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 prime land that is zoned for commercial use.
The maximum permissible gross floor area can be redeveloped to 283,803 sq ft, referenced against the 5.3 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.
There are three MRT stations across three different lines within 750m of the plot - Nicoll Highway station on the Circle Line, Lavender station on the East West Line, and Bugis station on the Downtown and East West Lines.
"We have already received strong interest from local and overseas developers even prior to our tender launch, given Sultan Plaza's choice location," said Mr Jeremy Chiu, director of investment sales at ERA Realty Network, the agent for the sale.
"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," he said.
"Future expansion into the neighbouring site is also conceivable, which makes it attractive for developers who want to create an architectural masterpiece in this precinct."
The tender will close at noon on March 28.
Also close by are Duo Residences and South Beach, as well as the iconic Golden Mile Complex, a mixed-use development with conservation potential that 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 & Company is the agent for Golden Mile.