Six adjoining strata offices at International Plaza are up for sale via private treaty, at a guide price of $11.968 million. This translates to $1,850 psf based on the floor area, according to the marketing agent Colliers International.
At this price, it compares favourably with the average price of $1,895 psf achieved for 13 office space transactions at International Plaza over the last six months, notes Colliers.
The refurbished units are on a sale and leaseback scheme with an immediate annual gross rental yield of 4.2%, for at least five years.
International Plaza (Credit: Colliers International)
Located on a high floor, the units have a combined floor area of about 6,469 sq ft and a 99-year leasehold tenure with effect from 1970. It has 50 years left on the lease.
The units have a highly visible lift lobby frontage and an efficient and regular unit layout, says Colliers.
As the property is zoned for commercial use, foreigners are eligible to purchase the office units. Additional buyer’s stamp duty and seller’s stamp duty are also not applicable.
International Plaza is atop Tanjong Pagar MRT Station on the East West Line, and is a 10-minute walk from Telok Ayer MRT Station on the Downtown Line.