Shenton House launches $590 mil collective sale tender
Shenton House gets on a 36,350 sq ft, rectangular-shaped spot that boasts three-way road frontages on Shenton Way, Park Street, and even Shenton Land. The 99-year leasehold property currently consists of 203 profit-making units and a carpark.
MRT stations near 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 Line.
“We’re confident in Singapore’s capacity to place high quality CBD investments in the middle of increasing need coming from either the buyers along with owner-occupiers who are considering obtaining an interest in the medium- to long-term opportunities of the state,” says Tan.
Neighbouring industrial buildings involve 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, and integrated building Guoco Tower are even in the vicinity.
This unit land price includes the approximated $446 million price of the land enhancement fee and a lease contract top-up costs to a fresh 99-year land term. On top of that, in case an additional 7% incentive balcony GFA for the residential component is incorporated, the unit land premium will certainly be around $2,012 psf ppr.
Shenton House, an industrial establishment at Shenton Way in the CBD, has launched a collective sale tender with a reserve rate of $590 million.
” The place is essentially positioned in the prime District 1, a reputable place for Grade-A workplaces that appeals to large corporations,” claims Tan Hong Boon, executive director of capital markets at JLL. “Developers can capitalise on the enhancing need for homes in mixed-use properties and provide high-end flats with ground-floor retail store and even F&B to match the business existence.”
According to a press release from JLL, the sole promotional agent, the commercial property’s unit land fee is based upon the locations’ business zoning with a 40% residential gross floor area (GFA), plus this reflects approximately $2,035 psf per plot ratio (ppr) at a gross plot ratio of 14.0.
Within the CBD Incentive Scheme revealed in 2019, the site is qualified to a 25% reward GFA moreover can possibly be redeveloped right into a mixed-use or accommodation development, at a gross plot ratio of 14.0.
