Singapore's City Plaza Seeks S$970 Million in Third Collective Sale Attempt
City Plaza owners in Singapore are pursuing a S$970 million collective sale. The Geylang site could be rezoned for residential use, and no additional buyer's stamp duty (ABSD) applies to the acquisition.
Third Attempt for Collective Sale
Owners of Singapore's City Plaza are marketing the freehold mixed development for S$970 million. This marks their third attempt at a collective sale. The first try in 2018, priced at S$1.05 billion, secured 53 per cent owner support. A second attempt in 2021, at the current S$970 million guide price, garnered 79.3 per cent support. Both previous efforts fell short of the 80 per cent threshold needed to launch the sale.
Rezoning Potential and Planning Approvals
The Geylang site is currently zoned for commercial use with a gross plot ratio of three under the 2025 Master Plan. Marketing agent Huttons stated the complex can be redeveloped into a residential-led mixed-use project. This would include commercial uses on the first storey, pending necessary planning and statutory approvals.
The Urban Redevelopment Authority (URA) issued outline planning advice on 9 July 2026. This followed about five months of engagement with the URA and other government agencies.
Financial Incentives and Investment Appeal
No additional buyer's stamp duty (ABSD) applies to the property's acquisition, given its current commercial zoning. However, the land betterment charge (LBC), if applicable, shows significant variation. Terence Lian, Huttons Asia's head of investment sales, estimated LBC at S$15 million for a full commercial redevelopment.
A residential-with-commercial-on-first-storey revamp could incur S$158 million. Lian highlights the ABSD exemption and prior planning work as strong investment propositions.
Market Context and Developer Opportunity
City Plaza, built in the 1970s by City Developments Ltd, comprises 66 apartments and 384 strata retail units. It sits near Paya Lebar MRT station and faces Kinex shopping mall. Lian notes this site represents one of the final major redevelopment opportunities within Paya Lebar Central. The tender for City Plaza closes on 13 October.
This sale provides developers a significant opportunity for large-scale redevelopment in a mature Singapore precinct, potentially driving competition for prime land.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
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