Sultan Plaza Poised To Be Launched For En Bloc Sale
SINGAPORE – Sultan Plaza, a mixed-use commercial project in the Beach Road area, is slated to be put up for en bloc sale after the collective sale committee (CSC) has obtained the required consent of 80 percent of the unit owners, reported The Business Times on Monday morning (13 December).
Citing a report from Lianhe Zaobao, The Business Times said the tender for the commercial property is intended to be launched in 2 week with a potential reserve price of S$360 million. This is lower than the S$380 million price tag set during its prior en bloc salle attempt in 2019 that failed to attract any buyers.
Sultan Plaza is a 99-year leasehold development that contains 33 office units and 211 retail premises. The site’s leasehold tenure commenced in May 1978, meaning it has a remaining term of approximately 56 years.
Located along Jalan Sultan, the commercial property is situated between North Bridge Road and Beach Road, on top of being close to the Kampong Glam conservation enclave. The subject property was completed in the 1970s.
Previously, the commercial development was first launched for en bloc sale in January 2019. Subsequently, it was relaunched in July of the same year with more redevelopment options. These included as an entire commercial building and as a hotel, as well as a commercial & residential project.
All the above proposed uses come with a plot ratio of 5.0. This meant that the 52,471 sq ft site could be redeveloped up to a gross floor area (GFA) of roughly 262,354 sq ft.
But in the latest en bloc sale attempt, Lianhe Zaobao said that Sultan Plaza could potentially be transformed into a 700-room hotel. The new building’s height can also reach up to around 30 to 35 storeys.