Shenton House launches $590 mil collective sale tender
Neighbouring business structures include 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 incorporated development Guoco Tower are even around.
This unit land price features the approximated $446 million costs of the land betterment fee and a lease contract top-up costs to a new 99-year land tenure. Furthermore, in case an extra 7% bonus balcony GFA for the non commercial component is consisted of, the unit land price will certainly be approximately $2,012 psf ppr.
Shenton House gets on a 36,350 sq ft, rectangular-shaped site that brags three-way road fronts on Shenton Way, Park Street, and Shenton Land. The 99-year leasehold project at the moment contains 203 commercial units also a carpark.
MRT stops near to the place are Shenton Way on the Thomson-East Coast Line, Marina Bay Interchange on the North-South and Circle Lines, Downtown on the Downtown Line, plus Tanjong Pagar on the East-West Lane.
” The site is perfectly located in the top District 1, a reputable place for Grade-A business offices that appeals to big firms,” says Tan Hong Boon, executive supervisor of investment markets at JLL. “Developers can capitalise on the enhancing need for houses in mixed-use properties and give luxury flats with ground-floor retail store and even F&B to match the workplace visibility.”
Under the CBD Incentive Scheme revealed in 2019, the location is eligible to a 25% benefit GFA moreover can be redeveloped toward a mixed-use or hotel development, at a gross plot ratio of 14.0.
Shenton House, an industrial structure at Shenton Way in the CBD, has released a cumulative sale tender with a reservation rate of $590 million.
According to a news release from JLL, the sole marketing broker, the property’s unit land rate is based on the locations’ business area with a 40% residential gross floor area (GFA), and also this shows approximately $2,035 psf per plot ratio (ppr) at a gross plot ratio of 14.0.
“We’re positive in Singapore’s capacity to set up quality CBD assets among climbing interest coming from both the investors and owner-occupiers who are considering obtaining an interest in the medium- to extensive prospects of the country,” claims Tan.