A PORTFOLIO of 15 commercial units in International Plaza has been put up for sale via expression of interest (EOI), with a guide price of S$60 million, the sole marketing agent Edmund Tie announced on Tuesday (Sep 27).
Comprising 5 shop units and 10 office units, the portfolio has a total strata area of 18,482 square feet (sq ft).
Edmund Tie said all 5 shop units, which are located on the ground floor, enjoy high footfall due to their prominent frontage near the main entrance of the building. They range from 241 sq ft to 1,421 sq ft and are approved for food and beverage use.
The office component of the portfolio is made up of 6 adjoining units on level 29 of the building, and 4 adjoining units on the 33rd floor. Sizes of the units range from 936 sq ft to 2,336 sq ft.
Interested parties may acquire either the entire portfolio or individual strata units.
Swee Shou Fern, head of investment advisory at Edmund Tie, highlighted the limited supply of quality strata and shop office space in Singapore’s central business district (CBD) as a result of the recent restrictions on strata-subdivided commercial developments in the area.
“These assets thus 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,” she said.
The EOI for the portfolio of 15 commercial units closes at 3pm on Nov 1, 2022.
The Urban Redevelopment Authority (URA) announced in March that commercial developments as well as the commercial component of mixed-use developments in prominent areas and along routes in Singapore’s central area are no longer allowed to be strata-subdivided into individual units.
The restrictions will apply to the future redevelopment of existing developments that were strata-subdivided before these rules were implemented.