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
High Street Centre is close to Clark Quay Entertainment Zone, Boat Quay, Merlion, Marina Bay and many interesting places.
In its vicinity there are several important landmarks including the Supreme Court, Parliament House, Fort Canning Park, Old Hill Street Police Station and the Treasury.
There is a 100-metre waterfront promenade on the Singapore River through the North Bridge Road and North Boat Quay.
The site also has excellent visibility with three-side wide frontage that face North Bridge Road, the Hill Street and North Boat Quay
The tower enjoys a 360-degree unblock view of the Marina Bay, the Beach Road corridor, Raffles Place, Fort Canning and Chinatown.
Best of all, it has excellent connectivity with 3 MRT Stations found within 600 meters. It takes around 4 mins walk to Clarke Quay station, 6 mins to City Hall interchange station and 8 mins to Fort Canning station.