Sultan Plaza makes second bid for $360m en bloc sale as commercial property market heats up

The 45-year-old property was first put up for collective sale with a reserve price of $380 million in 2019. PHOTO: TEAKHWA REAL ESTATE

SINGAPORE –  Commercial building Sultan Plaza is trying its luck at a $360 million collective sale for a second time.

The 45-year-old property will be relaunched on May 31 at the same reserve price, after a previous tender closed on March 3 with no buyers. Its first en bloc attempt in 2019 was at $380 million.

Marketing agent Teakhwa Real Estate is optimistic: “With very strong sales achieved at recent new project launches, we are seeing keener developer interest to replenish land banks.”

Located at 100 Jalan Sultan, the 52,471 square foot commercial-zoned site comprises 211 commercial units and 33 offices, totalling 244 strata lots.

If the en bloc sale is successful, shop owners will each stand to get between $162,900 and $46.3 million, while owners of offices will receive between $619,800 and $2.05 million, Mr Sieow Teak Hwa, managing director of Teakhwa Real Estate told The Straits Times.

In-principle approval has been given by the Singapore Land Authority for a potential sale of remnant state land of about 10,968 sq ft adjoining the Sultan Plaza site.

With the potential purchase, the plot can be expanded to about 63,439.8 sq ft and redeveloped to a gross floor area (GFA) of 317,198.9 sq ft.

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