Sultan Plaza’s Block Sale Dance Re‑Starts
In what feels like the plot twist of a high‑stakes game show, Sultan Plaza is back on the market and might just be the first en‑bloc show‑down since the city rolled out its cool‑down measures.
The Storyline: From 2019 to 2025
- January 2019: The initial offer hit the stage at a whopping $380 million.
- July 2024: The deal got a fresh spin, trimming the target to $360 million and grocery‑loading it with new redevelopment options.
- Today: Over 80 % of the homeowners have signed on for a collective sale.
Why This Matters
For the residents, it’s a tussle against the “thousands of stamps” bureaucracy and a reshaping of their neighborhood skyline—plus a decent payday.
The Campaign in Plain English
Picture a group chat where everyone’s a bit on the fence but ultimately decides to list together—because who can resist a 60‑x upgrade when the price drops?
The bank is ready to step in, developers are eager for a new makeover, and the city’s cooling rules will keep the future lean and clean.
Three redevelopment options to choose from
Pick Your Own Adventure: What to Do with Sultan Plaza?
In 2019, the URA laid out a play‑by‑play guide for the future of the 52,471‑sq‑ft plot. The developer’s got a trio of options that could turn the place into anything from a luxury hotel to a mixed‑use hotspot, or a straight‑up commercial megabuilding. Here’s the low‑down, served with a side of humor.
Option 1: Mixed‑Use Masterpiece
- This dream plan would flood the site with about 262,354 sq ft of usable floor area—that’s a lot of bricks.
- Front 40 % is for commercial use; the rest becomes housing.
- Heads up: you could squeeze in roughly 172 units, each averaging 915 sq ft. Think cozy townhouse or that Mediterranean apartment you’ve always wanted.
- Balconies, extra premium nights, lease top‑ups, and the new reserve price of $360 million make the price hit around $1,626 psf ppr.
Option 2: The Grand Hotel
Imagine a hotel of 700 rooms, with a splash of commerce on the side (just 20 % of the space). The cost? Roughly $1,733 psf ppr. A hotel that can serve both rulers and tourists, all while selling a few office suites. Fancy!
Option 3: Purely Commercial
Just let the land turn into a tile‑papered arena for businesses. Tick‑tock: less noise, more efficiency, and whatever the market demands.
Whichever path the developer picks, Sultan Plaza will be turning from a sleepy plot into a buzzing hub. Pitch‑in, get your coffee ready, and let the construction commence!
Higher ABSD rates for developers
New Cooling Rules: ABSD Gets a Make‑over
On December 16, the market saw a fresh batch of cooling measures that better than ever. The highlight? Higher additional buyer’s stamp duty (ABSD) rates that’re set to curb that relentless housing demand and chill the craze for bulk‑sale sites.
What’s Changed?
Developers who were previously paying a 25 % ABSD can now expect a full 35 % charge. That’s a big jump—almost like moving from a normal coffee to a double espresso.
Why It Matters
- Developers now tend to lean toward small to mid‑size lots for redevelopment rather than staring down mega‑projects.
- They have to finish a project and sell all units within five years.
- If they slip up and miss the deadline, they’re hit with a 35 % tax on the land value they paid.
Bottom Line
In short, developers are being nudged to move smaller, finish projects faster, and if they don’t deliver, they drive the stamp duty up. The hope? A cooler, more balanced housing market where selling lots in bulk gets a bit more of a chill.
About Sultan Plaza
Spotlight on Sultan Plaza: A Timeless Plaza with a Twist
Nestled snug between Beach Road and North Bridge Road, Sultan Plaza boasts a 99‑year leasehold that still seems to hold the perfect amount of time left – 55 years until the lease runs out, and plenty of streets trading in stories.
Property Snapshot
- Location: 100 Jalan Sultan, right smack in the heart of the bustling city
- Composition: 244 strata lots – a sweet mix of 211 retail shops and 33 snazzy office units
- Age: Built in the roaring 1970s, giving it a vintage vibe with an eye toward the future
- Lease: 55 years left – still a solid chunk of time for investors to plan their next move
Why It’s as Easy as a Walk
Travel is a breeze thanks to three MRT stations not more than 750 meters away. Count the lines and you’ll see:
- Nicoll Highway – Circle Line – a quick six‑minute walk
- Lavender – East‑West Line – just nine minutes away
- Bugis – Downtown & East‑West Lines – a 12‑minute stroll that’s worth the tiny extra effort
Neighbourhood Buzz
You’ll find yourself surrounded by a colorful mix of places worth exploring:
- Historic Kampong Glam conservation enclave with its vibrant streets
- Iconic Golden Mile Complex, where the old meets new
- Comfortable Duo Residences, perfect for those looking to stay close
- Trendy South Beach – if you’re craving the latest in retail
En Bloc Tender Alert!
Mark your calendars: the tender for Sultan Plaza’s en bloc sale wraps up on 10 February 2022, 3 pm. Don’t miss this golden opportunity to snag a piece of Singapore’s heritage.
Authored by 99.co
Published by 99.co, with essential guidelines from the Urban Redevelopment Authority (URA).
