Owners of the Sultan Plaza leasehold development on Jalan Sultan off Beach Road in Singapore is selling the property through an en bloc public tender with a reserve price of S$380 million, The (Singapore) Business Times reported.
The asking price for the property, which includes development charges and payable differential premium, reflects a land rate of approximately S$1,860 per square foot, the Jan. 17 report added.
The 244-unit property with a 99-year lease occupies a commercial land area spanning 52,471 square feet. It will remain on offer until March 28, according to the publication.
Sultan Plaza can be redeveloped to a gross floor area of 283,803 square feet at a plot ratio of 5.30, subject to approval of relevant authorities. It is being marketed with the help of ERA Realty Network.
As of Jan. 16, US$1 was equivalent to S$1.35.