Shenton House launches $590 mil collective sale tender
MRT terminals near to the place 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, and even Tanjong Pagar on the East-West Line.
” The area is ideally located in the prime District 1, a reputable place for Grade-An offices that appeals to huge firms,” states Tan Hong Boon, managing supervisor of capital markets at JLL. “Constructors can capitalise on the increasing interest for homes in mixed-use developments as well as supply luxury condos with ground-floor retail and even F&B to enhance the business presence.”
Under the CBD Incentive Scheme announced in 2019, the location is eligible for a 25% bonus GFA and also may be redeveloped into a mixed-use or hotel property development, at a gross plot ratio of 14.0.
This unit land cost includes the assessed $446 million price of the land betterment fee plus a lease top-up fee to a new 99-year land tenure. On top of that, in case an added 7% incentive balcony GFA for the household component is consisted of, the unit land rate will certainly be about $2,012 psf ppr.
“We’re certain in Singapore’s ability to place top quality CBD assets among rising interest coming from either the clients along with owner-occupiers who are looking at obtaining an interest in the medium- to extended opportunities of the state,” states Tan.
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 project, Capital Tower, also integrated property Guoco Tower are also in the vicinity.
According to a press release from JLL, the sole advertising representative, the property’s unit land rate is built upon the sites’ commercial area with a 40% non commercial gross floor area (GFA), and also this mirrors approximately $2,035 psf per plot ratio (ppr) at a gross plot ratio of 14.0.
Shenton House, an industrial establishment on Shenton Way in the CBD, has recently released a collective sale tender with a reserve price of $590 million.
Shenton House is on a 36,350 sq ft, rectangular-shaped location that flaunts three-way road fronts on Shenton Way, Park Street, and Shenton Land. The 99-year leasehold project currently includes 203 profit-making units also a carpark.