Ravi Chandran
Owners with at least 80% in both strata area and share value of all the units in the development have given their consent for the collective sale of International Plaza
EDMUND TIE announced on 4th August that it has been appointed as the sole marketing agent for the collective sale of International Plaza.
Owners with at least 80% in both strata area and share value of all the units in the development have given their consent for the collective sale. This represents close to 800 units of the 962 units within the development. The property has a land area of approximately 0.7 hectares and is zoned for Commercial use under the Master Plan 2019.
International Plaza occupies a very strategic and prominent spot in the Central Business District (CBD), enjoying dual frontage along Anson Road and Choon Guan Street.
The property sits at the doorstep of Tanjong Pagar MRT station on the East-West Line (EWL) and at the gateway to the Greater Southern Waterfront.
International Plaza is a 50-storey tall building comprising a myriad mix of 962 strata shops, office units, residential apartments, a privately held carpark and even includes a swimming pool as a strata lot.
International Plaza will potentially be the largest collective sale in the nation’s history both in terms of number of units and value. The collective sale committee for International Plaza was formed in October 2018 and Edmund Tie & Company was appointed as the sole marketing agent to handle the collective sale in Q1 2019. The collective sale exercise was disrupted by the circuit breaker restrictions due to COVID-19 in 2020.
When the COVID-19 (Temporary Measures) (Temporary Measures for Conduct of Collective Sale of Property) Order 2020 came into operation in October last year, the Collective Sale Committee acted swiftly to apply for an extension to obtain the requisite consent for the collective sale and in February this year, the Ministry of Law granted a 6-month extension. The requisite owners’ consent was obtained before the deadline of 10 August 2021.
Collective Sale Committee Chairman, Mr Kevin Liang commented: “It is with the collective effort of our marketing agents Edmund Tie & Company and lawyers Wee Swee Teow LLP, together with the collective sale committee that we are able to obtain the requisite consent – a mammoth and complex task for our development with close to 1,000 strata units.”
“We are pleased with the dedication, professionalism and advice from Edmund Tie & Company and Wee Swee Teow LLP, and glad they have successfully accomplished obtaining the requisite consent for the collective sale. Given our prime location within the CBD, we are expecting keen interest from local and foreign developers and funds. We look forward to making history.”
Mr Liang
Executive director of Investment Advisory at EDMUND TIE, Ms Swee Shou Fern commented: “We are very honored to be appointed for the first collective sale attempt for International Plaza. With the announcement of the CBD Incentive Scheme by URA in March 2020, we are beginning to witness the exciting transformation of the CBD into a lively live-work-play destination.”
“The redevelopment of International Plaza is arguably the last piece in the jigsaw puzzle in the rejuvenation of the Tanjong Pagar precinct. We eagerly anticipate novel and interesting development concepts that will be brought to the table.”
Ms Swee
In its immediate vicinity is Tanjong Pagar Centre – an integrated development by GuocoLand comprising an office tower, a retail podium, a 5-star hotel and a luxury residential development that has set in motion the wheels for change in this culturally rich district.
Directly across the road, AXA Tower will be redeveloped by Perennial-led consortium of investors and Alibaba, into an integrated development with commercial retail, office, hotel and residential use. Maxwell House, about 500 metres away, was recently sold to a consortium comprising Sing Haiyi, Chip Eng Seng and Chuan Investments, and will be redeveloped into a mixed-use development.
Further down the road from International Plaza, Fuji Xerox will be redeveloped into a 47-storey integrated development with residential, office, retail and serviced apartment uses. Also, URA recently launched the Marina View government land sale site, with its tender closing in September this year. With so much happening in the area, it is exciting to see URA’s vision of a 24/7 live-work-play city centre taking shape.
The site of International Plaza will be launched for sale by public tender soon said EDMUND TIE.
With the winding down of the success of residential en bloc sales, commercial properties are now trying to join in the bandwagon but the Covid-19 pandemic makes such deals even more difficult. Many commercial en bloc sale attempts fail because the asking prices are often too high. Two critical factors affecting the success of commercial sites going en bloc are pricing and location. Older commercial buildings especially, may see a need to catch the current wave as an exit strategy as their rental yields come under pressure due to competition from newer commercial buildings.
One report said investors looking for alternatives to park their money in the wake of property cooling measures, would divert their attention to the strata office and shophouse markets.
Mr Paul Ho, chief mortgage officer at iCompareLoan, said: “International Plaza is a very prominent location in the very heart of Central Business District As such, it will appeal to a lot of savvy investors.”
He added, “Even with the global economic uncertainties, Singapore remains an attractive location for investments to flow into, and properties like The Arcade are prime real estates worthy of investment.”
Situated in the bustling central business district (CBD), International Plaza – a mixed development comprising residential apartments, offices, a retail podium and a wide variety of F&B options – offers prominent frontage to Anson Road and is well-served by public transport.
This is a rare opportunity to own an office property in one of the most highly sought-after business locations in Singapore. The Tanjong Pagar precinct, a historically rich neighbourhood, has undergone significant transformation in recent years, becoming more vibrant, cosmopolitan and appealing.
Strategically located above the Tanjong Pagar MRT station and minutes’ walk from the Telok Ayer MRT station, the refurbished strata office units enjoys easy access to the rest of Singapore via the East-West Line and the Downtown Line. The development is also well-served by major roads and expressways such as the Ayer Rajah Expressway and the Marina Coastal Expressway.
