Shenton House launches $590 mil collective sale tender
MRT terminals 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, and even Tanjong Pagar on the East-West Line.
” The area is ideally located in the prime District 1, a reputable place for Grade-An offices that appeals to huge firms,” states Tan Hong Boon, managing supervisor of capital markets at JLL. “Constructors can capitalise on the increasing interest for homes in mixed-use developments as well as supply luxury condos with ground-floor retail and even F&B to enhance the business presence.”
Under the CBD Incentive Scheme announced in 2019, the location is eligible for a 25% bonus GFA and also may be redeveloped into a mixed-use or hotel property development, at a gross plot ratio of 14.0.
This unit land cost includes the assessed $446 million price of the land betterment fee plus a lease top-up fee to a new 99-year land tenure. On top of that, in case an added 7% incentive balcony GFA for the household component is consisted of, the unit land rate will certainly be about $2,012 psf ppr.
Cape Royale Sentosa at Cove Way
“We’re certain in Singapore’s ability to place top quality CBD assets among rising interest coming from either the clients along with owner-occupiers who are looking at obtaining an interest in the medium- to extended opportunities of the state,” states Tan.
Neighbouring commercial structures involve Asia Square Towers 1 & 2, UIC Building, OUE Downtown, and even SGX Centre. The upcoming IOI Central Blvd Towers, Marina One mixed-use project, Capital Tower, also integrated property Guoco Tower are also in the vicinity.
According to a press release from JLL, the sole advertising representative, the property’s unit land rate is built upon the sites’ commercial area with a 40% non commercial gross floor area (GFA), and also this mirrors approximately $2,035 psf per plot ratio (ppr) at a gross plot ratio of 14.0.
Shenton House, an industrial establishment on Shenton Way in the CBD, has recently released a collective sale tender with a reserve price of $590 million.
Shenton House is on a 36,350 sq ft, rectangular-shaped location that flaunts three-way road fronts on Shenton Way, Park Street, and Shenton Land. The 99-year leasehold project currently includes 203 profit-making units also a carpark.
