease.
Located along Lavender Street, it is within close proximity of the Lavender and Bendemeer MRT stations.
The building comprises retail units on the first to third floors, and office units on the fourth floor. The site has a plot ratio of 2.5, and can be built up to 12 storeys.
Loi said: “Singapore’s growing reputation as a concert and sporting events destination is expected to boost demand for hotels around the Singapore Sports Hub, especially given the limited supply of accommodation options in the area.”
The building is also close to several educational institutions.
These include the Singapore Management University, School of the Arts, Lasalle College of the Arts and Nanyang Academy of Fine Arts.
The last successful commercial en bloc sale in the area was the sale of GSM Building to LHN unit Coliwoo for S$80 million.
In 2024, the High Court granted the sale order after it found that there was no evidence that the transaction lacked good faith.
The case had gone to court after some minority owners objected to the sale as they felt that the price was too low.
The tender for Pek Chuan Building will open on Oct 28 and close on Nov 10.
