Sultan Plaza, a strata-titled commercial complex located on Sultan Road just off Beach Road, has been launched for collective sale on Jan 16. The reserve price for the mixed-use development with office and retail space is $380 million, which translates to a land rate of $1,860 psf per plot ratio (ppr), inclusive of development charge and differential premium payable for topping up the lease, says ERA Realty Network, the marketing agent for the project.
The 244-unit Sultan Plaza is up for colective sale (Credit: ERA Realty Network)
Over 80% of the owners have agreed to the en bloc sale. The 244-unit Sultan Plaza was built in the 1970s, and has a 99-year lease from 1978. It sits on a land area of 52,471 sq ft which is zoned for commercial use.
Under the 2014 Master Plan, the maximum permissible plot ratio is subject to detailed planning. The adjacent City Gate is a redevelopment of the former commercial building Keypoint. It had an approved development plot ratio of 5.3 and a development height control of about 140.48 above mean sea level (AMSL). City Gate is now a mixed-use development with 311 residential unit and 188 retail units completed last year.
According to ERA, the development baseline for Sultan Plaza is about 244,667 sq ft, and development charge is payable. Subject to the relevant authorities' approval, the site can be redeveloped into a new project with a maximum gross floor area of 283,803 sq ft or plot ratio of 5.3. The tender will close on March 28.