City Plaza owners in private talks after close of S$970 million en bloc tender

[SINGAPORE] The owners of City Plaza have entered into a 10-week private treaty period after its S$970 million en bloc sale tender closed on Tuesday (Oct 13) with no formal bids.

Expressions of interest (EOIs) were received, however, and discussions with interested parties are ongoing, said marketing agent Huttons Asia.

“The sale will now enter a 10-week private treaty period, providing prospective purchasers with an opportunity to further evaluate the site’s investment and redevelopment potential and negotiate an acquisition,” it added.

This is the third en bloc attempt by the freehold development. Its first try in 2018, at a reserve price of S$1.05 billion, secured 53 per cent support from owners, falling short of the 80 per cent threshold required to launch the sale. A second attempt in 2021, at a lower reserve price of S$970 million, garnered 79.3 per cent support, narrowly missing the threshold.

Terence Lian, head of investment sales at Huttons Asia, said that the EOIs showed that City Plaza continued to attract investor attention. “Given the scale and complexity of an acquisition of this nature, interested parties may require additional time to evaluate the planning, financial and commercial considerations before committing to a transaction,” he noted.

Under Master Plan 2025, City Plaza is currently zoned for commercial use with a gross plot ratio of three.

The complex can be redeveloped into a residential-led mixed-use development with commercial uses on the first storey, subject to planning approvals.

An outline planning advice was obtained from the Urban Redevelopment Authority on Jul 9, 2026, following about five months of planning engagement with the authority and other government agencies.

City Plaza occupies a site of about 13,146 square metres. Built in the 1970s by City Developments Ltd, it comprises 450 units – 66 apartments and 384 strata retail units. It is known for its wholesale shops, which mainly sell clothing.

The complex, which is located along Geylang Road, is close to Paya Lebar MRT station. It also faces Kinex shopping mall – which The Elegant Group acquired from UOL in September 2025 for S$375 million – and is within walking distance of Paya Lebar Quarter and SingPost Centre.