Sultan Plaza To Relaunch For En Bloc Sale SINGAPORE – Exclusive marketing agent Teakhwa Real Estate

Singapore’s Sultan Plaza To Relaunch For En Bloc Sale

SINGAPORE – Exclusive marketing agent Teakhwa Real Estate announced that Sultan Plaza, a mixed-use development at 100 Jalan Sultan, will be relaunched for collective sale on 31 May via public tender with an unchanged reserve price of S$360 million, reported The Business Times on Monday noon (30 May, SGT).

Previously, the 45-year-old commercial property was put up for en bloc sale with a higher reserve price of S$380 million in 2019. It was subsequently relaunched in December 2021 with the lower reserve price and the tender closed on 3 March 2022.

The mixed-use development, which stands on a 52,471.3 sq ft site, comes with 244 strata lots. These comprise 33 office units and 211 commercial units.

Under the 2019 Master Plan, the site is zoned for commercial use with a plot ratio of 5 and can be redeveloped into a project with a height of up to 153 metres above mean sea level.

Interestingly, the strata unit owners have obtained in-principle approval from the Singapore Land Authority for a potential sale of an adjacent remnant government land measuring around 10,968 sq ft. With the potential acquisition, the site can be enlarged to roughly 63,439.8 sq ft and redeveloped to a gross floor area (GFA) of 317,198.9 sq ft.

Based on an outline planning permission advisory from the URA, the land plot can also be redeveloped as a mixed-use project, wherein up to 40 percent of the space can be used for commercial purposes, while 60 percent must be utilised for residential units.

Sultan Plaza is just a stone’s throw away from the Lavender MRT Station and Nicoll Highway MRT Station. It is also close to landmarks, like the Bugis Junction, Raffles Hotel, and Marina Bay.

Sieow Teak Hwa, managing director at Teakhwa Real Estate, also revealed that the acquirer doesn’t not need to pay additional buyer’s stamp duty (ABSD).

The public tender for Sultan Plaza will close at 3 pm on 28 June 2022.

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