The Highest En Bloc Reserved Price Ever Set
Excitement stirs up within CBD as International Plaza finally launch their collective sale via tender.
The reserve price set at S$2.7 billion is the highest in Singapore collective sale history in terms of unit count and value.
The billion-dollar prime site price tag is up 3.8% from the S$2.6 billion asking price back in the year 2018.
The 1970s mixed-use development has an existing gross floor area of about 1.4 million sq ft and an impressive gross plot ratio of 19.24.
The magnificent commercial building comprises of 559 office spaces, 192 strata shops, 209 residential apartments, a privately owned parking and a swimming pool found on the 36th level.
The 99-yr leasehold property sits on an area of 75,089 sq ft, with maximum allowable construction height of 250 meters and has a lease term of 48 years remaining.
According to exclusive marketing agency Edmund Tie & Company, based on the RP and existing gross floor area (GFA), the land rate works out to around S$2,448 per square foot per plot ratio (psf ppr).
International Plaza satisfies all three of the CBD Incentive Scheme’s eligibility criteria: building age, current land use, and site area.
As a result, the CSC has filed an outline proposal with the Urban Redevelopment Authority (URA) for a 25% increase in GFA based on “commercial with 40% non-commercial uses such as residential.”
The land price will down to S$2,170 psf ppr if the 25% intensification in GFA is granted by the authorities.
It is important to mention that due to the property’s current commercial zoning under the URA Master Plan 2019, there is no (ABSD) additional buyer’s stamp duty to pay, and foreign ownership is not restricted.
The public tender for International Plaza site will close on Nov 30, 2021 at 3pm.