Owners of Sultan Plaza has decided to launch their collective sale in New Year 2019, probably it is the best time as more developers are interested in commercial investment.
Sultan Plaza located on a sizable land area that is roughly 52,471 square feet is a development with 244 units.
The location of the commercial property is along Business-thriving Beach Road and the launch of its collective sale took place on January 16 with $380m reserve price through public tender. ERA Realty Network made the announcement.
With its 244 units, the construction of the development was in the 1970s, originally on approximately 52,471 square feet sizable land area.
According to the statement, the reserve price is a translation of estimated $1,860 psf ppr land rate, which included the differential premium payable and development charge.
Based on the ERA notification, the Sultan Plaza development baseline is 22,730.35 square meters with a maximum height of 140.49 AMSL (above mean sea level).
The redevelopment of the Sultan Plaza is still subject for approval by relevant authorities. Its gross floor area (GFA) is approximately 283,803 sq ft, equivalent to its 5.3 plot ratio.
The location boasts of transportation access including three MRT stations specifically the ones across different lines such as DT14 Bugis, EW11 Lavender, and CCS Nicoll Highway.
Other nearby locations include the Golden Mile Complex, Kampong Glam conservation enclave, South Beach, and Duo Residences.
Jeremy Rikas Chiu released a statement as ERA Realty Network investment sales group division director. He noted, “There are lots of opportunities that the site presented for the prospective buyer because of its captivating backdrop.
It offers a redesign of the history of Singapore particularly through creative architectural concepts, thus, contributing to the future development accounts of Singapore.”
He further added, “The neighboring site has viable and promising future expansion, which is making it remarkable for developers that aim for architectural masterpiece in its jurisdiction.”
The closure of the public tender will be on March 28, 2019 at 12 pm.