Valuation Of Straco’s Office In International Plaza Up 4 Times

SINGAPORE – Straco Corporation disclosed that it recently received a notice from International Plaza’s Collective Sale Committee stating the appraised value of its 2 strata office units in the said commercial building, according to local bourse (SGX) filings published on Wednesday night (11 August, SGT).

“Based on an information memorandum prepared by the committee, the indicative independent 3rd-party market valuation of the 2 strata office units was S$7,454,481 and this is for illustration only,” said the tourism firm which operates the Singapore Flyer.

That figure is about 4 times the office units’ combined carrying value of S$1,868,302 based on Straco Corporation’s unaudited financial statements for the 6-month period ended 30 June 2021.

The 2 strata office units, which collectively measure 4,218 sq ft, are being used by the company for its own occupation.

Moreover, the Collective Sale Notice stated that as of 7 July 2021, 80.33 percent of the building’s owners by overall share value and 83.58 percent of the owners by total strata area have signed the Collective Sale Agreement (CSA). Altogether, 942 owners of 791 units out of 962 overall units in International Plaza have inked the contract.

Meanwhile, another owner of office units in the property, Singapore-listed A-Sonic Aerospace, disclosed this week that it also obtained a copy of the committee’s information memorandum. The document stated that the firm’s 3,810 sq ft office space there is valued at roughly S$6.6 million, but the owner could get gross sales proceeds of about S$9.3 million.

Both announcements on the local bourse came after it was reported that International Plaza is slated to be put up for en bloc sale in what could probably be the largest collective sale in Singapore’s history by unit number and value.