SINGAPORE (THE BUSINESS TIMES) - Sultan Plaza will be relaunched for collective sale on Tuesday (May 31) via public tender with an unchanged reserve price of $360 million, said exclusive marketing agent Teakhwa Real Estate on Monday.
The 45-year-old property was first put up for collective sale with a reserve price of $380 million in 2019. It was later relaunched in December 2021 via public tender, which closed on Mar 3, 2022.
Located at 100 Jalan Sultan, the site is a five-minutes walk to Nicoll Highway and Lavender MRT stations. It is also located in downtown District 7, which is near landmarks and attractions such as Marina Bay, Bugis Junction and Raffles Hotel.
The development, which sits on a site spanning 52,471.3 square feet (sq ft), comprises 211 commercial units and 33 offices totalling 244 strata lots.
Under the Urban Redevelopment Authority's (URA) Master Plan 2019, the size is zoned for commercial use with a 5.0 plot ratio of and can be redeveloped up to a height of 153 metres above mean sea level.
It has received in-principle approval from the Singapore Land Authority for a potential sale of a remnant state land of about 10,968 sq ft adjoining the site. With the potential purchase, the land plot can be expanded to about 63,439.8 sq ft and redeveloped to a gross floor area (GFA) of 317,198.9 sq ft.
The site can also be redeveloped as a mixed use development of up to 40 per cent for commercial use and the remaining 60 per cent floor area for residential units, according to an outline planning permission advisory from URA.
There will be no additional buyer's stamp duty payable, according to managing director Sieow Teak Hwa of Teakhwa Real Estate.
The tender for the property will close on June 28 at 3 pm.