City Plaza Owners Enter a 10-Week Private Treaty Period After the S$970 Million En Bloc Tender Closes With No Formal Bids

The tender closed on Tuesday 13 October without formal bids. Huttons Asia said expressions of interest were received and talks are ongoing. “The sale will now enter a 10-week private treaty period, providing prospective purchasers with an opportunity to further evaluate the site’s investment and redevelopment potential and negotiate an acquisition,” it said.

Terence Lian, head of investment sales at Huttons Asia, said the expressions of interest showed City Plaza continues to attract investor attention. “Given the scale and complexity of an acquisition of this nature, interested parties may require additional time to evaluate the planning, financial and commercial considerations before committing to a transaction,” he noted.

This is City Plaza’s third en bloc attempt. In 2018, at a reserve price of S$1.05 billion, it secured 53 per cent support from owners, short of the 80 per cent threshold needed to launch the sale. A second attempt in 2021, at a lower reserve of S$970 million, drew 79.3 per cent, narrowly missing the threshold.

The complex occupies a site of about 13,146 sq m and was built in the 1970s by City Developments Ltd. It has 450 units, comprising 66 apartments and 384 strata retail units, and is known for wholesale shops that mainly sell clothing. It is on Geylang Road near Paya Lebar MRT station, faces Kinex mall, which The Elegant Group bought from UOL in September 2025 for S$375 million, and is within walking distance of Paya Lebar Quarter and SingPost Centre.

Under Master Plan 2025, City Plaza is zoned for commercial use with a gross plot ratio of three. The complex can be redeveloped into a residential-led mixed-use project with commercial uses on the first storey, subject to planning approvals. Outline planning advice was obtained from URA on 9 July 2026, after about five months of planning engagement with the authority and other government agencies.