Shenton House, a commercial building located on Shenton Way in the CBD, has been put up for relaunch in a collective sale at the reduced reserve price of $538 million. This is significant 8.8% drop from the initial collective sale launch reserve price of $590 million held earlier in February which had ended on April 11. JLL, the appointed marketing agents, state that the Supplemental Joint Agreement (SJA) has been signed at the proposed price by more than half the owners. In order for the lower reserve price to take effect, a minimum 80% support from the owners is necessary.

The new land rate stands at $1,898 psf per plot ratio (psf ppr) with the Gross Plot Ratio (GPR) 14 included, after taking into account estimated land betterment charge and lease-top premium for a 99-year period.

Positioned on a 36,250 sq ft area, Shenton House is zoned for commercial use with a GPR of 11.2. It is surrounded by triple frontages along Shenton Way, Park Street and Shenton Lane, the 99-year leasehold development consists of 203 commercial units and a carpark. The CBD Incentive Scheme permitting bonus Gross Floor Area (GFA) of 25% is applicable, meaning the premises can be redeveloped into a mixed-use or even hotel development with GPR of 14.0. This incentive will be available until November 26, 2024, which is five years from the publication of the 2019 Master Plan.

As per Tan Hong Boon from JLL Capital Markets, “In line with URA’s plans to create ‘Live, Work, Play’ vibes in the CBD, Shenton House presents an ideal opportunity to create integrated city living with apartments and serviced apartments plus prime grade A offices, taking advantage of the enhanced infrastructure and amenities in the region.”

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

The property’s location in the CBD makes it quite a sought after space. Its nearby vicinity includes a white site at Marina View that was purchased by IOI Properties for a whopping $1.508 billion in 2021 and the former AXA Tower which is being redeveloped by a consortium led by Perennial Holdings.

Real estate prices are known to vary from region to region and Singapore is infamous for having the most expensive office fit-out costs in the entire Southeast Asia. It’s easy to imagine then, the amount of investment that Shenton House offers and why it’s such a viable opportunity.

Altura EC Bukit Batok residents can enjoy great accessibility to shopping and dining options. Located in Bukit Batok Town, the West Mall shopping center offers a selection of retail outlets, a supermarket, a cinema, and numerous restaurants. Meanwhile, Bukit Batok Central houses a mix of shops, restaurants, and essential services for Altura EC Bukit Batok residents’ convenience.

With a reduced reserve price and an expiry date for the incentive scheme quickly approaching, now’s the time to take advantage of this collective sale.

Hesitating? Recent transactions at Shenton House, as per EdgeProp Research, should help you take the plunge. The tender for Shenton House will close on August 1 at 3pm.