Shenton House launches $590 mil collective sale tender
Shenton House gets on a 36,350 sq ft, rectangular-shaped site that flaunts triple roadway frontages on Shenton Way, Park Street, and even Shenton Land. The 99-year leasehold property presently includes 203 profit-making units and a carpark.
Shenton House, a commercial building at Shenton Way in the CBD, has launched a collective sale tender with a reserve cost of $590 million.
“We’re confident in Singapore’s capacity to position high quality CBD assets among increasing interest coming from either the investors along with owner-occupiers who are looking into getting an interest in the medium- to extensive leads of the country,” claims Tan.
MRT stations 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 Line.
Neighbouring commercial structures include Asia Square Towers 1 & 2, UIC Building, OUE Downtown, including SGX Centre. The upcoming IOI Central Blvd Towers, Marina One mixed-use project, Capital Tower, furthermore incorporated development Guoco Tower are too around.
” The place is perfectly placed in the prime District 1, a well-established location for Grade-An offices that appeals to big firms,” claims Tan Hong Boon, executive director of capital markets at JLL. “Developers can certainly capitalise on the increasing need for houses in mixed-use developments and provide luxury homes with ground-floor retail store and F&B to complement the workplace visibility.”
Within the CBD Incentive Scheme announced in 2019, the location is eligible for a 25% incentive GFA moreover may be redeveloped toward a mixed-use or lodging development, at a gross plot ratio of 14.0.
According to a press release from JLL, the sole promotional agent, the commercial property’s unit land rate is based on the sites’ business area with a 40% residential gross floor surface area (GFA), and this mirrors around $2,035 psf per plot ratio (ppr) at a gross plot ratio of 14.0.
This unit land cost includes the assessed $446 million cost of the land enhancement fee plus a rent top-up fee to a fresh 99-year land term. Moreover, in case an added 7% reward porch GFA for the non commercial factor is included, the unit land premium will be around $2,012 psf ppr.
