The collective sale tender for Sultan Plaza will close on October 26

Sultan Plaza will end its auction on the 26th of October at 3 pm, according to the marketing agent Teakhwa Real Estate. The commercial site located at 100 Jalan Sultan, off Beach Road, was relaunched for sale by collective auction for a third time on September 9 and had a reserve value of $325 million, less than the reserve of $360 million from the previous round.

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In a September 8 press announcement, Teakhwa Real Estate stated that the closing date of the tender would be decided “only when there is confirmation of interest from potential buyers” or when the owners with an eighty% authority has been granted to sell at a lesser reserve.

At the time of the launch owners with around eighty% of the strata in addition to 72% by value of shares had signed the supplemental agreement that would reduce the reserve price of $360 million down to $325 millions.

The marketing agent has now said that it’s “close to” getting the mandate. “We only need one or two units more to get to the threshold of 80% that will be achieved in the near future,” the firm adds in its Sept. 28 announcement.