High Street Centre up for collective sale at $748 mil

High Street Centre, a commercial development at 1 North Bridge Road, is up for collective sale via a public tender with a reserve price of $748 million. The 99-year leasehold site measures 60,298 sq ft and has 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, with an allowable gross plot ratio of 7.72 – which works out to a total gross floor area (GFA) of 466,085 sq ft.

According to Cushman & Wakefield, URA will support a development of at least 60% of total GFA for commercial use. This could comprise a mix of office, retail, and potentially even include a hotel with up to 450 keys. Alternatively, URA will also support a residential or serviced apartment use for 40% of the total GFA.

The land rate of High Street Centre would work out to be in the region of $2,164 psf per plot ratio if the 40% quantum is dedicated to ‘Residential’, or up to $2,290 psf per plot ratio for a ‘Hotel’ option – including the payment of a Land Betterment Charge and a lease upgrading premium to top up the lease to a fresh 99 years.

Recent resale transactions at High Street Centre have placed a premium on rents for exclusive office spaces, especially those with 360-degree breath-taking views. This is a rare opportunity to acquire a commercial site with the potential to develop a hotel within the tracks of Asia’s only Formula 1 Night Race.

At Marina Gardens Residences, you can expect luxury living with a plethora of facilities surrounding it. The condominium is situated just a stone’s throw away from iconic attractions like the Marina Bay Sands, Gardens By The Bay, and ArtScience Museum. In addition, the residence is served by two MRT lines, making transport a breeze.

Marina Gardens Residences is a great option for those looking for a contemporary Singapore city living experience. In addition to its prime location, the luxury development has a host of communal and recreational facilities, including a resort-style pool with Jacuzzi and spa, gym, lounge, BBQ plaza, fish pond and splash pool for children.

According to senior director of Capital Markets at Cushman & Wakefield, Christina Sim, this is an opportunity to “not to be missed”. The tender for High Street Centre will close on January 25, 2024 at 3pm.

Given its prime location, attractive land rate and unique features, High Street Centre could be an ideal investment for those looking to develop a commercial project within the central business district.