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SG Pearls Centre owners receive $444m compensation

Property Here - Thursday, March 28, 2013

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By Shabnam Muzammil:

Owners at Pearls Centre along Eu Tong Sen Street in Chinatown have been issued S$444 million in compensation and promised further relocation assistance, according to media reports.

Analysts previously forecasted the market value of the strata-titled property to range between S$450 million and S$600 million.

The government’s acquisition of Pearls Centre around the middle of last year had surprised its 234 tenants who were given two years to vacate the premises. 

The iconic building is set to be demolished to make way for construction of the Thomson MRT Line, which is set to open in 2019 and will have a tunnel running under part of the building.

According to the Urban Redevelopment Authority (URA), the site will also be integrated with an adjoining land parcel for a “high-density mixed-use development” which includes Outram Park MRT station, an interchange station serving the North East, East West and Thomson lines.

Image Source: Robert J. Steiner

 

Shabnam Muzammil, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email shabnam@allproperty.com.sg