Shenton House launches $590 mil collective sale tender
Shenton House is on a 36,350 sq ft, rectangular-shaped site that flaunts three-way roadway frontages on Shenton Way, Park Street, and even Shenton Land. The 99-year leasehold property at the moment includes 203 business units and a carpark.
MRT terminals near to the site are Shenton Way on the Thomson-East Coast Line, Marina Bay Interchange on the North-South and also Circle Lines, Downtown on the Downtown Line, plus Tanjong Pagar on the East-West Line.
” The area is essentially located in the prime District 1, a well-established place for Grade-An offices that appeals to huge companies,” states Tan Hong Boon, managing supervisor of investment markets at JLL. “Property developers may capitalise on the enhancing demand for homes in mixed-use developments and give high-end apartments with ground-floor retail and F&B to enhance the workplace existence.”
“We’re certain in Singapore’s capability to place top quality CBD assets amidst climbing demand coming from either the clients plus owner-occupiers that are looking at getting a stake in the medium- to extended leads of the state,” states Tan.
Shenton House, a business structure at Shenton Way in the CBD, has released a collective sale tender with a reservation cost of $590 million.
Terra Hill Hoi Hup Realty and Sunway
According to an announcement from JLL, the single marketing agent, the property’s unit land fee is based upon the areas’ industrial zoning with a 40% residential gross floor surface area (GFA), and also this shows about $2,035 psf per plot ratio (ppr) at a gross plot ratio of 14.0.
Under the CBD Incentive Scheme announced in 2019, the location is eligible to a 25% benefit GFA moreover may be redeveloped toward a mixed-use or hotel property development, at a gross plot ratio of 14.0.
Neighbouring industrial establishments consist of Asia Square Towers 1 & 2, UIC Building, OUE Downtown, and even SGX Centre. The upcoming IOI Central Blvd Towers, Marina One mixed-use property development, Capital Tower, and incorporated building Guoco Tower are also in the vicinity.
This unit land cost consists of the assessed $446 million costs of the land enhancement charge plus a lease top-up premium to a new 99-year land term. On top of that, if an additional 7% bonus terrace GFA for the household aspect is included, the unit land price will certainly be roughly $2,012 psf ppr.
