Shenton House launches $590 mil collective sale tender
According to an announcement from JLL, the single marketing agent, the property’s unit land price is built upon the sites’ commercial area with a 40% non commercial gross floor surface area (GFA), and also this reflects around $2,035 psf per plot ratio (ppr) at a gross plot ratio of 14.0.
“We’re positive in Singapore’s ability to position quality CBD investments among increasing need from either the buyers plus owner-occupiers that are looking at getting a stake in the medium- to long-term leads of the country,” states Tan.
Under the CBD Incentive Scheme introduced in 2019, the place is qualified to get a 25% benefit GFA moreover can be redeveloped into a mixed-use or accommodation development, at a gross plot ratio of 14.0.
This unit land rate features the assessed $446 million price of the land improvement charge and a lease top-up premium to a fresh 99-year land period. Furthermore, if an added 7% incentive balcony GFA for the home factor is consisted of, the unit land price will certainly be around $2,012 psf ppr.
Shenton House, an industrial building on Shenton Way in the CBD, has recently introduced a collective sale tender with a reservation price of $590 million.
MRT stations close 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 Tanjong Pagar on the East-West Line.
Shenton House is on a 36,350 sq ft, rectangular-shaped location that boasts three-way road fronts on Shenton Way, Park Street, and even Shenton Land. The 99-year leasehold development presently consists of 203 business units and a carpark.
” The site is ideally located in the prime District 1, a well-established location for Grade-An offices that attract large corporations,” states Tan Hong Boon, managing director of investment markets at JLL. “Developers may capitalise on the increasing interest for homes in mixed-use projects as well as provide high-end condos with ground-floor retail store along with F&B to enhance the office presence.”
Neighbouring business 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 development, Capital Tower, furthermore incorporated development Guoco Tower are too around.
