Shenton House launches $590 mil collective sale tender

Shenton House, an industrial structure on Shenton Way in the CBD, has released a collective sale tender with a reservation cost of $590 million.

MRT stops close 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 Lane.

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According to a news release from JLL, the sole advertising agent, the commercial property’s unit land rate is built upon the areas’ business area with a 40% residential gross floor surface area (GFA), and also this shows about $2,035 psf per plot ratio (ppr) at a gross plot ratio of 14.0.

This unit land rate features the assessed $446 million cost of the land betterment fee and a lease top-up premium to a new 99-year land term. Moreover, in case an added 7% bonus offer veranda GFA for the residential aspect is incorporated, the unit land price will be approximately $2,012 psf ppr.

” The place is perfectly located in the prime District 1, a well-established area for Grade-A business offices that attract big firms,” states Tan Hong Boon, executive supervisor of capital markets at JLL. “Developers can certainly capitalise on the increasing need for residences in mixed-use properties as well as give luxury condos with ground-floor retail and F&B to match the office presence.”

Shenton House gets on a 36,350 sq ft, rectangular-shaped spot that brags three-way roadway frontages on Shenton Way, Park Street, and even Shenton Land. The 99-year leasehold development presently includes 203 business units and a carpark.

Neighbouring commercial establishments consist of 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 integrated development Guoco Tower are too in the vicinity.

“We’re confident in Singapore’s ability to position top quality CBD properties in the middle of rising interest from both the buyers plus owner-occupiers who are checking into obtaining a stake in the medium- to extended opportunities of the land,” states Tan.

Under the CBD Incentive Scheme announced in 2019, the place is eligible for a 25% bonus GFA and also can be redeveloped right into a mixed-use or accommodation property development, at a gross plot ratio of 14.0.

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