Shenton House launches $590 mil collective sale tender
Shenton House is on a 36,350 sq ft, rectangular-shaped location that brags three-way roadway front views on Shenton Way, Park Street, and Shenton Land. The 99-year leasehold project currently contains 203 commercial units and a carpark.
Within the CBD Incentive Scheme revealed in 2019, the site is qualified to a 25% bonus GFA moreover can be redeveloped into a mixed-use or accommodation project, at a gross plot ratio of 14.0.
This unit land price consists of the approximated $446 million cost of the land improvement cost and a lease top-up costs to a fresh 99-year land tenure. On top of that, in case an added 7% reward porch GFA for the non commercial aspect is incorporated, the unit land rate will be approximately $2,012 psf ppr.
“We’re certain in Singapore’s capacity to position high quality CBD properties in the middle of climbing interest from both the buyers and owner-occupiers that are checking into obtaining an interest in the medium- to extensive prospects of the country,” claims Tan.
According to a press release from JLL, the sole marketing agent, the property’s unit land fee is based on the locations’ business area with a 40% residential gross floor surface area (GFA), plus this mirrors about $2,035 psf per plot ratio (ppr) at a gross plot ratio of 14.0.
” The place is perfectly located in the top District 1, a well-established place for Grade-A workplaces that attract big companies,” states Tan Hong Boon, managing director of capital markets at JLL. “Property developers can capitalise on the boosting need for residences in mixed-use developments and offer luxury homes with ground-floor retail along with F&B to complement the workplace visibility.”
Shenton House, a commercial building on Shenton Way in the CBD, has recently introduced a collective sale tender with a reserve cost of $590 million.
Neighbouring commercial establishments involve Asia Square Towers 1 & 2, UIC Building, OUE Downtown, including SGX Centre. The upcoming IOI Central Blvd Towers, Marina One mixed-use property, Capital Tower, furthermore integrated property Guoco Tower are too in the vicinity.
MRT stops near the place are Shenton Way on the Thomson-East Coast Line, Marina Bay Interchange on the North-South and also Circle Lines, Downtown on the Downtown Line, plus Tanjong Pagar on the East-West Lane.