International Plaza collective sale makes history with S$2.7b reserve price
The Business Times, 1 Sep 2021, Wed 3:02 pm
By Vivienne Tay
INTERNATIONAL Plaza has been put up for collective sale via tender with a reserve price of S$2.7 billion. If sold, it could become Singapore's largest collective sale in history in terms of the number of units and value.
The latest multi-billion price tag is 3.8 per cent higher than the S$2.6 billion asking price back in 2018. It also translates to a land rate of S$2,448 per square foot per plot ratio (psf ppr) based on existing gross floor area (GFA), sole marketing agent Edmund Tie & Company said in a press statement.
If the collective sale committee (CSC) gets approval for a 25 per cent intensification in gross floor area under the Central Business District (CBD) scheme, the land rate will work out to about S$2,170 psf ppr.
The 50-storey International Plaza comprises 962 shop units, offices, apartments as well as a strata-titled carpark and a strata-titled swimming pool.
The mixed-use development, which was completed in the 1970s, has an existing GFA of about 1.4 million square feet (sq ft) and an equivalent plot ratio of 19.24. It sits on a plot spanning 75,089 sq ft which is zoned for commercial use, at a plot ratio of 10.5 and building height control of up to 250 metres.
International Plaza meets the three eligibility criteria to qualify for the CBD Incentive Scheme - building age, current land use and site area. Thus, the CSC has submitted an outline application to the Urban Redevelopment Authority (URA) for a 25 per cent intensification in GFA, based on "commercial with 40 per cent non-commercial uses such as residential".
Swee Shou Fern, Edmund Tie's head and executive director of investment advisory, said International Plaza represents the last strategic corner plot with main road frontage at the gateway of the Tanjong Pagar precinct.
The property's existing commercial zoning under the URA Master Plan 2019 also means there is no additional buyer's stamp duty payable for purchase, as well as no restriction on foreign ownership.
The collective sale tender will close on Nov 30, 3pm.
Fortune Park makes second attempt at collective sale with S$115m indicative price
The Business Times, 1 Sep 2021, Wed 3:18 pm
By Lisa Kriwangko
FORTUNE Park, a freehold residential block at 109 Tampines Road, has been put up for collective sale via a second public tender with an indicative price of S$115 million, said sole marketing agent ERA on Wednesday.
The 10-storey building was previously put up for sale in March with an indicative price of between S$115 million and S$118 million.
Spanning 44,878 square feet (sq ft), the site has a gross plot ratio of 2:1 and an achievable proposed gross floor area (GFA) of 94,244 sq ft, which works out to about S$1,140 per square foot after factoring a 7 per cent bonus GFA scheme incentive.
According to ERA, this means developers will not have to pay development charges, which were recently increased, because the value exceeds the development baseline.
The property can also be redeveloped to hold 103 apartments, up from its current 68, ERA added.
Fortune Park is located about 800 metres from Kovan MRT, and a short drive away from both the Central Expressway and Kallang-Paya Lebar Expressway.
Its tender will close on Sept 30, at 3.30pm.