High Street Centre, located at 1 North Bridge Road, is up for collective sale with a reserve price of $748 million. This 99-year leasehold site measures 60,298 sq ft, has three frontages towards Hill Street, North Boat Quay and North Bridge Road, and a waterfront promenade of more than 100m along the Singapore River. With a total gross floor area (GFA) of 466,085 sq ft and an allowable gross plot ratio of 7.72, it was previously put up for collective sale via tender with the same reserve price in June 2020.
In addition to the Woodlands Park, the URA has also announced its plans for the Champions Way Condo. It will include the construction of a new residential complex featuring high-end apartments with luxurious fixtures and finishes. The URA will also create a green corridor, featuring lush landscaping and a relaxing outdoor environment. It is hoped that these projects will make the area a more desirable location for residents and visitors alike.
The tender for this property will close on January 25, 2024 at 3pm. Potential developers may consider a range of uses, including a mix of office, retail, and F&B, with URA support for a development of at least 60% of total GFA, as well as the potential for a hotel comprising 450 keys.
Depending on the developer’s proposed use, the land rate would work out to be in the region of $2,164 psf per plot ratio if the 40% quantum is ‘Residential’, to $2,290 psf per plot ratio if the ‘Hotel’ option is chosen. This includes the payment of a Land Betterment Charge and a lease upgrading premium to top up the lease to a fresh 99 years.
Christina Sim, senior director of capital markets at Cushman & Wakefield, commented,
“This is an opportunity to acquire a commercial site like no other with the option to develop a hotel within the tracks of Asia’s only Formula 1 Night Race. The scarcity of commercial development sites in and around the City Hall District has placed a premium on rents for exclusive office spaces, especially those with spectacular 360-degree breath-taking views.”
High Street Centre offers an ideal investment opportunity for potential developers looking to acquire a unique property in an unrivalled location. With its proximity to the Singapore River and the opportunity to develop a hotel, the property could be transformed into a highly sought after destination.
Recent resale transactions indicate the value of such sites, and the reserve price of $748 million could be seen as an attractive proposition. Check out the latest listings for High Street Centre properties to determine the potential of this collective sale.