If you’re in the market for a new property or just curious about real estate news, listen up! Shenton House, a commercial building in the heart of the city, is up for sale at a reserve price of S$590 million. In this blog post, we’ll take a closer look at the property and explore what this means for the Singapore real estate market. Get ready for some insider information!
Shenton House up for collective sale
Located in the heart of the Central Business District, Shenton House has been put up for collective sale with a reserve price of S$590 million. The 99-year leasehold commercial building is a prime property that presents a rare opportunity for redevelopment or repurposing in a highly sought-after location. The Shenton Way site is zoned for commercial use and eligible for a 25% bonus gross floor area under the CBD incentive scheme. Property consultants anticipate strong interest from developers, with estimates of $850 to $1,000 per square foot of potential gross floor area. With its enviable location and potential for growth, Shenton House is a noteworthy investment opportunity for those looking to expand their commercial property portfolio.
Commercial building listed at S$590m reserve price
Shenton House, a 99-year leasehold commercial building located in the prime Central Business District (CBD), has been put up for collective sale with a reserve price of S$590 million. Property consultants estimate that the site could potentially fetch between $850 to $1,000 per square foot of the potential gross floor area, with bidders expected to offer between S$2,035 to S$2,400 per square foot of land. The collective sale provides an excellent opportunity for redevelopment or repurposing of the property, considering the shifting investment climate and the current trend of converting commercial spaces into residential and mixed-use properties.
Land cost equals approximately S$2,035 psf
With a reserve price of S$590 million, the land cost for Shenton House comes in at approximately S$2,035 psf ppr. This 99-year leasehold commercial building presents a unique opportunity for redevelopment or repurposing in a prime CBD location. The relatively high land cost is reflective of the desirability and potential for yielding returns on investment. As the collective sale process continues, it will be interesting to see the level of investor interest and the direction that the property takes. Exciting times are ahead for Shenton House and the surrounding area.
Collective sale presents the opportunity
The collective sale of Shenton House, with its reserve price of S$590 million, presents a significant opportunity for developers to repurpose or redevelop the property. Located in the prime CBD, this 99-year leasehold commercial building has a land cost of approximately S$2,035 psf ppr at the reserve price. With such a prime location and potential for increased property value, there are endless possibilities for the future of Shenton House, from office space to mixed-use or residential developments. The collective sale process, if successful, could bring about significant changes to the Shenton Way area and contribute to the growth of Singapore’s CBD.