People’s Park Complex Under Consideration for Conservation, Impact on Collective Sale Possible
Urban planning authorities are considering the conservation of People’s Park Complex, Southeast Asia’s first multi-use complex built in the 1970s. The Urban Redevelopment Authority (URA) has informed the property’s management corporation that it assessed the building to be of high heritage significance. While heritage groups welcome the move, it may impact the second collective sale attempt by its owners, scheduled for March 2023.
Key Points:
- Heritage Significance: URA has recognized the high heritage significance of People’s Park Complex, leading to a consideration for conservation.
- Collective Sale Impact: The ongoing conservation study may impact the collective sale plans, with the URA suggesting that the collective sale effort should take into account the conservation study’s findings.
- Owners’ Response: The People’s Park Complex collective sale committee, planning a sale with an asking price of S$1.3 billion, stated that it would proceed with its plans despite the conservation study. Close to 50% of unit owners have given consent for the sale.
- Previous Collective Sale Attempt: People’s Park Complex initiated a collective sale attempt in 2018 with the same asking price but failed to secure the required consent of 80% of unit owners.
- Potential Impact on Sale: The decision to gazette the building for conservation could impact the sale, as seen in the example of Golden Mile Complex, which faced challenges in its collective sale after being gazetted for conservation.
- Conservation Efforts: The conservation efforts, if pursued, have the potential to enhance the aesthetic appeal of People’s Park Complex and attract heightened interest from potential buyers, according to real estate experts.
- Incentives for Developers: Analysts suggest that incentives similar to those provided for Golden Mile Complex, such as tax incentives and development options, may be considered by URA to make the conservation property more attractive to buyers.
- Architectural Significance: Designed by renowned architects, including Koh Seow Chuan, William Lim, Tay Kheng Soon, Gan Eng Oon, and Chee Soon Wah, People’s Park Complex is a strata-titled development completed in 1973.
- Brutalist Architecture: The building showcases brutalist architectural style, reflecting Singapore’s post-independence spirit, and features shops, homes, offices, and car-parking facilities within a single structure.
- Lease Details: People’s Park Complex has 44 years left on its lease, and its conservation would signify the preservation of a landmark representing Singapore’s history, urban renewal, and nation-building.
While the conservation study is ongoing, the impact on the planned collective sale and potential incentives for developers remain to be seen. The conservation of People’s Park Complex would add to the historical preservation efforts in Singapore’s real estate landscape.
