Shenton House launches $590 mil collective sale tender
Shenton House is on a 36,350 sq ft, rectangular-shaped spot that flaunts triple road frontages on Shenton Way, Park Street, and Shenton Land. The 99-year leasehold property presently consists of 203 profit-making units also a carpark.
Shenton House, a business building on Shenton Way in the CBD, has released a collective sale tender with a reservation rate of $590 million.
According to a news release from JLL, the sole advertising agent, the commercial property’s unit land price is based upon the areas’ industrial area with a 40% residential gross floor area (GFA), plus this mirrors approximately $2,035 psf per plot ratio (ppr) at a gross plot ratio of 14.0.
MRT terminals near 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, plus Tanjong Pagar on the East-West Lane.
Within the CBD Incentive Scheme introduced in 2019, the place is entitled to a 25% bonus GFA and also can be redeveloped right into a mixed-use or accommodation project, at a gross plot ratio of 14.0.
This unit land rate consists of the estimated $446 million cost of the land improvement charge and a rent top-up premium to a new 99-year land tenure. Furthermore, in case an added 7% incentive porch GFA for the residential aspect is included, the unit land rate will certainly be about $2,012 psf ppr.
Neighbouring commercial structures involve Asia Square Towers 1 & 2, UIC Building, OUE Downtown, and even SGX Centre. The upcoming IOI Central Blvd Towers, Marina One mixed-use development, Capital Tower, and integrated development Guoco Tower are too around.
” The place is essentially located in the prime District 1, a well-established area for Grade-An offices that appeals to huge corporations,” says Tan Hong Boon, managing director of capital markets at JLL. “Developers may capitalise on the boosting need for residences in mixed-use developments and offer high-end homes with ground-floor retail and F&B to match the office presence.”
“We’re confident in Singapore’s ability to place quality CBD assets among rising demand coming from either the buyers along with owner-occupiers that are looking at obtaining an interest in the medium- to extensive prospects of the land,” says Tan.
