Sultan Plaza collective sale tender to close on Oct 26

By Atiqah Mokhtar / EdgeProp Singapore | September 28, 2022 2:48 PM SGT
Sultan Plaza (Picture: Teakhwa Real Estate)
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SINGAPORE (EDGEPROP) - Sultan Plaza will close its public tender on October 26 at 3pm, according to marketing agent Teakhwa Real Estate. The commercial site at 100 Jalan Sultan, off Beach Road, was relaunched for collective sale for a third time on Sept 9, with a reserve price of $325 million — lower than its $360 million reserve price in the previous attempt. (Find Singapore commercial properties with our commercial directory)
In a Sept 8 press release, Teakhwa Real Estate stated that a closing date for the tender would be determined “only when there is confirmed interest from a potential buyer” or after the owners' 80% mandate has been obtained to sell at the lower reserve price. At the time of launch, owners holding about 80% by strata area and 72% by share value had signed the supplemental agreement to lower the reserve price from $360 million to $325 million.
The marketing agent now says it is “close to” achieving the mandate. “We just need one to two units more to cross the 80%, which will happen very soon,” the firm adds in a Sept 28 statement.
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