International Plaza launched for en bloc sale with reserve price $2.7 billion
The prominent mixed-use development next to Tanjong Pagar MRT station was completed back in the 1970s.
The long-standing International Plaza has been put up for en bloc sale, with a reserve price of $2.7 billion.
It is situated next to Tanjong Pagar MRT station and the newly completed Wallich Residence which made headlines over the last few years.
If the sale is successful, it could possibly be the largest en bloc sale in Singapore based on the total number of units and its value.
The reserve price listed for the International Plaza en bloc is around 3.8 percent higher than 3 years ago when it was first put up for en bloc.
The asking price then was $2.6 billion.
With the latest reserve price, it translates to $2,448 psf ppr based on the current gross floor area (GFA) of approximately 1.4 million square feet.
However, the land rate may come down to around $3,170 psf ppr if the collective sale committee is able to get approval for a 25 percent intensification in GFA under the CBD incentive scheme by URA.
It currently meets the 3 criteria to qualify for the scheme – the age of the building, the use of land, and the area of the site.
Presently, International Plaza is 50 storeys high and housing a total of 962 residential and commercial units.
The collective sale tender will close on 30 November 2021.