Shenton House launches $590 mil collective sale tender

Within the CBD Incentive Scheme announced in 2019, the site is entitled to get a 25% benefit GFA moreover can be redeveloped toward a mixed-use or lodging project, at a gross plot ratio of 14.0.

MRT terminals near the site 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 Tanjong Pagar on the East-West Line.

According to an announcement from JLL, the single promotional broker, the commercial property’s unit land rate is based upon the sites’ industrial area with a 40% non commercial gross floor surface area (GFA), plus this shows approximately $2,035 psf per plot ratio (ppr) at a gross plot ratio of 14.0.

Neighbouring business establishments include Asia Square Towers 1 & 2, UIC Building, OUE Downtown, and SGX Centre. The upcoming IOI Central Boulevard Towers, Marina One mixed-use project, Capital Tower, and integrated property Guoco Tower are also in the vicinity.

The M Condo showflat location

“We’re positive in Singapore’s capacity to set up top quality CBD assets amidst increasing interest from either the clients along with owner-occupiers that are checking into having a stake in the medium- to extended prospects of the country,” states Tan.

Shenton House gets on a 36,350 sq ft, rectangular-shaped site that brags triple road frontages on Shenton Way, Park Street, and also Shenton Land. The 99-year leasehold project presently includes 203 business units and a carpark.

This unit land rate consists of the estimated $446 million price of the land improvement charge together with a lease top-up costs to a fresh 99-year land tenure. Moreover, if an added 7% reward porch GFA for the home aspect is incorporated, the unit land rate will certainly be approximately $2,012 psf ppr.

Shenton House, an industrial building at Shenton Way in the CBD, has recently released a cumulative sale tender with a reserve price of $590 million.

” The place is essentially placed in the top District 1, a reputable location for Grade-An offices that interest large corporations,” states Tan Hong Boon, executive director of investment markets at JLL. “Constructors can capitalise on the raising need for homes in mixed-use projects and provide luxury condos with ground-floor retail and F&B to complement the workplace presence.”

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