Shenton House launches $590 mil collective sale tender
MRT stops near to the site 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.
“We’re certain in Singapore’s ability to position top quality CBD assets among rising demand coming from both the clients plus owner-occupiers that are looking into obtaining an interest in the medium- to extended leads of the state,” says Tan.
According to a press release from JLL, the single marketing representative, the commercial property’s unit land fee is built upon the locations’ industrial zoning with a 40% non commercial gross floor surface area (GFA), and also this mirrors about $2,035 psf per plot ratio (ppr) at a gross plot ratio of 14.0.
Within the CBD Incentive Scheme revealed in 2019, the site is qualified to get a 25% benefit GFA and also can be redeveloped right into a mixed-use or lodging property development, at a gross plot ratio of 14.0.
Shenton House is on a 36,350 sq ft, rectangular-shaped location that flaunts triple road front views on Shenton Way, Park Street, and even Shenton Land. The 99-year leasehold project at the moment includes 203 commercial units including a carpark.
Shenton House, a business building on Shenton Way in the CBD, has introduced a collective sale tender with a reserve rate of $590 million.
Neighbouring commercial structures include Asia Square Towers 1 & 2, UIC Building, OUE Downtown, and even SGX Centre. The upcoming IOI Central Boulevard Towers, Marina One mixed-use project, Capital Tower, furthermore incorporated property Guoco Tower are also around.
” The site is ideally placed in the top District 1, a well-established place for Grade-A business offices that interest big corporations,” says Tan Hong Boon, executive supervisor of capital markets at JLL. “Constructors may capitalise on the enhancing interest for houses in mixed-use properties as well as offer high-end houses with ground-floor retail store and even F&B to match the business visibility.”
This unit land rate consists of the approximated $446 million price of the land enhancement fee together with a lease top-up premium to a fresh 99-year land term. Moreover, if an additional 7% bonus offer terrace GFA for the residential component is consisted of, the unit land premium will certainly be approximately $2,012 psf ppr.