Mixed-use tower High Street Centre at 1 North Bridge Road will be available from Tuesday for collective sale via public tender at a reserve price of S$800 million, with approval received for commercial and hotel use.
Owners holding not less than 80 per cent of strata area and share value of the commercial and residential property have agreed to put it on the market with that price tag, the appointed property consultant Cushman & Wakefield confirmed on Monday.
High Street Centre spans a site area of 5,601.9 square metres (sq m) or 60,299 square feet (sq ft) with an allowable gross plot ratio of 7.72, while the gross floor area (GFA) amounts to 43,300.72 sq m or 466,085 sq ft.
Cushman & Wakefield said the Urban Redevelopment Authority (URA) will support a development of at least 60 per cent of the total GFA for commercial use, which may comprise a mix of office and retail (including food and beverage) spaces.
The other 40 per cent of GFA may be allocated either for hotel use – up to a total of 450 keys – or for residential units or serviced apartments, the consultant added.
The sales committee has also sought approval for a top-up to a fresh 99-year lease for the site.
Based on the S$800 million reserve price and depending on the potential developer’s intention on the proposed uses for the site, the land rate works out to about S$2,257 per square foot per plot ratio (psf ppr) to S$2,439 psf ppr, according to Cushman & Wakefield.
This range includes the payment of a differential premium, if any, and a lease-upgrading premium.
With the scarcity of commercial sites available for development in the central business district and the expected tight supply of commercial space up till 2025, the property represents a “compelling” opportunity for developers to secure an asset with the promise of growth, said Christina Sim, director of capital markets at Cushman & Wakefield.
Located in Singapore’s Civic District, the property has a 360-degree view of Marina Bay, Raffles Place, Chinatown, Fort Canning, and the Beach Road corridor.
The 30-storey residential, office and shopping complex was completed in the 1970s.
In its vicinity are Parliament House, The Treasury, the Supreme Court, Old Hill Street Police Station, and Fort Canning Park.
High Street Centre is a seven-minute walk to City Hall MRT interchange, a five-minute walk to Clarke Quay MRT station, and nine minutes away from Fort Canning MRT station.
The site has a three-sided frontage facing Hill Street, North Boat Quay, and North Bridge Road. It also has a waterfront promenade of more than 100 metres towards the Singapore River, and is accessible via North Boat Quay and North Bridge Road.
The tender for 1 North Bridge Road will launch on June 16 and close on Aug 18 at 3pm.