A public tender was recently released for the proposed sale of High Street Plaza Singapore, a mixed-use building.
The standby price for the property has been settled at S$239 million. ERA Realty Network, the chosen marketing agent while addressing the press also revealed that the property enjoys a 999-year lease.
The 11 storey building was constructed in the 1970s and has until now mostly been used as office space. It is located on the 77 High Street.
The land rate for per square foot ppr (per plot ratio) works out to be around S$2,153.
This has been calculated on the basis of the existing 110,974 sq ft as the URA or Urban Redevelopment Authority attested the development baseline area or built gross floor area for the plot to be. The ERA said that the actual gross ratio for the plot is around 8.388.
Currently the URA Master Plan has approved the site for commercial use and has earmarked a lower GPR of 7.0. When calculated in terms of gross floor area, it stands at about 8,603 sq mtrs or 92,602 square feet.
The commercial property sits on a site area of around 13,229 square feet.
According to the senior division director of ERA, Terence Seah, all investors, property developers and users have the chance to name their assets and have been promised growth.
Mr. Seah said that this step was taken since there is a considerable scarcity of well-located and small sized commercial properties in the central business district of Singapore which can be redeveloped or rejuvenated.
He also said that in the near future there is going to be an expected tight supply of commercial space in the area.
Another property just adjacent to the High Street Plaza is the High Street Centre which is a 30-storey residential, shopping and office property which was put up for en-bloc sale in June 2020. The reserve price was then set to be S$800m.