High Street Centre up for collective sale at $748 mil

High Street Centre, a 99-year leasehold commercial development located at 1 North Bridge Road, is up for collective sale via a public tender with a reserve price of $748 million. It has three frontages towards Hill Street, North Boat Quay and North Bridge Road. The total gross floor area (GFA) for the 60,298 sq ft site works out to be 466,085 sq ft, thanks to the allowable gross plot ratio of 7.72.

Previously, the property was put up for collective sale by tender with a reserve price of $800 million in June 2020. After obtaining an extension, it was relaunched for tender in May 2021 at the same reserve price.

According to Cushman & Wakefield, the URA will support a development of at least 60% of total GFA for commercial use, including a mix of office, retail (including F&B). For the remaining 40%, it can either be used for hotel with not more than 450 keys, or for residential or serviced apartments. Depending on the potential developer’s proposed use for the site, the land rate would be in the region of $2,164 psf per plot ratio if the 40% quantum is ‘Residential’, or $2,290 psf per plot ratio if ‘Hotel’ is chosen.
High Street Centre offers an opportunity to acquire a commercial site with the option to develop a hotel within the tracks of Asia’s only Formula 1 Night Race, as noted by Cushman & Wakefield’s senior director of capital markets, Christina Sim.

The tender for High Street Centre will close on Jan 25, 2024 at 3pm. The scarcity of commercial development sites in and around the City Hall District has placed a premium on rents for exclusive office spaces, making this collective sale attractive.
High Street Centre, a commercial development located at 1 North Bridge Road, is up for collective sale via a public tender with a reserve price of $748 million. With an allowable gross plot ratio of 7.72, the 99-year leasehold site measures 60,298 sq ft with three frontages towards Hill Street, North Boat Quay, and North Bridge Road. It also has a waterfront promenade of more than 100m along the Singapore River.

The estate also incorporates environmentally friendly elements such as energy-saving LED lights, rainwater harvesting system, smart carparking system and 3-dimensional green wall system. Residents enjoy the added safety and security of smart card access and facial recognition security systems. The amenities and facilities within Tengah Plantation Close EC are designed to provide maximum space and comfort for its residents. Amenities such as a 50m free form swimming pool, outdoor gym, tennis court, banquet hall, roof top garden and BBQ area are available. There is also a child care centre and multi-purpose hall for family activities. With all these features, Tengah Plantation Close EC provides a perfect blend of comfort and convenience for its residents.

Tengah Plantation Close EC has taken the comforts of home a step further by introducing a groundbreaking smart home system. Residents have the ultimate convenience to control and manage various appliances and devices with their smartphones and voice commands. In addition, features such as energy-saving LED lights, rain harvesting system, smart carparking system, 3-dimensional green wall system and facial recognition security system brings optimum safety and security for its residents. To further promote quality lifestyle, the condominium offers a wide variety of amenities and facilities such as a 50m free form swimming pool, outdoor gym, tennis court, banquet hall, roof top garden and BBQ area. Besides that, a child care centre and multi-purpose hall are available for family activities. With all these features, Tengah Plantation Close EC is committed to providing its residents a perfect balance of convenience and comfort.

The property was previously put up for collective sale by tender with a reserve price of $800 million in June 2020. It was granted a six-month extension, and the tender was relaunched for collective sale in May 2021 at the same reserve price.

Cushman & Wakefield has advised that 60% of the total Gross Floor Area (GFA) for the site should be used for commercial use, such as office and retail (including F&B). Of the remaining 40%, the URA supports either a hotel option with not more than 450 rooms, or residential or serviced apartment use for this quantum.

Depending on the chosen use for the site, the land rate could range from $2,164 psf per plot ratio for ‘Residential’ to $2,290 psf per plot ratio for ‘Hotel’. This includes the payment of a Land Betterment Charge and a lease upgrading premium to top up the lease to a fresh 99 years.

High Street Centre offers a unique opportunity to acquire a commercial site within the tracks of Asia’s only Formula 1 Night Race. There is also a premium on rents for exclusive office spaces in the City Hall District.

The tender for High Street Centre will close on Jan 25, 2024 at 3pm. Check out the latest listings for High Street Centre properties to find out more about this attractive collective sale.