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Sultan Plaza’s and City Plaza’s latest en bloc attempt sees their reserve prices amended to $360 million and $850 million respectively. Source: Google Maps
Sultan Plaza and City Plaza may once again join the en bloc hopefuls in Singapore, with their reserve price slashed to $360 million and $850 million, respectively, reported The Business Times (BT) citing Lianhe Zaobao.
Located along Jalan Sultan within the Beach Road area, Sultan Plaza houses 211 retail shop units and 33 office units. It was previously put up for collective sale in 2019 with a price tag of $380 million.
For this latest attempt, the collective sale committee (CSC) has obtained the requisite 80% signatures of unit owners. Lianhe Zaobao noted that the committee plans to launch the en bloc tender for the 99-year leasehold development in about two weeks.
Sultan Plaza, which was built in the 1970s, is situated between North Bridge Road and Beach Road. It has a remaining lease term of around 56 years.
It was first launched for en bloc sale in January 2019. It was relaunched in July of that year, with more redevelopment options – namely as a hotel, as a residential and commercial development, or as a fully commercial development, all with a plot ratio of 5.0, reported BT then.
It means the 52,471 sq ft site may be redeveloped up to a gross floor area (GFA) of around 262,354 sq ft.
Lianhe Zaobao said the new project can go as high as 30 to 35 storeys.
Meanwhile, City Plaza is also gunning for another en bloc sale exercise, albeit the CSC is yet to obtain the requisite 80% consent.
Currently, over 20% of the unit owners have consented to the sale, said Lianhe Zaobao. Last month, an extraordinary general meeting was held to kick-start the process, giving the CSC a year to gather the requisite support of the owners before it could launch a tender.
The 18-storey freehold development along Geylang Road has 531 units comprising 465 strata retail units and 66 residential units.
Competed in 1972, the development was known for its wholesale shops that mainly sell clothing. It occupies a 141,505 sq ft site and has a GFA of about 424,515 sq ft.
During the en bloc sale boom in 2017, City Plaza unit owners were targeting a sale price of $800 million to $1 billion.
In 2019, some owners were eyeing an asking price of $950 million. However, City Plaza did not go to the market due to the CSC’s failure to secure the requisite 80% consent of the owners, noted Lianhe Zaobao.
The development is zoned for commercial use under the 2019 Master Plan with a gross plot ratio of 3.0. Located next to Kinex shopping mall, City Plaza is also close to SingPost Centre and Paya Lebar Quarter.
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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg.
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