SINGAPORE - The owners of the Sultan Plaza commercial building along Jalan Sultan have launched a public tender for a collective sale with a reserve price of $380 million.
The 99-year leasehold development, which was built in the 1970s, sits on 52,471 sq ft of land. The maximum permissible gross floor area can be redeveloped to 283,803 sq ft, referenced against the 5.30 gross plot ratio of neighbouring City Gate and subject to regulatory approval.
Based on that estimate, the reserve price represents a land rate of about $1,860 per sq ft per plot ratio inclusive of development charge and differential premium payable.
Sultan Plaza comprises 244 units. It sits between Beach Road and North Bridge Road, near the Kampong Glam conservation enclave.
Mr Jeremy Chiu, director of investment sales at ERA Realty Network, the agent for the sale, said: "We have already received strong interest from local and overseas developers even prior to our tender launch, given Sultan Plaza's choice location.
"This site presents a lot of opportunities for the prospective buyer as it is a beautiful canvas where a piece of Singapore's history can be redesigned with creative architectural concepts that can contribute to Singapore's future development stories."
Nearby Golden Mile Complex, a mixed-use development with conservation potential, is also on the market with a $800 million reserve price. Golden Mile sits on 1.3ha of land and has a potential maximum gross floor area of 85,977.5 sq m if its main building is conserved.
There are about 49 years left on Golden Mile's lease. Edmund Tie & Co is the agent for Golden Mile.