International Plaza En Bloc 2nd Time Hopeful

On Monday (Apr 4), International Plaza was re-opened for collective sales at the same reserve price of S$27 billion as the first time it was launched for public tender on 1 Sep 2021. International Plaza is 50 storeys tall and consists of 962 offices, shops and residential apartments. There is also a strata-titled pool and strata-titiled car park. The tender closes on 29th April.

International Plaza En Bloc Hopeful:

credit:google

First Failed Attempt At Previous En Bloc:

In the previous failed public tender, its application for the Central Business District (CBD) Incentive Scheme was rejected by the Urban Redevelopment Authority. If the sale is successful, this will represent the biggest en bloc sale in history based on the total number of units and their value.

Gross Floor Area:

Based on the gross floor area (GFA) of 134,260.93 sqm / 1.4 m sqft, the land price is S$2,448 per square foot per plot ratio (psf ppr). Gross plot ratio is 19.24. The office GFA cannot be more than 87,861.96 sqm while the residential GFA cannot be smaller than 30,361.52 sqm.

Lease Top up to 99 years:

The price tag of S$27 billion includes the lease top up to 99 years and differential premium.

The plot of land that International Plaza sits on is zoned for commercial use at 6,976 sqm with a plot ratio of 10.5. No Additional Buyer Stamp Duty (ABSD) is payable for commercially-zoned lands.

Considering the scarcity of new office space in Singapore’s Central Business District, International Plaza represents a unique opportunity for developers and fund managers to build their flagship development there. In addition, there is a growing number of family offices, an increasing flow of high net worth individuals coupled with the rejuvenation of the Central Business District.

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