People\u2019s Park Complex, built in the 1970s as South-east Asia\u2019s first multi-use complex, may be proposed for conservation in view of its high heritage significance, said the urban planning authorities.<\/p>\n
The move was welcomed by heritage groups, which have urged that the building be saved, but it may impact a second attempt at a collective sale launched by its owners in March 2023.<\/p>\n
A spokesperson for the Urban Redevelopment Authority (URA) told The Straits Times on Dec 21 that it has informed the property\u2019s management corporation strata title and collective sales committee\u2019s representatives that URA had assessed the building to be of high heritage significance.<\/p>\n
The collective sale effort should take into account the ongoing conservation study and its findings, which have yet to be concluded, said URA.<\/p>\n
Mr Lim Fang Hua, chairman of the People\u2019s Park Complex collective sale committee, said it would proceed with its plans for sale, which include an asking price of $1.3 billion.<\/p>\n
He said it received the notice from URA in November, and many details remained to be ironed out.<\/p>\n
\u201cHowever, we don\u2019t foresee a big impact on our sale,\u201d he said, adding that close to 50 per cent of the unit owners have given consent for the sale.<\/p>\n
People\u2019s Park Complex launched a first attempt at a collective sale in 2018 at the same asking price, but failed to obtain the required consent of 80 per cent of the unit owners. There are 391 commercial units, 278 residences and a carpark.<\/p>\n
Ms Anna Tan, business development director of Tag Realty, the sales agent, said it has been in touch with URA to gain a deeper understanding of the conservation plans.<\/p>\n
\u201cThe conservation efforts have the potential to elevate the aesthetic appeal of People\u2019s Park Complex, positioning it as an integral component of the revitalised central region. This, in turn, can generate heightened interest from potential buyers,\u201d she said.<\/p>\n
She hopes to collaborate with URA to facilitate the conservation process during the ongoing collective sale, including possible incentives to sweeten the deal for potential buyers.<\/p>\n