6 strata offices for sale at International Plaza

Six adjoining strata offices are up for sale at International Plaza in Tanjong Pagar. The refurbished units have a combined floor area of about 6,469 sq ft and a guide price of $11.97 million.
Dated: 16-Feb-2019

A batch of six adjoining and refurbished strata offices at International Plaza in Tanjong Pagar is up for sale with a guide price of $11.97 million.

The offices are available on a sale and leaseback scheme with immediate annual gross rental yield of 4.2 per cent for at least five years, said marketing agent Colliers International yesterday. The guide price works out to $1, 850 per sq ft (psf) based on floor area.

Colliers said this "compares favourably" with the average price of $1, 895 psf achieved for 13 office transactions at International Plaza over the past six months. The six offices have a combined floor area of about 6, 469 sq ft and a 99-year leasehold tenure in effect since 1970.

The commercial use zoning means foreigners are eligible to buy. Additional buyer's stamp duty and seller's stamp duty are also not applicable, Colliers said.

Mr Steven Tan, director, capital markets and investment services, at Colliers International, said: "We believe the offices... will appeal to astute investors who are looking to capitalise on the tight CBD office space supply situation over the next few years and are keeping an eye on potential upside opportunities over the longer term, as the government's plans to develop the nearby Greater Southern Waterfront unfold."

Source: Straits Times