International Plaza En Bloc Sale and Latest News 2021/22
The Highest En Bloc Reserved Price Ever Set
With positive commercial activity ongoing in Singapore, International Plaza within CBD relaunched for collective sale with unchanged price tag at S$2.7 billion.
This was after the Anson Road commercial property received no bids when tender closed in November last year 2021.
The huge reserve price of the 50-storey commercial complex translates to a land price of $2,448 psf ppr including lease upgrading premium along with differential premium, potentially making it Singapore’s largest collective sale deal in terms of number of units and value.
Farrer Court, which sold in 2007 at $1.34 billion still hold the highest collective sale in Singapore.
“We are optimistic about the relaunch of International Plaza collective sale on the back of the expected recovery in the downtown commercial sector, which is benefiting from the easing of Covid-19 measures, the rejuvenation of the Central Business District, and growing demand from family offices and regional high-net worth individuals,” said Ms Swee Shou Fern of Edmund Tie.
“With a scarcity of new office space in the CBD,” she continued, “International Plaza stands out as a rare chance for developers and funders to establish their flagship property in Asia’s premier metropolis.”
The public tender for International Plaza will close on Apr 29 at 3 pm.
Commercial Investment Activity Will Continue to Grow
Ms Swee Shou Fern predicts that commercial investment activity will continue to grow this year, owing to Singapore’s economic recovery and improved corporate mood.
She also points out that in the first quarter of this year, Singapore’s business sector saw commercial deals worth more than S$6 billion.
These included the planned acquisition of mega mall Jem for $2.08 billion, as well as the joint sale of Tanglin Shopping Centre and Cross Street Exchange for $868 million and $810.8 million, respectively.
Excellent Connectivity with the Presence of Tanjong Pagar MRT at their Doorstep
Prestigious Commercial Business Address Within Vibrant Commercial District
Singapore History En Bloc Sales Record Price
Farrer Court Still Hold the Highest Record Sale Price at S$1.3 billion in Singapore Collective Sale History
Pacific Mansion Came in Second After It Was Sold S$980 million in 2018
Another Site Almost Sold at Billion Dollar Was Tampines Court in 2017
International Plaza Will Definitely Make History If SOLD to a Buyer
Owners are Hoping Blackrock or Blackstone Fall in Love at Their Property
Recent Biggest Commercial Sales in CBD
Some of the Largest Commercial Sales That Made Headlines
AXA Tower – S$1.68 billion Sale
Robinson Point S$500 million Sale
Maxwell House S$276.8 million Sale
The Biggest Headlines Will Be Alibaba Group, a well-known Chinese e-commerce behemoth that Purchased a 50% Stake in AXA Tower in 2020.
The Commercial Transaction Value Staggering S$1.68 billion.
Another Commercial Property that Changed Hand is Tuan Sing Robinson Point, Which Sold for S$500 million.
Maxwell House, the Commercial Site in District 1 Was Acquired for S$276.8 million in the Collective Sale Market This Year.
All These Commercial Sales Will Boost Investors’ Confidence Further in Singapore
Deep Pocket Potential Buyers are Always Out There, Only thing is That Which Commercial Owners Are the “Lucky Ones”.
Reaching 80% Mark is Not Easy
The mission was a “mammoth and hard assignment for our development with close to 1,000 strata units,” according to Kevin Liang, head of the Collective Sale Committee.
“Given our great location and excellent connectivity within CBD, we expect strong interest from local and international developers and financiers,” he added.
According to Ms. Swee of Edmund Tie “The redevelopment of International Plaza is the final puzzle piece in the revitalization of the Tanjong Pagar district.
We’re looking forward to hearing about the new and exciting development ideas that will be presented.”
She believes that International Plaza’s prime site has the highest advantages as it has Tanjong Pagar MRT station nearby and located near at the gateway to the Greater Southern Waterfront, Tanjong Pagar Centre integrated development, which comprises Guoco Tower and the luxurious Wallich Residence
The en bloc site is also close to AXA Tower, which will be redeveloped into a commercial retail, office, hotel, and residential building by a Perennial Real Estate-led consortium of investors and Alibaba.
About International Plaza Site and Redevelopment Plan
In the 1970s, International Plaza, one of Singapore’s largest integrated projects, was completed. It has 209 apartments, 559 offices, 192 strata shops, a parking garage, and a swimming pool.
Because of the property’s commercial zoning, there is no additional buyer’s stamp duty to pay, and foreign ownership is not restricted.
It needs to mention that URA has rejected IP outline application for redevelopment into a 62-storey new development with maximum height of 280m and impressive 24.05 plot ratio under the Central Business District Incentive Scheme.
URA replied that the commercial plot “currently has a healthy mix of uses, ranging from residential to retail, food and beverage, and personal services, in addition to offices”.
Furthermore, the present development’s building intensity, at 19.24 gross plot ratio, is impressive large and significantly greater than other buildings in Tanjong Pagar, such as Twenty Anson, Guoco Tower and Springleaf Tower.
Alternative development possibilities were presented, and planning guidelines were introduced by the URA.
“The residential quantum of the project shall at the very least match the existing residential quantum on site, which is 30,361.52 sq m. (excluding any bonus gross floor area).
The office space will be capped at 87,861.96 sq m in the new project, and there will be no future increases “according to the URA.
The overall height control for the project remains at 250 meters.
International Plaza En Bloc Details
