High Street Plaza Singapore Collective Sale - 77 High Street En Bloc

High Street Plaza Singapore Collective Sale – 77 High Street En Bloc

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.

A Short Walk from High Street Plaza is the Singapore River
A Short Walk from High Street Plaza is the Singapore River. Along the Path Lies Clarke Quay & Boat Quay Entertainment Zone. Attractions around is a Huge Plus to a Redevelopment Site.

High Street Plaza Nearby Amenities and History

Across the Hill Street, behind both these mentioned properties, is the Fort Canning Hill. The Singapore River is just a two-minute walk from High Street Plaza.

Mr. Seah said that the property has good feng shui and if properly redeveloped can be a rejuvenated site quite alike its past glory.

Once redeveloped, the property will have a 360-degree view of Raffles Place, Marina Bat, Fort Canning, Chinatown and also the Beach Road Corridor.

The Clarke Quay MRT Station and the City Hall station is just about 5 to 7 minutes’ walk away while it takes about 12 to 13 minutes on foot to reach Raffles Place MRT Station and Fort Canning Station.

The Old Hill Street Police Station, The Treasury, Parliament House and the Supreme Court are also close by.

Agreement for en bloc sale was reached after owners holding about 80% of strata area and sharing value of the property settled on the reserve price, said ERA.

The owners’ collective sale committee’s chairman Manu Bhojwani highlighted the area’s illustrious history and said that for a long time the area was known as the water fairy gate or chui sien mng (in Chinese).

In the 1900s the area was considered to be the gateway to Singapore as the dismounting point along the river was located here, said Bhojwani. Until the 1970s it was also a popular shopping destination.

The High Street Plaza’s collective sale tender will close at 3PM on 24th February.

High Street Plaza Singapore En Bloc Details

Tenure: 999-year Leasehold

Land Size:  13,229 sq ft square feet

Gross Floor Area: 110,974 sq ft

Gross Plot Ratio: 8.388

Nearest MRT: Clarke Quay, City Hall & Fort Canning

Address: 77 High Street

District: 6

Marketing Agent: ERA Realty Network

Reserve Price: S$239 million

Tender Close: February 24, 2021

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