Shenton House launches $590 mil collective sale tender

Neighbouring business buildings include Asia Square Towers 1 & 2, UIC Building, OUE Downtown, including SGX Centre. The upcoming IOI Central Blvd Towers, Marina One mixed-use development, Capital Tower, also incorporated building Guoco Tower are even around.

Shenton House, an industrial structure on Shenton Way in the CBD, has recently introduced a cumulative sale tender with a reservation rate of $590 million.

MRT terminals near the site 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, plus Tanjong Pagar on the East-West Line.

This unit land price includes the estimated $446 million cost of the land betterment fee together with a rent top-up fee to a new 99-year land term. Moreover, in case an additional 7% bonus balcony GFA for the residential aspect is included, the unit land premium will certainly be about $2,012 psf ppr.

Shenton House gets on a 36,350 sq ft, rectangular-shaped spot that boasts three-way road front views on Shenton Way, Park Street, and Shenton Land. The 99-year leasehold development at the moment contains 203 profit-making units also a carpark.

” The place is essentially located in the prime District 1, a well-established area for Grade-A business offices that attract big companies,” claims Tan Hong Boon, executive supervisor of investment markets at JLL. “Developers may capitalise on the increasing demand for residences in mixed-use properties as well as offer high-end homes with ground-floor retail store along with F&B to match the office visibility.”

Under the CBD Incentive Scheme announced in 2019, the location is qualified to get a 25% reward GFA moreover may be redeveloped into a mixed-use or hotel project, at a gross plot ratio of 14.0.

Sceneca Residences condo price

According to an announcement from JLL, the single promotional broker, the real estate’s unit land price is based upon the areas’ commercial area with a 40% residential gross floor surface area (GFA), and this reflects approximately $2,035 psf per plot ratio (ppr) at a gross plot ratio of 14.0.

“We’re confident in Singapore’s capability to position quality CBD investments among increasing demand from both the buyers and owner-occupiers that are looking into getting an interest in the medium- to extensive leads of the country,” states Tan.

error: Content is protected !!