Peak Tower Corp has bought Selegie Centre at its reserve price of $120 million. This is around $1,942 per square foot per plot ratio (psf ppr). Selegie Centre is a 30-year-old, integrated development in District 7, at the border of the CBD.
Owners of Selegie Centre’s commercial units are expected to reap between $1 to $12 million. At the same time, residential owners can expect about $1.7 million for their 84 square metre apartments.
Peak Tower Corp is considering a hotel or commercial complex, with the backing of an Indonesian developer and industrialist. “A redeveloped Selegie Centre can be a landmark for the overall outlook of the Tekka or Little India precincts,” said sales committee chairman M. Thomas.
With rezoning to allow this, he says it can even be “an integrated resort atmosphere for visitors passing through Selegie or Serangoon and Little India.”
Selegie Centre is currently within walking distance of the Little India, Rochor and Dhoby Ghaut MRT stations.
M. Thomas also admits that the 10-storey building needs “many repair works”. Thus, Peak Tower Corp’s purchase of the en bloc is “timely” for Selegie Centre’s make-over.
The marketing agent was Property Link Services.
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