High Street Centre up for sale via public tender for $748m

The tender closes on 25 January 2024.

Cushman and Wakefield announced the sale of the High Street Centre at One North Bridge Road via public tender.

The property is priced at $748m, as agreed by owners holding not less than 80% strata area and share values.

This is the second time that the property has been put up for sale following its previous launch in June 2020.

The property has 3-sided frontages towards Hill Street, North Boat Quay, and North Bridge Road. It also has a waterfront promenade of more than 100 m along the Singapore River and is accessible via North Boat Quay and North Bridge Road.

The property has a site area of 5,601.9 sqm or approximately 60,298 sq ft and an allowable gross plot ratio of 7.72. The total gross floor area amounts to a significant 43,300.72 sqm or approximately 466,085 sq ft.

The Urban Development Authority (URA) will allow commercial development of at least 60% of the total gfa which may comprise office, retail, and 40% hotel. The hotel portion is allowed to have a maximum of 450 rooms.

The URA will also allow residential or serviced apartment use for up to 40%. There will be no ABSD as the zoning site is “Commercial.”

The land rate is estimated at $3,164 psf per plot ratio if the 40% quantum is “Residential” and $2,290 psf per plot ratio if the “Hotel” portion is chosen.

This includes the payment of a Land Betterment Charge (if any) and a lease upgrading premium to top up the lease to a fresh 99 years.

The tender will close on 25 January 2024.

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