, will expire on Aug 1
At the Shenton Way commercial building known as Shenton House in Singapore, owners and the appointed marketing agent JLL have initiated a Supplemental Joint Agreement in order to lower the reserve price from the originally launched June tender of $590 million to reflect a unit land rate of approximately $1,885 psf per plot ratio (psf ppr) at the gross plot ratio (GPR) of 14.0. This includes an estimated land betterment charge and a lease top-up premium to a fresh 99-year term, if the site is redeveloped under the CBD Incentive Scheme (CBDIS).
Altogether, 70% of owners have supported the SJA. However, for the proposed reserve price to be effective, at least 80% (by strata floor area and by share value) of the owners must agree. While the official tender closes on November 1st, the committee is confident that the requisite support will be met before then.
Situated on a 36, 250-square-feet site zoned for commercial use with GPR of 11.2, the Shenton House building possesses a 99-year leasehold development with 203 commercial units and a car park. Frontages along Shenton Way, Park Street and Shenton Lane also allow for triple exposure.
Under the CBDIS, the site is eligible for an additional 25% gross floor area, with the potential to become a commercial and residential mixed-use development or hotel. With its great location, direct connection to Shenton Way MRT station, and incentive scheme, the potential development is sure to attract interested buyers.
Residents of Champions Way Condo will enjoy easy access to a wide range of amenities including shopping malls, parks, schools, public transportation, and more. The property also features an exquisite blend of modern architecture, spacious living spaces, and high-end facilities. Residents will also have access to a full range of recreational facilities, including an outdoor swimming pool and gym. For those who appreciate the finer things in life, Champions Way Condo is the perfect place to call home. With top-notch amenities and luxurious surroundings, it’s no wonder this property has become a prime destination for those looking to enjoy the best of Singapore’s living.
The CBDIS, which is set to expire on November 26, 2024, is five years from the date of the original Master Plan 2019. Additionally, EdgeProp Research reveals recent commercial sales transactions at Shenton House.
Given the prime location and potential development potential under the CBDIS, Shenton House is set to make for a great opportunity. With the potential for a brand new Grade A office space, a premier business hotel or residential apartments, Shenton Way is sure to get a rejuvenation.