Shenton House, located in the Central Business District, is being marketed for collective sale at a reserve price of $590 million, equivalent to $2,035 per square foot of floor area.

Shenton House, a 99-year leasehold commercial development, is a 25-storey, 36,350 sq ft building with 203 commercial units and a car park.

Jones Lang LaSalle (JLL) issued a statement on Monday (6 February) stating that the site is zoned commercial under the Urban Redevelopment Authority's 2019 master blueprint, with a total plot ratio of 11.2.

Under the Central Business District Incentive Scheme (CBD Incentive Scheme), the lot could have an additional gross floor area (bonus GFA) of up to 25 per cent, which could be redeveloped into a mixed-use project or hotel with a total plot ratio of up to 14.0.

Assuming 40% residential GFA for the future mixed-use development, the retained price of $590 million, equivalent to a plot ratio of approximately $2,035 per square foot, includes a land betterment charge of $446 million and a lease top-up premium.

Including the additional balcony area of 7%, the floor area ratio is $2012 per square foot.

There are a number of offices and hotels in the vicinity of Sandton House, including Asia Square One and Two, Marina One, The Westin Singapore and Sofitel Singapore City Centre.

Sandton House is closest to Sandton Road MRT station and within 10 minutes walk from Downtown, Tanjong Pagar and Marina Bay MRT stations.

According to Tan Hong Boon, Executive Director of Jones Lang LaSalle Singapore Capital Markets, investors and landlords are bullish on the medium to long-term prospects of the country as demand for assets in our central business district continues to grow.

The tender for Sandton House closes at 3pm on 11 April.