Shenton House launches $590 mil collective sale tender
Neighbouring business buildings 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 development, Capital Tower, furthermore incorporated building Guoco Tower are even around.
Shenton House gets on a 36,350 sq ft, rectangular-shaped spot that brags triple roadway fronts on Shenton Way, Park Street, and also Shenton Land. The 99-year leasehold property at the moment contains 203 business units including a carpark.
Within the CBD Incentive Scheme introduced in 2019, the location is qualified to get a 25% benefit GFA and may be redeveloped into a mixed-use or lodging project, at a gross plot ratio of 14.0.
This unit land rate includes the approximated $446 million cost of the land betterment cost plus a lease top-up fee to a fresh 99-year land period. Furthermore, if an added 7% bonus veranda GFA for the household component is incorporated, the unit land price will be roughly $2,012 psf ppr.
Shenton House, an industrial building on Shenton Way in the CBD, has released a collective sale tender with a reserve cost of $590 million.
MRT stations close 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, and Tanjong Pagar on the East-West Line.
According to a press release from JLL, the single advertising broker, the real estate’s unit land fee is based on the sites’ commercial area with a 40% residential gross floor surface area (GFA), plus this reflects around $2,035 psf per plot ratio (ppr) at a gross plot ratio of 14.0.
” The place is essentially located in the prime District 1, a reputable place for Grade-A business offices that attract large corporations,” states Tan Hong Boon, executive director of capital markets at JLL. “Constructors may capitalise on the increasing need for houses in mixed-use properties and supply high-end houses with ground-floor retail store along with F&B to match the workplace presence.”
“We’re certain in Singapore’s capability to place top quality CBD assets among increasing interest from either the clients along with owner-occupiers that are looking at obtaining an interest in the medium- to extended opportunities of the state,” states Tan.