Shenton House, commercial property located situated on Shenton Way in the CBD It has been revived to be sold collectively with a reserve of 590 million at present with the tender due to close on the 3rd of August.
However, more than fifty% owner’s have signed joint agreement that has lower reserve prices of $538 million in just a few months. This is according to JLL, the designated marketing agent. JLL. Lower reserve prices will become effective when at the minimum of 80% of the owners have agreed to the price. The price of $538 million is the equivalent of an 8.8% reduction from the reserve price currently that is $590 million.
The lower reserve amount equates to a land cost of $1,898 psf/plot proportion (psf ppr) basing on an average Gross plot ratio (GPR) that is 14. The rate for land includes the estimated land improvement charge as well as lease-top rates for a 99-year lease.
Shenton House sits on a 36,250 square foot site that is zoned for commercial use, with an estimated GPR of 11.2. The site features three frontages on Shenton Way, Park Street and Shenton Lane. It is a 99-year leasehold project. comprises of 203 residential units as well as parking.
In the CBD Incentive Scheme, the site is qualified for 25% extra gross floor area. The site can be transformed to become a hotel or mixed-use development, with GPR that is 14.0. CBD Incentive Scheme is scheduled to end on the 26th of November 2024, five years after the date of publication in the gazette that is part of Master Plan 2019. Master Plan 2019.
“In keeping with the URA’s plans to increase the number of “Live, Work, Play’ in the CBD along with the best Grade A offices, the revamp of Shenton House would be an perfect opportunity to rejuvenate the CBD by integrating urban living, including apartments and serviced apartments taking advantage of the growing infrastructure and amenities for the support nearby,” says Tan Hong Boon the executive director of JLL Capital Markets.