15 strata apartments at International Plaza for sale at S$60m reference price

Sep 27, 2022

Edmund Tie, the sole marketing agent for the property, stated on Tuesday that a portfolio consisting of 15 commercial units in International Plaza has been placed up for sale via an expression of interest (EOI), with a suggested price of S$60 million (Sep 27).

The portfolio has a total stratum area of 18,482 square feet, which is distributed among its 15 individual properties, which include 5 store units and 10 office units (sq ft).

According to Edmund Tie, all five of the store units that are positioned on the ground level take advantage of the significant foot traffic that is generated by their prominent façade near the building's main entrance. They are permitted for usage with food and beverages and range in size from 241 square feet to 1,421 square feet.

The office portion of the portfolio is comprised of eight contiguous units located on level 29 of the building and four contiguous units located on level 33 of the building. The apartments range in size from 936 square feet to 2,336 square feet in total living space.

Those interested may purchase either the full portfolio or individual strata apartments to satisfy their needs.

As a result of the recent restrictions placed on strata-subdivided commercial developments in the area, there is a limited supply of high-quality strata and shop office space in Singapore's central business district (CBD), according to Swee Shou Fern, head of investment advisory at Edmund Tie. He pointed out that this is causing a shortage of available space.

She stated that "these assets present a rare opportunity for investors, such as family offices, real-estate funds, and high-net-worth individuals, to acquire prime strata commercial units in the CBD and enjoy an immediate and stable source of recurring income." "These assets present a rare opportunity for investors, such as family offices, real-estate funds, and high-net-worth individuals," she said.

The deadline for the expression of interest for the portfolio of 15 commercial units is November 1, 2022 at three in the afternoon.

The Urban Redevelopment Authority (URA) made an announcement in March that it is no longer permissible to strata-subdivide into individual units commercial developments that are located in prominent areas or along routes in Singapore's central area. This also applies to the commercial component of mixed-use developments that are located in prominent areas.

Existing developments that were strata-subdivided before to the implementation of these laws will be subject to the limits in the event that they are redeveloped in the future.