High Street Centre makes second collective sale attempt
High Street Centre, located at 1 North Bridge Road, has an area of 60,299 sq ft and a total gross floor area of 466,085 sq ft.
High Street Centre at 1 North Bridge Road has been put up for sale via a second public tender, after securing a six-month extension granted by the Ministry of Law.
“Owners holding not less than 80% by strata area and share values have agreed to put the property to market at the current mandated reserve price of $800 million, while concurrently working to obtain consensus for the lower reserve price of $700 million,” said appointed property consultant Cushman & Wakefield.
High Street Centre is a landmark commercial site with three-sided frontages towards North Bridge Road, Hill Street and North Boat Quay. It enjoys a 100m waterfront promenade along Singapore River as well as 360-degree views of Raffles Place, Marina Bay, Beach Road and Fort Canning.
With an area of 5,601.9 sq m (60,299 sq ft), the site has an allowable gross plot ratio of 7.72, which amounts to a total gross floor area (GFA) of 43,300.72 sq m (466,085 sq ft).
Cushman & Wakefield revealed that the URA will “support a development of at least 60% of total GFA for commercial use, which may comprise a mix of office, retail (including F&B) and 40% for hotel, serviced apartments or residential use”.
Christina Sim, Director of Capital Markets at Cushman & Wakefield, described High Street Centre as a “trophy asset” for developers.
“This is an opportunity to create a stellar skyscraper befitting its distinguished neighbours and legacy. Further, 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,” she said.
The tender for High Street Centre closes on 17 June.
Source: CommercialGuru, 20 May 2021