Shenton House relaunches for collective sale at a lower price of $538 mil

June 26th, 2023

Shenton House, a commercial building located in Singapore’s CBD, has been relaunched for collective sale with a reduced reserve price of $538 million. This represents a 8.8% decrease compared to its previous reserve price of $590 million last February. According to JLL, the appointed marketing agent for the property, the acceptance of the new reserve price by the majority of owners has already been completed in less than a month since the Supplemental Joint Agreement (SJA) was signed.

Future residents of the JCube Residence Condo find it has great convenience with MRT network right at its doorstep. Other than that, nearby restaurants and shopping facilities are available in the JCube mall. Designed to ensure superior living, JCube Condo Residence is also well connected to many major expressways and excellent education institutes.

At this price, the land rate works out to be $1,898 psf per plot ratio (psf ppr), based on a Gross Plot Ratio (GPR) of 14, taking into consideration the estimated land betterment charge and lease-top premium for a new 99-year term.

The site of Shenton House sits on a 36,250 sq ft plot of land that is zoned for commercial use with a GPR of 11.2. It has triple frontages along Shenton Way, Park Street and Shenton Lane, and comprises 203 commercial units and a carpark. The CBD Incentive Scheme enables the site to be redeveloped up to a GPR of 14.0 with a 25% bonus GFA, set to expire in six months time in November 2024.

JLL’s Tan Hong Boon states that, this is the perfect opportunity to further contribute to Singapore’s Live, Work, Play vision, and incorporates city living with apartments and serviced apartments.

The tender for Shenton House will close on 1st August at 3PM.

Recent transactions in Shenton House indicate that the area has seen positive growth. This is seen from the Government Land Sales white site at Marina View sold to IOI Properties at $1.508 billion, and the redevelopment of the former AXA Tower by a consortium headed by Perennial Holdings.

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