International Plaza relaunched for sale with unchanged S$2.7b reserve price

INTERNATIONAL Plaza has been relaunched for collective sale via tender with an unchanged reserve price of S$2.7 billion, sole marketing agent Edmund Tie said on Monday (Apr 4).

The tender will close on Apr 29 at 3 pm. The previous launch had closed on Nov 30, weeks after the commercial development failed to get the Urban Redevelopment Authority's (URA) nod for the Central Business District (CBD) Incentive Scheme.

If sold, International Plaza could become Singapore's largest collective sale in history in terms of the number of units and value. The 50-storey development comprises 962 shop units, offices, apartments, a strata-titled carpark and a strata-titled swimming pool.

The S$2.7 billion price tag translates to a land rate of S$2,448 per square foot per plot ratio based on the existing gross floor area (GFA) of 134,260.93 square metres (sq m) or about 1.4 million square feet (sq ft).

This reflects a gross plot ratio of 19.24, of which the residential GFA shall comprise not less than 30,361.52 sq m and the office GFA shall not exceed 87,861.96 sq m.

The price is also inclusive of differential premium and lease upgrading premium to top up the lease to 99 years, Edmund Tie said.

The property sits on a plot spanning 6,976 sq m zoned for commercial use under URA's Master Plan 2019, at a plot ratio of 10.5 and building height control of up to 250 metres. The commercial zoning also means there is no additional buyer's stamp duty payable and no foreign ownership restriction.

Edmund Tie executive director of investment advisory Swee Shou Fern is optimistic about the relaunch, which comes on the back of the expected recovery in the downtown commercial sector that will benefit from the easing of Covid-19 measures, the rejuvenation of CBD, and the growing demand from family offices, and the growing regional high net worth individuals population.

"With tight supply of new office space within the CBD, International Plaza stands out as a rare opportunity for developers and funds to build their flagship development in Singapore, Asia's leading city," she added.

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