In November 2018, news was circulating that International Plaza was planning a $2.6 billion collective sale. This was before the marketing agency was hired in the first quarter of 2019.
Despite the probable large price tag, Alan Cheong of Savills Singapore believes that International Plaza “can find a buyer since there is a lot of liquidity in the system.”
With the residential and commercial en bloc markets heating up, several property analysts predict that this collective sale will be keenly scrutinized to see how land-hungry developers respond.
Touching on Government Land Sales (GLS), an unknown developer has already committed to offer at least S$1.508 billion in June for a government property location in Marina View.
Base on the price tag and given the maximum GFA of 101,629 sq m, it works out to around S$1,379 psf ppr.
The 99-year leasehold prime site, which has the potential to generate 905 individual residences, 2,000 square meters (sq m) of commercial space, and 540 hotel rooms, has already put up for sale on June 28.
The white site was on the Government Land Sales (GLS) Reserve List for H1 2021.
The public tender will close 12 weeks after the start, the offers are likely to be above the previous bid price, according to market analysis.
The white site activate from the Reserve List demonstrates developers’ ambition to expand their landbank. It is also a good indicator that some developers are targeting at prime sites.