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High Street Centre occupies a 5,601.9 sq m (60,299 sq ft) site with a 7.72 allowable gross plot ratio. It has a total gross floor area of 43,300.72 sq m (466,085 sq ft). Photo: Cushman & Wakefield.
High Street Centre at 1 North Bridge will be launched for collective sale on Tuesday (16 June) with a reserve price of $800 million, revealed appointed property consultant Cushman & Wakefield.
This comes after not less than 80% of the property’s owners by share values and strata area have consented to the sale.
Boasting frontage towards North Boat Quay, North Bridge Road and Hill Street, High Street Centre occupies a 5,601.9 sq m (60,299 sq ft) site with a 7.72 allowable gross plot ratio. It has a total gross floor area of 43,300.72 sq m (466,085 sq ft).
Cushman & Wakefield revealed that the Urban Redevelopment Authority (URA) will “support a development of at least 60% of total gross floor area (GFA) for commercial use which may comprise a mix of office, retail (including F&B) and 40% for hotel”.
“For the hotel portion, the total number of allowable rooms shall not exceed 450 keys. Alternatively, the URA will also support residential or serviced apartments for this 40% quantum,” it added.
The sales committee has also sought a fresh 99-year lease top up for the site.
Based on the $800 million reserve price and depending on the intent of the potential developer on the site’s proposed uses, the land rate works out to around $2,257 per sq ft per plot ratio (psf ppr) to $2,439 psf ppr.
Cushman & Wakefield noted that this includes the payment of a differential premium, if any, as well as a lease upgrading premium.
Situated within Singapore’s Civic District, the property offers 360-degree view of Raffles Place, Marina Bay, Fort Canning, Chinatown and the Beach Road corridor.
It is within walking distance to Clarke Quay and Fort Canning MRT stations as well as City Hall MRT interchange. The property is also near Parliament House, the Supreme Court, the Old Hill Street Police Station, The Treasury and Fort Canning Park.
“With the scarcity of commercial sites available for development in the central business district today and the expected tight supply of commercial space up till 2025, One North Bridge Road represents an even more compelling opportunity for developers who want to secure an asset that has the promise of growth,” said Christina Sim, Director of Capital Markets at Cushman & Wakefield.
The tender for 1 North Bridge Road closes on 18 August.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg