Shenton House launches $590 mil collective sale tender
Neighbouring industrial buildings involve Asia Square Towers 1 & 2, UIC Building, OUE Downtown, including SGX Centre. The upcoming IOI Central Blvd Towers, Marina One mixed-use development, Capital Tower, furthermore integrated development Guoco Tower are even around.
Shenton House, a business establishment at Shenton Way in the CBD, has launched a collective sale tender with a reservation rate of $590 million.
Shenton House is on a 36,350 sq ft, rectangular-shaped spot that brags three-way road frontages on Shenton Way, Park Street, and also Shenton Land. The 99-year leasehold project presently contains 203 profitable units including a carpark.
The Hill @ One North Singapore
“We’re confident in Singapore’s capacity to set up quality CBD properties in the middle of climbing need coming from either the investors along with owner-occupiers that are looking at getting a stake in the medium- to extensive prospects of the country,” says Tan.
MRT stations close 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 even Tanjong Pagar on the East-West Line.
This unit land cost features the approximated $446 million costs of the land betterment fee plus a lease contract top-up premium to a new 99-year land period. Furthermore, in case an extra 7% incentive porch GFA for the household aspect is included, the unit land price will be roughly $2,012 psf ppr.
According to an announcement from JLL, the single marketing representative, the property’s unit land fee is based on the locations’ business zoning with a 40% non commercial gross floor area (GFA), plus this mirrors around $2,035 psf per plot ratio (ppr) at a gross plot ratio of 14.0.
” The site is perfectly placed in the top District 1, a reputable place for Grade-A workplaces that attract large companies,” says Tan Hong Boon, managing director of investment markets at JLL. “Property developers may capitalise on the raising interest for houses in mixed-use developments as well as give high-end flats with ground-floor retail store and even F&B to complement the workplace existence.”
Under the CBD Incentive Scheme revealed in 2019, the location is entitled to a 25% incentive GFA moreover may be redeveloped into a mixed-use or lodging property development, at a gross plot ratio of 14.0.
