High Street Centre up for collective sale at $748 mil

High Street Centre, a commercial development located at 1 North Bridge Road, is set to be sold via a public tender. The 99-year leasehold site has a reserve price of $748 million and comprises of 60,298 sq ft in area, with three frontages towards Hill Street, North Boat Quay and North Bridge Road, as well as a waterfront promenade of over 100m along the Singapore River.

The Gross Plot Ratio (GFA) of the site is 7.72. This translates to a total Gross Floor Area (GFA) of 466,085 sq ft. Initially the site had a reserve price of $800 million and was put up for collective sale by tender in June 2020. After obtaining an extension from the Ministry of Law, it was relaunched for sale in May 2021 at the same reserve price.

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Cushman & Wakefield has revealed that the Urban Redevelopment Authority (URA) could support a development in the region with a ratio of 60% for commercial use (comprising of offices, restaurants and retail) and 40% for residential or hotel use. If the developer chooses the hotel option, the total number of allowable rooms shall not exceed 450.

According to Christina Sim, senior director of capital markets at Cushman & Wakefield, “this is a great opportunity to acquire a commercial site with the option to develop a hotel within the tracks of Asia’s only Formula 1 Night Race”. Considering the reserve price of $748 million, the land rate would range from $2,164 psf per plot ratio if the quantum is for residential, to $2,290 psf per plot ratio if the hotel option is chosen. This of course includes the Land Betterment Charge and lease upgrading premium to top up the lease to a fresh 99 years.

The tender for High Street Centre closes on the 25th of January 2024 at 3pm. The scarcity of commercial development sites in the City Hall District places a premium on rents for exclusive office spaces, making High Street Centre a great investment.

Recent resale transactions indicate that the collective sale of High Street Centre has potential to bring great returns. To find out more, check out the latest listings for High Street Centre properties.