SINGAPORE (EDGEPROP) - Owners of Sultan Plaza shopping mall have kickstarted the attempt to launch the development for a collective sale at a guide price of $360 million, according to Teakhwa Real Estate, which is the marketing agent for the property.

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The commercial site occupying 52,471 sq ft at 100 Jalan Sultan may be redeveloped into a 30-storey mixed development project or a 700-key hotel, with either having a gross floor area of up to 262,356 sq ft, says the firm.

Sultan Plaza is located close to downtown Marina Bay and the Kampong Glam district. It is a five-minute walk to Nicoll Highway MRT Station.

A meeting has been held to gain approval to launch Sultan Plaza for collective sale from the owners of the development. It can be launched for collective sale once 80% of the owners by share value and strata area agree to the proposal.

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