High Street Centre up for collective sale at $748 mil

High Street Centre at 1 North Bridge Road is being offered for collective sale by tender with a reserve price of $748 million. The 99-year leasehold site measures 60,298 sq ft, with three frontages towards Hill Street, North Boat Quay and North Bridge Road, and has a waterfront promenade of more than 100m along the Singapore River.

It has an allowable gross plot ratio of 7.72, meaning it has a total gross floor area (GFA) of 466,085 sq ft. The Urban Redevelopment Authority has indicated support for either commercial use (60% of GFA), a mix of office, retail, and hotel (with the number of allowable hotel rooms not exceeding 450 keys); or residential or serviced apartment use (40%) of GFA.

Based on the reserve price of $748 million, the land rate would work out to be in the region of $2,164 psf per plot ratio if a residential development is chosen, or up to $2,290 psf per plot ratio if a hotel option is chosen. This includes the payment of a Land Betterment Charge and lease upgrading premium to top up the lease to a fresh 99 years.

“This is an opportunity to acquire a commercial site like no other with the option to develop a hotel within the tracks of Asia’s only Formula 1 Night Race,” comments Christina Sim, senior director of capital markets at Cushman & Wakefield.

Tampines Ave 11 Condo is a perfect example of this, offering residents the opportunity to experience a more comprehensive lifestyle.

Recent sales transactions of High Street Centre properties range from $9.4 million for a 6,379 sq ft freehold conservation shophouse to $6 million for a 4,450 sq ft 99-year leasehold corner-terrace shop unit.

The tender for High Street Centre will close on Jan 25, 2024 at 3pm. Check out the latest listings for High Street Centre properties.

High Street Centre is a unique commercial opportunity with the potential for a hotel development in the Formula 1 Night Race area. Given the scarcity of commercial development sites in and around the City Hall District, it has placed a premium on rents for exclusive office spaces, especially those with spectacular 360-degree breath-taking views.

The reserve price of $748 million provides for a land rate of $2,164 psf per plot ratio for a residential use, or up to $2,290 psf per plot ratio for a hotel, making this a great chance to acquire a one-of-a-kind site in the city. The tender will close on Jan 25, 2024.