Shenton House launches $590 mil collective sale tender
This unit land rate consists of the assessed $446 million cost of the land enhancement fee together with a lease contract top-up premium to a fresh 99-year land tenure. On top of that, if an extra 7% bonus veranda GFA for the residential aspect is included, the unit land rate will be roughly $2,012 psf ppr.
MRT stations near to the location 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 Lane.
Shenton House is on a 36,350 sq ft, rectangular-shaped location that brags three-way roadway front views on Shenton Way, Park Street, and even Shenton Land. The 99-year leasehold development currently includes 203 commercial units including a carpark.
According to an announcement from JLL, the sole marketing agent, the commercial property’s unit land rate is based upon the locations’ commercial zoning with a 40% residential gross floor surface area (GFA), and also this shows around $2,035 psf per plot ratio (ppr) at a gross plot ratio of 14.0.
“We’re certain in Singapore’s capability to set up top quality CBD investments amidst rising need coming from both the clients along with owner-occupiers that are checking into having an interest in the medium- to long-term prospects of the state,” states Tan.
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 property development, Capital Tower, and incorporated development Guoco Tower are too around.
” The area is perfectly located in the top District 1, a well-established place for Grade-A workplaces that appeals to big firms,” states Tan Hong Boon, managing director of investment markets at JLL. “Developers can capitalise on the raising need for houses in mixed-use properties and provide high-end flats with ground-floor retail and F&B to enhance the office presence.”
Under the CBD Incentive Scheme introduced in 2019, the place is eligible to get a 25% incentive GFA and can be redeveloped into a mixed-use or hotel development, at a gross plot ratio of 14.0.
Shenton House, a business establishment on Shenton Way in the CBD, has launched a cumulative sale tender with a reservation rate of $590 million.
