International Plaza, which is located in Tanjong Pagar, has been launched for sale by public tender at a record reserve price of a whopping $2.7 billion.

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This sale, which started after the owners agreed to proceed, could possibly be one of Singapore’s largest en-bloc deals in terms of the number of units.

The building has 50 stories and is a leasehold; it has 962 shop units, offices and apartments as well as a swimming pool and a carpark.

This launch comes shortly after marketing agent Edmund Tie announced that they had asked the owners for consent for the first attempt at a collective sale.

So far, the biggest collective sale locally has been the Farrer Court deal which was sealed in 2007 at $1.34 billion. 

The $2.7 billion price translates to a land rate of $2,448 per square foot per plot ratio based on the existing gross floor area. 

However, should the 25 per cent intensification in gross plot ratio be approved, the land rate will end up being $2,170 per square foot per plot ratio. 

Currently, International Plaza meets the criteria to qualify for the Central Business District Incentive Scheme, which allows certain properties to increase their gross floor areas by 25 to 30 per cent depending on how they propose to use the land. 

International Plaza has applied to do this. 60 per cent of the development gross floor area has been planned for commercial use and 40 per cent will be used for non-commercial needs such as apartments and a hotel, according to Edmund Tie in a press release. 

The tender for International Plaza will close on November 30 at 3 pm.

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