IOI Properties Advances S$464M Shenton House Redevelopment in Singapore CBD
4 October 2026 · PropertySpy Research
IOI Properties is moving forward with the S$464 million consolidation and mixed-use redevelopment of Shenton House, adding another major catalyst to the Shenton Way transformation corridor.
Key Takeaways
IOI Properties is moving ahead with the S$464 million acquisition and redevelopment of Shenton House in Singapore's Central Business District, consolidating ownership of the prime Shenton Way parcel. The project is slated for a comprehensive mixed-use transformation under the Urban Redevelopment Authority's (URA) CBD Incentive Scheme.
Originally completed in the 1970s, Shenton House sits along a rapidly modernizing stretch of Shenton Way and Maxwell. By tapping URA's incentive framework—which grants up to a 25% bonus gross floor area for converting ageing standalone office blocks into mixed-use developments—the site can accommodate a new generation of Grade A office floors, hospitality, and luxury residential sky suites.
"Shenton Way is shedding its old nine-to-five office skin—each ageing tower that gets redeveloped into a mixed-use landmark raises the residential desirability of District 1 and 2." — PropertySpy Market Note
Together with nearby redevelopments such as Skywaters and Newport Plaza, the Shenton House transformation reinforces the southward shift of prime commercial and residential gravity toward Marina Bay and the Greater Southern Waterfront.
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For owners and buyers of residential apartments in Marina Bay, Shenton Way, and Tanjong Pagar, ongoing construction brings temporary disruption followed by a permanent uplift in streetscape vibrancy and retail amenities. Buyers with a 5-to-7-year horizon should examine existing District 1 and 2 residences trading well below future mixed-use launch PSF benchmarks.
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