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.
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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.
