Shenton House launches $590 mil collective sale tender
According to a press release from JLL, the sole marketing broker, the property’s unit land rate is based on the areas’ industrial area with a 40% residential gross floor surface area (GFA), and also this mirrors around $2,035 psf per plot ratio (ppr) at a gross plot ratio of 14.0.
“We’re confident in Singapore’s capability to place high quality CBD assets among rising need from either the investors along with owner-occupiers that are checking into getting a stake in the medium- to extended opportunities of the land,” claims Tan.
This unit land rate features the approximated $446 million price of the land betterment fee together with a lease contract top-up costs to a fresh 99-year land term. Moreover, if an extra 7% reward porch GFA for the non commercial aspect is included, the unit land price will certainly be about $2,012 psf ppr.
” The area is ideally located in the prime District 1, a reputable place for Grade-An offices that attract large firms,” claims Tan Hong Boon, managing director of investment markets at JLL. “Property developers may capitalise on the boosting need for homes in mixed-use properties and provide high-end apartments with ground-floor retail store and F&B to enhance the workplace presence.”
MRT stations close to the location 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 even Tanjong Pagar on the East-West Lane.
Shenton House, a commercial structure at Shenton Way in the CBD, has launched a cumulative sale tender with a reserve rate of $590 million.
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 project, Capital Tower, also integrated development Guoco Tower are too in the vicinity.
Within the CBD Incentive Scheme revealed in 2019, the location is entitled to a 25% reward GFA and can possibly be redeveloped into a mixed-use or lodging development, at a gross plot ratio of 14.0.
Shenton House is on a 36,350 sq ft, rectangular-shaped location that boasts triple roadway fronts on Shenton Way, Park Street, and also Shenton Land. The 99-year leasehold development presently includes 203 commercial units including a carpark.