Development site at 70 Shenton Way up for sale by tender

A rare development site at 70 Shenton Way has been put up for sale by tender.

The commercial property, which belongs to Roxy-Pacific Holdings, is located in the Central Business District and is about three minutes’ walk from Tanjong Pagar MRT Station.

The property comprises a four-storey podium and a 17-storey office tower with an existing gross floor area of 19,557 square metres or 210,729 square feet.

It sits on a land area of 1,833.5 square metres or 19,737 square feet.

According to the Master Plan 2008, the site is zoned for commercial use with a plot ratio of more than 8.4 and a building height of up to 35 storeys.

Its sole marketing agent DTZ said provisional permission has been attained from the Urban Redevelopment Authority for the building of a 32-storey “commercial and residential” development at a plot ratio of 10.677.

It has also been granted an in-principle approval by the Singapore Land Authority for a lease top-up to 99 years.

DTZ added that amenities like banks and food & beverage outlets are readily available in the area.

Other significant properties in the area include commercial projects Twenty Anson, Mapletree Anson and Springleaf Tower, as well as new residential towers Lumiere and the upcoming 76 Shenton.

Shaun Poh, DTZ’s senior director for investment advisory services and auction said “the subject site is a rare ‘island’ plot along Shenton Way. At its strategic location, it enjoys sweeping sea views from the East Coast shoreline across to Sentosa.”

“The property should appeal to developers who are seeking good quality development sites in sought-after locations, and end users or investors looking for stand-alone commercial building with naming rights options as their corporate headquarters or a good asset with enhancement potential,” he added.

The tender for the property closes on June 23 at 3pm.

Source : Channel NewsAsia – 18 May 2011

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