Shenton House launches $590 mil collective sale tender
MRT stations near to the location 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, and even Tanjong Pagar on the East-West Line.
Shenton House, an industrial establishment on Shenton Way in the CBD, has launched a collective sale tender with a reserve rate of $590 million.
Under the CBD Incentive Scheme revealed in 2019, the site is entitled to get a 25% bonus GFA and may be redeveloped toward a mixed-use or accommodation development, at a gross plot ratio of 14.0.
“We’re confident in Singapore’s ability to place high quality CBD properties among climbing need coming from either the investors plus owner-occupiers that are looking at obtaining an interest in the medium- to extensive prospects of the country,” says Tan.
Neighbouring business structures include Asia Square Towers 1 & 2, UIC Building, OUE Downtown, including SGX Centre. The upcoming IOI Central Boulevard Towers, Marina One mixed-use development, Capital Tower, furthermore integrated property Guoco Tower are also around.
Shenton House is on a 36,350 sq ft, rectangular-shaped spot that brags three-way road fronts on Shenton Way, Park Street, and also Shenton Land. The 99-year leasehold development at the moment includes 203 profit-making units also a carpark.
This unit land price consists of the estimated $446 million price of the land enhancement cost and a rent top-up premium to a fresh 99-year land tenure. On top of that, if an added 7% reward veranda GFA for the household aspect is incorporated, the unit land price will certainly be roughly $2,012 psf ppr.
According to an announcement from JLL, the sole promotional broker, the property’s unit land price is built upon the locations’ industrial zoning with a 40% residential gross floor area (GFA), and also this shows about $2,035 psf per plot ratio (ppr) at a gross plot ratio of 14.0.
” The area is ideally located in the prime District 1, a reputable area for Grade-A workplaces that attract big companies,” claims Tan Hong Boon, executive director of investment markets at JLL. “Developers can capitalise on the boosting interest for residences in mixed-use properties and offer deluxe homes with ground-floor retail store and even F&B to complement the business visibility.”
