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The reserve price works out to a land rate of about $2,448 per sq ft per plot ratio (psf ppr) on existing gross floor area (GFA) of 134,260.93 sq m (1,445,171 sq ft). Photo: Edmund Tie
International Plaza has been put up for collective sale via tender with a reserve price of $2.7 billion.
Marketing agent Edmund Tie & Company said this is the 50-storey mixed-used development’s first attempt at an en bloc sale, making it Singapore’s largest collective sale in terms of the number of units and price quantum.
It noted that the reserve price works out to a land rate of about $2,448 per sq ft per plot ratio (psf ppr) on existing gross floor area (GFA).
Located at the junction of Choon Guan Street and Anson Road, International Plaza features 962 office units, shops, apartments, strata-titled carpark as well as a strata-titled swimming pool. It has a GFA of 134,260.93 sq m (1,445,171 sq ft), which reflects an equivalent plot ratio of 19.24.
The development sits on a 6,976 sq m (75,089 sq ft) site that is zoned for “Commercial” use under the 2019 Master Plan with a plot ratio of 10.5 and a building height limit of up to 250 meters.
The owners of International Plaza have been gunning for a collective sale since 2018 but the en bloc exercise was disrupted by the circuit breaker restrictions brought about by the COVID-19 pandemic.
In March 2019, the Urban Redevelopment Authorities (URA) announced the Central Business District (CBD) Incentive in a bid to reposition the CBD as a mixed-use district, making it not just a place to work but also to live and play in.
Edmund Tie noted that International Plaza meets “the three eligibility criteria in terms of building age, current land use and site area to qualify for the CBD Incentive Scheme”.
With this, the en bloc sale committee submitted an outline application to URA applying for 25% intensification in GFA based on “Commercial use with 40% non-commercial uses such as Residential”.
If approved, the site could be redeveloped at a GFA of 167,826.16 sq m (1,806,464 sq ft), which is equivalent to a plot ratio of 24.06.
“If the 25% intensification in gross plot ratio is approved under the CBD Incentive scheme, the land rate will work out to approximately $2,170 psf ppr,” said Edmund Tie.
And since the property is zoned for “Commercial” use, foreigners can acquire it with no Additional Buyer’s Stamp Duty (ABSD) payable.
The tender for International Plaza closes on 30 November.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: victorkang@propertyguru.com.sg
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