High Street Centre, a mixed-use tower in district 6 is up for collective sale via public tender.
The commercial site has an approval received for commercial and hotel use, with the reserve price set at S$800 million by the owners.
More than 80% of the owners who hold share value and strata area in this residential cum commercial property agreed to the collective sale and put it on the market.
This was announced by Cushman & Wakefield, the appointed property agents for this sale.
High Street Centre covers an area of 60,299 square feet or 5,601.9 square metres with high (GPR) gross plot ratio of 7.72 and its gross floor area (GFA) of 466,085 sq ft or 43,300.72 sq m.
The commercial tower was inaugurated in 1970s and comprises of office space, a shopping complex and residential units spread across 30 levels.
According to the property agents of the sale, the Urban Redevelopment or URA has approved the redevelopment of 60% of the gross floor area (GFA) for commercial use which included of retail and office and F&B spaces.
The agents added that the rest of the remaining 40% in the redevelopment to be used for developing a hotel (450 keys Max) or to be used for residential properties or serviced apartments.
At the meantime, the (CSC) or Collective Sales Committee has also applied and sought approval for topping-up of the lease tenure to a new 99-year term for this prime site.
Base on the reserve price of S$800 million and depending on differential premium payment, the land rate works out to S$2,257 and S$2,439 psf ppr that includes lease-upgrading premium, Cushman & Wakefield’s said.
Christina Sim, Cushman & Wakefield’s Director of Capital Markets said that the prime commercial site offers a great investment opportunity for a developer looking for a footprint in the Singapore Central Business District.
Very few sites like this are in the market and she added that this commercial site offers great prospects of growth and return on investment given the fact that commercial spaces would be scarce in this area till 2025.
The public tender for 1 North Bridge Road will close on Aug 18 at 3 pm