Shenton House launches $590 mil collective sale tender
According to a press release from JLL, the sole advertising broker, the commercial property’s unit land price is based upon the areas’ industrial zoning with a 40% residential gross floor surface area (GFA), and this mirrors approximately $2,035 psf per plot ratio (ppr) at a gross plot ratio of 14.0.
” The site is perfectly placed in the prime District 1, a well-established location for Grade-A workplaces that appeals to large corporations,” says Tan Hong Boon, executive supervisor of capital markets at JLL. “Constructors can certainly capitalise on the enhancing interest for houses in mixed-use properties as well as supply luxury flats with ground-floor retail and even F&B to enhance the business presence.”
MRT stations near to the place 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.
Shenton House, a commercial building at Shenton Way in the CBD, has introduced a collective sale tender with a reserve price of $590 million.
Shenton House gets on a 36,350 sq ft, rectangular-shaped site that brags three-way road frontages on Shenton Way, Park Street, and Shenton Land. The 99-year leasehold project currently includes 203 commercial units and a carpark.
“We’re positive in Singapore’s capacity to position top quality CBD assets amidst climbing interest coming from either the clients along with owner-occupiers who are checking into getting a stake in the medium- to extended leads of the state,” claims Tan.
Neighbouring business structures 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 in the vicinity.
This unit land price features the approximated $446 million cost of the land improvement cost together with a lease top-up premium to a new 99-year land term. Moreover, in case an added 7% bonus offer balcony GFA for the residential factor is included, the unit land premium will be around $2,012 psf ppr.
Within the CBD Incentive Scheme introduced in 2019, the location is eligible for a 25% benefit GFA and also can be redeveloped toward a mixed-use or lodging property development, at a gross plot ratio of 14.0.