Sultan Plaza Close To Achieving Required Consent

Sultan Plaza Close To Achieving Required Consent For En Bloc Sale

SINGAPORE – Marketing agent Teakhwa Real Estate revealed that collective sale committee (CSC) is “close to” achieving the minimum required consent of 80 percent for the en bloc sale of Sultan Plaza, reported The Edge on Wednesday afternoon (28 September, SGT).

“We just need one to two units more to cross the 80 percent, which will happen very soon,” said the Teakhwa Real Estate in a statement released on Wednesday.

The marketing agent also announced that the ongoing public tender for Sultan Plaza will close at 3pm on 26 October 2022.

On 9 September, the commercial development along 100 Jalan Sultan off Beach Road was relaunched for en bloc sale for a 3rd time with a reserve price of S$325 million, which is lower than the S$360 million reserve price in the preceding collective sale attempt.

In the prior day, the marketing agent also stated that a closing date for the en bloc tender will be determined “only when there is confirmed interest from a potential buyer” or after the strata unit owners’ 80 percent mandate has been achieved to sell at the lower reserve price.

During the launch of the tender, owners representing around 72 percent by share value and 80 percent by strata area had inked the supplemental agreement to lower the reserve price.

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