Shenton House launches $590 mil collective sale tender
MRT terminals close to the location are Shenton Way on the Thomson-East Coast Line, Marina Bay Interchange on the North-South as well as Circle Lines, Downtown on the Downtown Line, and even Tanjong Pagar on the East-West Lane.
Shenton House is on a 36,350 sq ft, rectangular-shaped site that flaunts three-way road frontages on Shenton Way, Park Street, and Shenton Land. The 99-year leasehold property at the moment consists of 203 profit-making units also a carpark.
This unit land price consists of the estimated $446 million price of the land enhancement cost and a lease top-up fee to a new 99-year land tenure. On top of that, in case an added 7% reward veranda GFA for the home factor is incorporated, the unit land price will certainly be about $2,012 psf ppr.
Within the CBD Incentive Scheme introduced in 2019, the site is eligible for a 25% incentive GFA moreover can be redeveloped right into a mixed-use or accommodation development, at a gross plot ratio of 14.0.
Shenton House, a commercial structure at Shenton Way in the CBD, has recently launched a collective sale tender with a reservation price of $590 million.
“We’re positive in Singapore’s capability to position quality CBD assets in the middle of rising interest from either the clients plus owner-occupiers who are considering having an interest in the medium- to extensive opportunities of the land,” says Tan.
According to an announcement from JLL, the single marketing representative, the property’s unit land rate is built upon the locations’ business zoning with a 40% residential gross floor surface area (GFA), and this shows about $2,035 psf per plot ratio (ppr) at a gross plot ratio of 14.0.
Neighbouring business buildings include Asia Square Towers 1 & 2, UIC Building, OUE Downtown, and even SGX Centre. The upcoming IOI Central Blvd Towers, Marina One mixed-use property, Capital Tower, also incorporated building Guoco Tower are too around.
” The place is ideally positioned in the top District 1, a reputable place for Grade-A workplaces that interest large corporations,” states Tan Hong Boon, executive supervisor of investment markets at JLL. “Property developers can certainly capitalise on the increasing demand for residences in mixed-use projects as well as give deluxe houses with ground-floor retail store and F&B to match the business visibility.”