International Plaza (Picture: Samuel Isaac Chua/The Edge Singapore)
SINGAPORE (EDGEPROP) - A portfolio of 15 strata commercial units at International Plaza is up for sale through an expression of interest exercise at a guide price of $60 million. The units comprise five shop units and ten office units. Altogether, the portfolio has a total strata area of 18,482 sq ft. Interested parties have the flexibility to acquire the entire portfolio or individual strata units.
International Plaza is a 50-storey mixed-use development in the CBD with direct covered access from Tanjong Pagar MRT Station on the East-West Line. The five shop units up for sale are located on the ground floor, near the main entrance of International Plaza. Sizes of the units range from 241 sq ft to 1,421 sq ft, with all units approved for F&B use. The office units comprise six adjoining units on level 29 and four adjoining units on level 33, ranging from 936 sq ft to 2,336 sq ft.
Swee Shou Fern, head of investment advisory at Edmund Tie — appointed as the portfolio's marketing agent — says it is a rare opportunity for investors to acquire prime strata commercial units in the CBD. “With URA’s recent announcement on the restriction of strata subdivision of commercial developments in the Central Area, there is a limited supply of quality strata shop and office space available for sale in the CBD." (Find Singapore commercial properties with our commercial directory)
She adds that the retail units at International Plaza, especially those on the ground floor, are rarely available for sale. “In the last five years, only two shop units on the ground floor changed hands at $8,759 psf and $7,139 psf in 2018 and 2019, respectively.” The expression of interest exercise will close on Nov 1 at 3pm.