Shenton House launches $590 mil collective sale tender

MRT stops near 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, plus Tanjong Pagar on the East-West Lane.

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

” The site is essentially placed in the prime District 1, a reputable area for Grade-A workplaces that attract big companies,” claims Tan Hong Boon, managing director of investment markets at JLL. “Constructors may capitalise on the enhancing need for residences in mixed-use properties as well as offer deluxe flats with ground-floor retail store along with F&B to match the business presence.”

Shenton House, a commercial establishment at Shenton Way in the CBD, has launched a cumulative sale tender with a reservation cost of $590 million.

Avenir Condo floor plan

Under the CBD Incentive Scheme introduced in 2019, the location is qualified to get a 25% benefit GFA moreover can possibly be redeveloped toward a mixed-use or hotel property development, at a gross plot ratio of 14.0.

“We’re confident in Singapore’s ability to place top quality CBD assets in the middle of increasing demand coming from either the buyers plus owner-occupiers that are looking at obtaining a stake in the medium- to long-term prospects of the country,” claims Tan.

Shenton House is on a 36,350 sq ft, rectangular-shaped site that boasts triple road front views on Shenton Way, Park Street, and also Shenton Land. The 99-year leasehold property presently contains 203 profit-making units also a carpark.

This unit land price consists of the approximated $446 million price of the land improvement cost together with a lease contract top-up premium to a new 99-year land term. Furthermore, in case an additional 7% incentive porch GFA for the household component is consisted of, the unit land premium will be around $2,012 psf ppr.

Neighbouring industrial establishments involve Asia Square Towers 1 & 2, UIC Building, OUE Downtown, including SGX Centre. The upcoming IOI Central Boulevard Towers, Marina One mixed-use property development, Capital Tower, furthermore integrated development Guoco Tower are too in the vicinity.

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