Singapore High-Rise Put Up for Sale at Record Price
09 September 2021|Singapore, Singapore
International Plaza in Singapore's Tanjong Pagar has been put up for sale at a record reserve price of US$2 billion (SG$2.7 billion).
The sale of the commercial and residential building could be Singapore's largest en-bloc deal in terms of number of units and value, according to an article in The Straits Times. The reserve price works out to a land rate of US$1,823 (SG$2,448) per square foot per plot ratio.
International Plaza was built in the 1970s at 50 stories with 209 apartments, 559 office units, 192 shops, a parking structure, and a swimming pool on the 36th floor.
The property, which is zoned for commercial use with height control of up to 250 meters, sits on a land area of about 6,976 square meters (75,089 square feet) with 48 years left on the lease. The property's zoning means a developer need not pay Additional Buyer's Stamp Duty and foreign buyers can keep the land.
International Plaza meets the criteria to qualify for the Central Business District Incentive Scheme, which allows properties to have their gross floor area increased by 25 to 30 percent depending on the proposed land use.
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