Office unit at International Plaza on sale for $2.1 mil

By
/ EdgeProp Singapore
|
July 30, 2020 6:00 AM SGT
A 936 sq ft office unit at International Plaza is on the market for about $2.1 million ($2,244 psf). The office unit is a mortgagee sale and is listed for sale by private treaty. It is marketed by the auction team at Knight Frank Singapore.
According to its listing description, the office unit for sale at International Plaza is located on the 25th floor and is a partially fitted office. The unit will be sold with vacant possession and on an “as is” basis. The 936 sq ft unit includes five glass partitioned rooms and a pantry.
International Plaza is a mixed–use, strata–titled development that was built in 1970. The construction was part of a grand redevelopment plan for the central area of Singapore, which started as early as 1966 and was completed in 1976. It is located on a 99–year leasehold commercial site along Anson Road in Tanjong Pagar. The building comprises a seven–storey podium with a shopping centre and multi–storey car park, as well as a 43–storey tower made up of offices and apartments. The 388 office units are spread over the ninth to 35th floors, while the residential spaces occupy the rest of the tower.
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International Plaza, built in 1970, is a 99–year leasehold office building along Anson Road (Picture: Samuel Isaac Chua/The Edge Singapore)
Three office units have been sold at International Plaza so far this year. A 936 sq ft unit on the 21st floor was sold for $2.1 million ($2,242 psf) in February, followed by a 990 sq ft unit on the 17th floor that changed hands for $1.96 million ($1,980 psf) in June. The most recent transaction was for a 462 sq ft unit on the 16th floor that was sold for $1.03 million ($2,225 psf) in July.
The 50–storey International Plaza is connected to Tanjong Pagar MRT Station on the East–West Line. The development is located beside Guoco Tower on Wallich Street, an upmarket mixed–use development that comprises offices, a hotel, residences and a retail mall. On top of its CBD location, International Plaza also has redevelopment potential. Two years ago, the owners had explored a collective sale. The development has 49 years remaining on its 99-year lease with effect from 1970.