Shenton House launches $590 mil collective sale tender
Under the CBD Incentive Scheme announced in 2019, the place is eligible for a 25% benefit GFA moreover can be redeveloped toward a mixed-use or lodging development, at a gross plot ratio of 14.0.
This unit land price includes the approximated $446 million costs of the land enhancement charge plus a lease contract top-up premium to a fresh 99-year land tenure. Moreover, if an added 7% incentive terrace GFA for the household component is consisted of, the unit land premium will be around $2,012 psf ppr.
Shenton House is on a 36,350 sq ft, rectangular-shaped site that boasts three-way roadway front views on Shenton Way, Park Street, and Shenton Land. The 99-year leasehold development at the moment consists of 203 commercial units also a carpark.
Shenton House, a commercial establishment on Shenton Way in the CBD, has recently introduced a collective sale tender with a reserve cost of $590 million.
According to a press release from JLL, the sole promotional representative, the commercial property’s unit land fee is based upon the locations’ business zoning with a 40% non commercial gross floor surface area (GFA), and this mirrors around $2,035 psf per plot ratio (ppr) at a gross plot ratio of 14.0.
Neighbouring commercial establishments 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 development, Capital Tower, also integrated development Guoco Tower are also in the vicinity.
” The area is ideally positioned in the prime District 1, a well-established place for Grade-A business offices that attract big firms,” claims Tan Hong Boon, managing supervisor of capital markets at JLL. “Property developers can certainly capitalise on the raising demand for residences in mixed-use developments and supply luxury flats with ground-floor retail and F&B to enhance the workplace visibility.”
MRT stops close to the location 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 Tanjong Pagar on the East-West Line.
“We’re positive in Singapore’s capacity to set up top quality CBD properties among rising need coming from both the buyers plus owner-occupiers who are looking at having a stake in the medium- to extended prospects of the land,” says Tan.
