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Sultan Plaza, a 244-unit commercial development along Beach Road, has been put up for collective sale carrying a reserve price of $380 million, revealed marketing agent ERA Realty.
This works out to a land rate of around $1,860 psf per plot ratio, inclusive of the development charge and the differential premium payable.
With a leasehold tenure of 99 years, the development was built in the 1970s and sits on a sizeable land area of about 52,471 sq ft.
The development baseline for the property has been ascertained to be 22,730.35 sq m, noted ERA. Subject to the approval of relevant authorities, it could be redeveloped to a gross floor area of about 283,803 sq ft, reflecting an equivalent plot ratio of 5.3.
Sultan Plaza is conveniently located close to the Lavender, Bugis and Nicoll Highway MRT stations. It is also near the iconic Golden Mile Complex, the Kampong Glam conservation enclave, Duo Residences and South Beach.
Given its central location, the development has already attracted keen interest from local and overseas developers even before its tender launch, said Jeremy Rikas Chiu, investment sales and group division director at ERA.
“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 tender for Sultan Plaza closes on 28 March.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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