Shenton House launches $590 mil collective sale tender
This unit land price features the assessed $446 million costs of the land betterment charge together with a lease top-up costs to a fresh 99-year land period. On top of that, in case an additional 7% bonus balcony GFA for the home aspect is included, the unit land price will be approximately $2,012 psf ppr.
Shenton House, an industrial structure on Shenton Way in the CBD, has introduced a cumulative sale tender with a reservation rate of $590 million.
Neighbouring industrial buildings consist of Asia Square Towers 1 & 2, UIC Building, OUE Downtown, and SGX Centre. The upcoming IOI Central Boulevard Towers, Marina One mixed-use property, Capital Tower, also integrated development Guoco Tower are too in the vicinity.
Shenton House is on a 36,350 sq ft, rectangular-shaped site that brags triple roadway front views on Shenton Way, Park Street, and also Shenton Land. The 99-year leasehold development presently includes 203 profitable units and a carpark.
Within the CBD Incentive Scheme introduced in 2019, the place is eligible to get a 25% incentive GFA moreover can possibly be redeveloped into a mixed-use or hotel project, at a gross plot ratio of 14.0.
” The area is essentially located in the prime District 1, a well-established location for Grade-A workplaces that attract large firms,” states Tan Hong Boon, executive director of investment markets at JLL. “Developers can capitalise on the boosting demand for residences in mixed-use developments as well as offer deluxe homes with ground-floor retail store and even F&B to enhance the workplace presence.”
According to an announcement from JLL, the sole promotional broker, the commercial property’s unit land fee is based on the areas’ industrial area with a 40% residential gross floor surface area (GFA), and this shows around $2,035 psf per plot ratio (ppr) at a gross plot ratio of 14.0.
“We’re positive in Singapore’s capability to place high quality CBD investments amidst increasing need coming from either the investors plus owner-occupiers who are looking into getting a stake in the medium- to extended prospects of the country,” states Tan.
MRT terminals close to the location are Shenton Way on the Thomson-East Coast Line, Marina Bay Interchange on the North-South and also Circle Lines, Downtown on the Downtown Line, and even Tanjong Pagar on the East-West Lane.