Singapore office sells for $392m
Shenton 101 Pte Ltd. has acquired Shenton House, located in Singapore’s CBD, for S$538 million ($392 million).
Shenton 101 Pte Ltd. is a company owned by Lee Yeow Seng, CEO and major shareholder of IOI Properties Group Berhad, listed on the Bursa Malaysia Securities Berhad.
“With over half a million square feet of gross floor area, we will develop this strategically located and very prominent site into a premier grade A office and luxury branded service residences. This purchase demonstrates my continued confidence in Singapore’s prime office sector and residential rental market,” said Yeow Seng.
Prominently fronting Shenton Way with triple frontages, the 3,377-square-meter (36,350-square-foot) Shenton House site is zoned “commercial” with a gross plot ratio (GPR) of 11.2 in the 2