Shenton House launches $590 mil collective sale tender
Neighbouring industrial structures consist of Asia Square Towers 1 & 2, UIC Building, OUE Downtown, including SGX Centre. The upcoming IOI Central Blvd Towers, Marina One mixed-use property, Capital Tower, also incorporated property Guoco Tower are too around.
Shenton House is on a 36,350 sq ft, rectangular-shaped spot that flaunts three-way road frontages on Shenton Way, Park Street, and Shenton Land. The 99-year leasehold property presently includes 203 business units including a carpark.
” The area is ideally placed in the prime District 1, a well-established location for Grade-A business offices that attract big firms,” says Tan Hong Boon, managing supervisor of investment markets at JLL. “Developers can certainly capitalise on the increasing need for residences in mixed-use properties and offer deluxe condos with ground-floor retail and even F&B to match the business existence.”
Shenton House, an industrial building on Shenton Way in the CBD, has introduced a collective sale tender with a reservation cost of $590 million.
“We’re certain in Singapore’s ability to set up top quality CBD investments among climbing demand coming from either the buyers plus owner-occupiers who are checking into getting a stake in the medium- to extensive prospects of the land,” states Tan.
MRT stops near to the place 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 consists of the estimated $446 million cost of the land enhancement charge and a rent top-up costs to a new 99-year land tenure. Furthermore, if an added 7% bonus veranda GFA for the non commercial component is included, the unit land rate will certainly be about $2,012 psf ppr.
Within the CBD Incentive Scheme announced in 2019, the site is eligible to a 25% incentive GFA and may be redeveloped toward a mixed-use or lodging property development, at a gross plot ratio of 14.0.
According to a press release from JLL, the single advertising broker, the commercial property’s unit land price is based on the areas’ commercial zoning with a 40% non commercial gross floor area (GFA), and this shows around $2,035 psf per plot ratio (ppr) at a gross plot ratio of 14.0.