The 244-unit development sits on a sizeable land area of approximately 52,471 sqft.
Commercial development Sultan Plaza which is located along Beach Road will be launched for collective sale on 16 January with a reserve price of $380m via public tender, an announcement by ERA Realty Network revealed.
The development which was built in the 1970s houses 244 units over a sizeable land area of approximately 52,471 sqft. The reserve price reflects a land rate or approximately $1,860 psf ppr and is inclusive of development charge and differential premium payable, the statement noted.
ERA noted that the development baseline for Sultan Plaza is ascertained to be 22,730.35 sqm and its maximum height is capped at 140.49 above mean sea level (AMSL). Subject to the relevant authorities’ approval, it can be redeveloped up to a gross floor area (GFA) of around 283,803 sqft which reflects an equivalent plot ratio of 5.3.
The development has access to three MRT stations across three different lines including CC5 Nicoll Highway, EW11 Lavender and DT14 Bugis. It is also within the vicinity of the Kampong Glam conservation enclave, the Golden Mile Complex, Duo Residences and South Beach.
“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,” ERA Realty Network’s group division director for investment sales Jeremy Rikas Chiu said in a statement. “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 public tender will close on 28 March 2019 at 12 p.m.
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