City Plaza site up for sale at S$970 million, may be rezoned for residential use
No ABSD is payable on the acquisition of the property based on its current commercial zoning
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[SINGAPORE] Owners at City Plaza have put the freehold mixed development in Geylang on the market with a guide price of S$970 million, in a third attempt at a collective sale.
Owners of the complex have made two previous collective sale attempts.
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.
Under the 2025 Master Plan, 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 the requisite planning and statutory approvals, said marketing agent Huttons on Monday (Aug 10).
An outline planning advice has been obtained from the Urban Redevelopment Authority on Jul 9, 2026, following about five months of planning engagement with the authority and other government agencies.
An outline application is a proposal that allows building owners and developers to test out a proposed land use, plot ratio or building height of a property. The document is valid for six months.
The land betterment charge (LBC), if applicable, will depend on the eventual redevelopment proposal pursued by the buyer.
“Based on our preliminary assessment, the indicative LBC could range quite significantly depending on the redevelopment concept pursued,” said Terence Lian, head of investment sales at Huttons Asia.
For instance, LBC is estimated at approximately S$15 million for a full commercial redevelopment, while a residential with commercial on first storey revamp could put the figure at about S$158 million.
“These figures are indicative only and would ultimately depend on the purchaser’s proposed development scheme, the applicable LBC rates and the relevant authorities’ assessment at the material time,” said Lian.
No additional buyer’s stamp duty (ABSD) is payable on the acquisition of the property based on its current commercial zoning.
City Plaza is one of the final major redevelopment opportunities within Paya Lebar Central, Lian said.
He added that the lack of ABSD payable and the substantial planning work undertaken with the authorities ahead of the tender launch “create a compelling investment proposition that is increasingly difficult to replicate in today’s market”.
City Plaza occupies a site of about 13,146 square metres (sq m). 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 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 walking distance to Paya Lebar Quarter and SingPost Centre.
The Elegant Group, linked to Chinese businessman Zhao Zhichao, is also redeveloping Tanjong Katong Complex in the vicinity. Its portfolio includes The Clementi Mall, which it acquired from Cuscaden Peak for S$809 million last December, as well as Grantral Mall @ Clementi, Grantral Mall @ Macpherson and Changi City Point.
The tender for City Plaza closes on Oct 13.
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