Shenton House launches $590 mil collective sale tender

MRT stations close to the location 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, plus Tanjong Pagar on the East-West Lane.

Neighbouring industrial buildings consist of Asia Square Towers 1 & 2, UIC Building, OUE Downtown, and even SGX Centre. The upcoming IOI Central Boulevard Towers, Marina One mixed-use development, Capital Tower, also incorporated property Guoco Tower are too around.

Shenton House, a business structure on Shenton Way in the CBD, has launched a collective sale tender with a reserve cost of $590 million.

North Gaia condo

This unit land cost consists of the approximated $446 million price of the land enhancement charge together with a lease top-up fee to a new 99-year land term. On top of that, in case an additional 7% reward balcony GFA for the residential aspect is included, the unit land price will certainly be roughly $2,012 psf ppr.

Shenton House is on a 36,350 sq ft, rectangular-shaped site that flaunts triple roadway front views on Shenton Way, Park Street, and also Shenton Land. The 99-year leasehold project currently contains 203 commercial units and a carpark.

According to a press release from JLL, the sole marketing representative, the commercial property’s unit land rate is built upon the sites’ business area with a 40% residential gross floor area (GFA), plus this shows approximately $2,035 psf per plot ratio (ppr) at a gross plot ratio of 14.0.

” The site is perfectly positioned in the top District 1, a reputable location for Grade-A business offices that appeals to big firms,” claims Tan Hong Boon, executive director of investment markets at JLL. “Constructors may capitalise on the increasing interest for houses in mixed-use developments as well as give deluxe condos with ground-floor retail and even F&B to complement the office visibility.”

“We’re positive in Singapore’s ability to set up high quality CBD investments among climbing need from both the investors plus owner-occupiers who are looking at obtaining a stake in the medium- to extensive leads of the state,” states Tan.

Within the CBD Incentive Scheme announced in 2019, the place is entitled for a 25% benefit GFA and also can be redeveloped toward a mixed-use or lodging development, at a gross plot ratio of 14.0.

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