Shenton House launches $590 mil collective sale tender
Shenton House is on a 36,350 sq ft, rectangular-shaped spot that flaunts triple road front views on Shenton Way, Park Street, and Shenton Land. The 99-year leasehold property presently includes 203 profitable units and a carpark.
Shenton House, an industrial establishment on Shenton Way in the CBD, has recently released a cumulative sale tender with a reservation cost of $590 million.
This unit land price includes the estimated $446 million cost of the land improvement fee together with a rent top-up fee to a new 99-year land period. On top of that, if an extra 7% reward balcony GFA for the household factor is consisted of, the unit land premium will certainly be about $2,012 psf ppr.
Neighbouring industrial establishments involve Asia Square Towers 1 & 2, UIC Building, OUE Downtown, and even SGX Centre. The upcoming IOI Central Boulevard Towers, Marina One mixed-use development, Capital Tower, furthermore integrated development Guoco Tower are even around.
According to an announcement from JLL, the sole marketing agent, the property’s unit land fee is based on the sites’ commercial area with a 40% non commercial gross floor area (GFA), plus this reflects around $2,035 psf per plot ratio (ppr) at a gross plot ratio of 14.0.
MRT terminals near to the site 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, and even Tanjong Pagar on the East-West Line.
Within the CBD Incentive Scheme introduced in 2019, the site is entitled for a 25% incentive GFA and also may be redeveloped into a mixed-use or accommodation development, at a gross plot ratio of 14.0.
“We’re certain in Singapore’s capacity to position top quality CBD assets in the middle of rising demand from both the buyers along with owner-occupiers who are considering obtaining an interest in the medium- to long-term leads of the land,” states Tan.
” The area is perfectly positioned in the top District 1, a well-established area for Grade-A workplaces that interest huge corporations,” states Tan Hong Boon, managing director of investment markets at JLL. “Developers can capitalise on the boosting interest for homes in mixed-use developments as well as provide deluxe apartments with ground-floor retail along with F&B to match the business existence.”
