City Plaza Geylang Up for Sale at S$970 Million in Third Collective Sale Bid with Residential Rezoning Potential

Built in the 1970s by City Developments Ltd, City Plaza comprises 450 units including 66 apartments and 384 strata retail units. It occupies a site of about 13,146 sq m and is close to Paya Lebar MRT station.

The complex’s first collective sale attempt in 2018 at a reserve price of S$1.05 billion secured only 53 per cent owner support, falling well short of the 80 per cent threshold. A second attempt in 2021 at a lower reserve of S$970 million garnered 79.3 per cent support, narrowly missing the threshold.

Under the 2025 Master Plan, City Plaza is currently zoned for commercial use with a gross plot ratio of three. However, an outline planning advice obtained from URA on July 9, 2026, following about five months of engagement with the authority, indicates the complex can be redeveloped into a residential-led mixed-use development with commercial uses on the first storey, subject to planning and statutory approvals.

Marketing agent Huttons is handling the sale. The land betterment charge (LBC) is estimated at about S$15 million for the commercial component and S$158 million for the residential component with a commercial first storey.

Notably, no additional buyer’s stamp duty (ABSD) is payable on the current commercial zoning, which could make the acquisition more attractive to developers. The site faces Kinex, a neighbouring mall that was acquired by The Elegant Group from UOL in September 2025 for S$375 million.

The proximity to Paya Lebar MRT and the surrounding transformation of the precinct add to the site’s appeal. With the URA’s outline planning advice in hand, potential buyers now have greater clarity on what can be built on the site, reducing planning risk and potentially supporting stronger bids this time around.

City Plaza’s return to the market reflects the broader resurgence in collective sale activity across Singapore. The narrowly missed 79.3 per cent threshold in 2021 suggests strong latent appetite among owners, and recent government reforms to streamline the en bloc process could tip the balance this time.

The freehold tenure, large site area of about 13,146 sq m, and the absence of ABSD on the commercial zoning make this an unusual proposition in today’s market. As more ageing developments across the island weigh their options, City Plaza’s outcome will be closely watched as a bellwether for large-scale mixed-use collective sales.