SINGAPORE: International Plaza has been put up for collective sale at a reserve price of S$2.7 billion, marketing agent Edmund Tie & Company said on Wednesday (Sep 1).
This is the first en bloc sale attempt for the 50-storey mixed-use development, and the largest put up for sale in terms of number of units and price, it added.
The reserve price reflects a land rate of S$2,448 per square foot per plot ratio.
Completed in the 1970s, International Plaza comprises 962 shop units, offices, apartments as well as a strata-titled carpark and a strata-titled swimming pool. It has a land area of more than 75,000 sq ft.
The owners of the development have been seeking a collective sale since 2018 but the process was disrupted by the COVID-19 pandemic.
In March 2019, the Urban Redevelopment Authorities (URA) announced the Central Business District (CBD) Incentive to reposition and rejuvenate the CBD as a mixed-use district, so that it's not just a place to work, but also to live and play in.
International Plaza meets the three eligibility criteria in terms of building age, current land use and site area - to qualify for the scheme, said Edmund Tie & Company in a media release.
"Hence the collective sale committee of International Plaza, with the advice of Edmund Tie & Company, has submitted to URA an Outline Application to apply for 25 per cent intensification in gross floor area based on 'Commercial use with 40 per cent non-commercial uses such as Residential', said the marketing agent.
If approved, the site can be redeveloped at a gross floor area of 167,826.16 sq m (approximately 1,806,464 sq ft) or an equivalent plot ratio of 24.06.
"If the 25 per cent intensification in gross plot ratio is approved, the land rate will work out to approximately S$2,170 psf ppr," said the head and executive director of investment advisory at Edmund Tie & Company, Swee Shou Fern.
“Prominently located at the junction of Anson Road and Choon Guan Street, International Plaza represents the last strategic corner plot with main road frontage at the gateway of the Tanjong Pagar precinct," she added.
International Plaza has been zoned for commercial use, which means developers won't have to pay the Additional Buyer’s Stamp Duty.
The tender exercise will close on Nov 30, 3pm.