INTERNATIONAL Plaza has been put up for collective sale via tender with a reserve price of S$2.7 billion. If sold, it could become Singapore’s largest collective sale in history in terms of the number of units and value.
The launch comes weeks after sole marketing agent Edmund Tie first announced that it garnered requisite owners consent for the first attempt at a collective sale.
It was previously reported in 2018 that owners were looking to launch the collective sale in excess of S$2.6 billion. This was before they were met with pandemic-related delays.
The final S$2.7 billion price tag translates to a land rate of S$2,448 per square foot per plot ratio (psf ppr) based on existing gross floor area (GFA).
If the collective sale committee (CSC) gets approval for a 25 per cent intensification in gross floor area under the Central Business District (CBD) scheme, the land rate will work out to about S$2,170 psf ppr.
The 50-storey International Plaza comprises 962 shop units, offices, apartments as well as a strata-titled carpark and a strata-titled swimming pool.
source: The Business Times
