Sultan Plaza launches collective sale with reserve price of S$380m
The price works out to a land rate of approximately S$1,860 psf ppr for the 99-year leasehold development
Singapore
SULTAN Plaza - a 244-unit, 99-year leasehold development located on Jalan Sultan just off Beach Road - is up for collective sale, after receiving a mandate from over 80 per cent of the owners in favour of the en bloc exercise.
The full commercial site will launch a public tender on Wednesday with a reserve price of S$380 million. The tender will close on Thursday, Mar 28 at 12 noon. The reserve price works out to a land rate of approximately S$1,860 per square foot per plot ratio (psf ppr), inclusive of development charges and differential premium payable.
Sultan Plaza, built in the 1970s, sits on a land area of 52,471 square feet and is zoned for commercial use.
Subject to the relevant authorities' approval, it can be redeveloped up to a gross floor area of 283,803 square feet, reflecting an equivalent plot ratio of 5.30.
In a press release, ERA Realty Network said that Sultan Plaza is within 750 metres of three MRT stations, and is located near Golden Mile Complex, Duo Residences and South Beach.
Jeremy Rikas Chiu, the group division director of investment sales at ERA Realty Network, said there has been "strong interest" from local and foreign developers ahead of the tender launch.
ERA Realty Network is the agent for the sale.
"This site presents a lot of opportunities for the prospective buyer as it is a beautiful canvas where a piece of Singapore's history can be redesigned with creative architectural concepts that can contribute to Singapore's future development stories," he said.
"Future expansion into the neighbouring site is also conceivable, which makes it attractive for developers who want to create an architectural masterpiece in this precinct."
The nearby Golden Mile Complex, a mixed-use development with conservation potential, is also on the market with a S$800 million reserve price.
Golden Mile sits on 1.3 hectares of land and has a potential maximum gross floor area of 85,977.5 sq m if its main building is conserved. There are about 49 years left on Golden Mile's lease. Edmund Tie & Co is the agent for Golden Mile.
