This could potentially make it the largest collective sale in the nation’s history both in terms of units and value. Photo: Edmund Tie
International Plaza, a 50-storey development within the Central Business District (CBD), will soon be put up for collective sale, potentially making it the “largest collective sale in the nation’s history both in terms of number of units and value”.
This comes after owners with at least 80% in both strata area and share value had agreed to the development’s first en bloc sale attempt.
Occupying a land area of about 0.7ha, International Plaza comprises a mix of 962 strata shops, residential apartments, office units, a privately held carpark as well as a swimming pool. Under the 2019 Master Plan, the site is zoned for “Commercial use”.
It enjoys dual frontage along Choon Guan Street and Anson Road and is near Tanjong Pagar MRT station on the East-West Line (EWL) and is situated at the gateway to the Greater Southern Waterfront.
The collective sale committee for the property was formed in October 2018, with Edmund Tie appointed as the sole marketing agent in Q1 2019. Law firm Wee Swee Teow LLP was also advising the committee.
However, the en bloc sale exercise was “disrupted by the circuit breaker restrictions due to COVID-19 in 2020”. The Ministry of Law granted the collective sale committee a six-month extension in February this year. The requisite consent by the owners was obtained prior to the 10 August deadline.
Collective Sale Committee Chairman, Kevin Liang expects the development to attract keen interest from local and foreign developers and funds, given its prime location within the CBD.
“With the announcement of the CBD Incentive Scheme by URA in March 2020, we are beginning to witness the exciting transformation of the CBD into a lively live-work-play destination,” said Swee Shou Fern, Edmund Tie’s Executive Director of Investment Advisory.
“The redevelopment of International Plaza is arguably the last piece in the jigsaw puzzle in the rejuvenation of the Tanjong Pagar precinct.”
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: email@example.com