Shenton House, located in the heart of the central business district in Singapore, has been put up for collective sale.
In a statement, its sole marketing agent DTZ said the site which is situated at Shenton Way could fetch S$530 million.
This translates to S$1,720 psf per plot ratio based on the allowable approved gross floor area of nearly 427,500 square feet.
The leasehold property sits on a land area of about 3,377 square metres.
DTZ said according to the Master Plan 2008, the site is zoned ‘commercial’, with building height control of up to 35 storeys.
It added that the office market in the Singapore’s CBD is well supported by strong buying momentum in the strata-title sale market and investors’ interest was boosted by the hype created from the launch of two new strata-titled office projects in the area.
They include PS 100 – a 99-year leasehold hotel cum office development by Far East Organisation at Peck Seah Street – which was fully sold in two days at an average high price of S$3,000 per square feet (psf), and Robinson Square – a freehold project that was transacted at prices ranging from S$2,750 psf to S$3,030 psf – which is currently 79 per cent sold.
Shaun Poh, DTZ’s head for Investment Advisory Services and Auction, said: “Subject to relevant authorities’ approval and given that the adjacent developments to the subject site and those in its immediate vicinity comprise residential, hospitality and mixed uses, it is likely that the subject site can be redeveloped into a mixed use development.”
Source : Channel NewsAsia – 14 Mar 2012