Shenton House launches $590 mil collective sale tender
This unit land cost includes the approximated $446 million costs of the land betterment charge and a lease top-up premium to a fresh 99-year land term. Furthermore, in case an additional 7% incentive porch GFA for the home factor is incorporated, the unit land price will certainly be around $2,012 psf ppr.
” The place is ideally positioned in the top District 1, a well-established location for Grade-A workplaces that appeals to big firms,” claims Tan Hong Boon, executive director of capital markets at JLL. “Developers may capitalise on the raising demand for homes in mixed-use properties and offer high-end houses with ground-floor retail along with F&B to enhance the business presence.”
According to a news release from JLL, the sole marketing agent, the property’s unit land fee is based on the areas’ industrial zoning with a 40% non commercial gross floor surface area (GFA), plus this mirrors about $2,035 psf per plot ratio (ppr) at a gross plot ratio of 14.0.
Shenton House, an industrial establishment on Shenton Way in the CBD, has released a cumulative sale tender with a reservation price of $590 million.
“We’re positive in Singapore’s capability to set up high quality CBD investments in the middle of increasing interest from both the clients along with owner-occupiers who are considering getting an interest in the medium- to extended leads of the land,” states Tan.
MRT stops near to 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.
Under the CBD Incentive Scheme revealed in 2019, the site is eligible to a 25% reward GFA and may be redeveloped toward a mixed-use or accommodation project, at a gross plot ratio of 14.0.
Shenton House gets on a 36,350 sq ft, rectangular-shaped site that boasts three-way roadway frontages on Shenton Way, Park Street, and Shenton Land. The 99-year leasehold project currently consists of 203 business units also a carpark.
Neighbouring business structures involve Asia Square Towers 1 & 2, UIC Building, OUE Downtown, including SGX Centre. The upcoming IOI Central Blvd Towers, Marina One mixed-use property, Capital Tower, and incorporated building Guoco Tower are even around.