Shenton House launches $590 mil collective sale tender
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, and integrated development Guoco Tower are too around.
“We’re confident in Singapore’s ability to set up top quality CBD investments amidst increasing interest from both the investors plus owner-occupiers that are checking into having a stake in the medium- to long-term prospects of the state,” says Tan.
This unit land cost includes the estimated $446 million cost of the land betterment fee together with a lease contract top-up premium to a new 99-year land term. On top of that, if an additional 7% incentive veranda GFA for the home factor is consisted of, the unit land premium will be roughly $2,012 psf ppr.
Under the CBD Incentive Scheme revealed in 2019, the site is eligible for a 25% reward GFA and also may be redeveloped toward a mixed-use or hotel project, at a gross plot ratio of 14.0.
Shenton House, a business establishment at Shenton Way in the CBD, has recently introduced a collective sale tender with a reservation price of $590 million.
According to a news release from JLL, the single marketing agent, the real estate’s unit land price is based upon the sites’ commercial area with a 40% residential gross floor area (GFA), and also this mirrors approximately $2,035 psf per plot ratio (ppr) at a gross plot ratio of 14.0.
” The place is perfectly placed in the prime District 1, a well-established area for Grade-A business offices that attract huge companies,” says Tan Hong Boon, managing director of investment markets at JLL. “Developers may capitalise on the raising demand for homes in mixed-use developments and provide high-end homes with ground-floor retail store and F&B to complement the office visibility.”
Shenton House is on a 36,350 sq ft, rectangular-shaped site that flaunts triple roadway frontages on Shenton Way, Park Street, and also Shenton Land. The 99-year leasehold property currently includes 203 profitable units including a carpark.
MRT terminals near to the site are Shenton Way on the Thomson-East Coast Line, Marina Bay Interchange on the North-South and Circle Lines, Downtown on the Downtown Line, and even Tanjong Pagar on the East-West Line.
