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Collective sales fever is spilling into the commercial sector as many City Plaza unit owners prepare for their first annual general meeting in years on Saturday, to discuss a sale with a possible price tag of as high as $1 billion.

The 18-storey freehold building near Paya Lebar MRT station was completed in 1972 and is known for its wholesale shops, which mainly sell apparel.

The building has 531 units, including 66 residential units, according to Mr Derrick Chan, a City Plaza unit owner who called for the meeting.

Mr Chan told The Straits Times yesterday that he did so as "it is the right time now".

He said: "There is en bloc fever now and Paya Lebar is developing into a business centre. The building is over 40 years old. If we do not go en bloc now, the cost of maintenance will be extremely high."

Mr Chan, a businessman who owns six units at City Plaza totalling 5,400 sq ft, said most of his units were tenanted, but he did not think that the "trend of wholesale clothing is in our favour".

"Retail sales are suffering, and wholesale retail is being taken over by (Chinese online site) Taobao. It is not economical to have a shop space and rental is very low."

Mr Chan added that unit owners are eyeing a sale price of between $800 million and $1 billion. More than 100 people are expected at the meeting. He hopes a collective sales committee can then be formed.

More than half of the unit owners he has spoken to have expressed interest in a collective sale, he said.

One of them, Mr James Tan, said rentals have been falling. He bought his 20 sq m unit in the early 1990s and collected a monthly rental of about $1,200. At the peak, he was getting $1,800 but lately, tenants have been seeking rentals of $1,000 to $1,200.

"Rental rates today are going back to those of the 1990s," he said, adding that even if he were to sell the unit, he did not know if the buyer could get a rental rate that would cover the instalment.

Dr Lee Nai Jia, head of research at Edmund Tie and Company, said that interest in collective sales of residential properties has spilt into the commercial sector, citing the successful collective sale of Citimac. The freehold industrial complex near Tai Seng MRT station is reportedly being sold for $430.1 million.

Dr Lee noted that Katong Shopping Centre also launched a collective sales bid earlier this year, but did not manage to meet its reserve price of $630 million.

"The Paya Lebar area is likely to become a new growth cluster, with Paya Lebar Quarter catalysing the development of the area. Hence, there will be keen interest for City Plaza," he said.

However, he noted that the asking price range of $800 million to $1 billion is "on the high side", as developers have other viable options.

 




 

 

 

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Project  New Condo at City Plaza
Developer
Location  Paya Lebar
District  14
Tenure
Site Area   square metres/     square feet
GFA:
Plot Ratio
Expected TOP:
Total Units  Approximatley x,xxx residential apartments
Total Carpark
Development  Condo comprising of communal facilities
Unit Type:
Architect
Eligibility SC/ SC, SC/SPR and Foreigner can buy

LOCATION and AMENITIES

Amenities Near New Condo at Paya Lebar

Category Important Amenities Near New Condo at City Plaza Approximate Distance
Train Stations Paya Lebar (EW8/CC9) 0.1km
Bus Stop Opp Paya Lebar Stn (Bus: 154, 155, 135, 43, 28, 70, 70M, 76, 24)
Paya Lebar Stn (Bus: 24, 43, 70, 70M, 76, 28, 135, 154, 155)
0.1km
0.1km
Supermarkets Fairprice (Singapore Post Centre)
Giant (Paya Lebar Square)
Cold Storage (One KM)
Sheng Siong (301 Geylang Road)
0.4km
0.1km
0.1km
0.2km
1.7km
Shopping Malls Paya Lebar Square
Singapore Post Centre
Tanjong Katong Complex
City Plaza
One KM
Joo Chiat Complex
Pavilion Square
The Odeon Katong
Katong Shopping Centre
I12 Katong
The Flow
Katong V
0.1km
0.1km
0.1km
0.1km
0.2km
0.6km
1.5km
1.6km
1.7km
1.8km
1.8km
1.8km
Education Institutions Preschool
PCF Geylang Serai Blk 9
Aadeen Kindergarten
PCF Kampong Ubi-Kembangan Blk 412-413
Pu Hui Kindergarten
PCF Macpherson Blk 108-107
Iman Kindergarten (Eunos Ville)
PCF Macpherson Blk 54-53
Geylang Chinese Methodist Kindergarten
Raffles Montessori Kindergarten (Aljunied)
PCF Kampong Ubi-Kembangan Blk 11
0.4km
0.4km
0.7km
0.8km
0.9km
0.9km
1.2km
1.2km
1.3km
1.4km
Primary
Kong Hwa School
Haig Girls’ School
Geylang Methodist Primary School
Tanjong Katong Primary School
Canossa Convent Primary School
Maha Bodhi School
Macpherson Primary School
Eunos Primary School
0.8km
1.0km
1.3km
1.5km
1.5km
1.6km
1.6km
1.6km
Secondary
Tanjong Katong Girls’ School
Tanjong Katong Secondary School
Geylang Methodist Secondary School
Broadrick Secondary School
Chung Cheng High School (Main)
Macpherson Secondary School
Manjusri Secondary School
1.0km
1.0km
1.2km
1.2km
1.2km
1.4km
1.6km
Junior College
Dunman High School 2.2km
Tertiary
Singapore Management University 5.0km
International
Canadian International School (Tanjong Katong Campus)
EtonHouse International Research Pre-School
1.5km
1.9km
Food Centre Haig Road Market and Cooked Food Centre
Geylang Serai Market and Food Centre
Aljunied Block 117 Market and Food Centre
Dunman Food Centre
Eunos Crescent Block 4A Market And Food Centre
Circuit Road Block 79 Hawker Centre
Circuit Road Block 80 Market and Food Centre
Kallang Estate Fresh Market and Food Centre
Sims Vista 49 Market And Food Centre
0.3km
0.6km
0.8km
1.3km
1.3km
1.4km
1.4km
1.5km
1.6km
Lifestyle The Eurasian Association of Singapore 1.2km

FACILITIES and SITE PLAN

City Plaza

Paya Lebar Road

RESIDENTIAL FLOOR PLANS

CITY PLAZA COLLECTIVE SALES

City Plaza

Paya Lebar Road

Paya Lebar MRT 

Collective Sales

The land is not sold yet

This site is developing

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