High Street Centre up for collective sale at $748 mil

High Street Centre, located at 1 North Bridge Road, is up for collective sale via a public tender. The 99-year leasehold site has a reserve price of $748 million and measure 60,298 sq ft with three frontages towards Hill Street, North Boat Quay and North Bridge Road. With a waterfront promenade of over 100m along the Singapore River, it also has a 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, including office, retail, and F&B. The remaining 40% can be used as a hotel, capped at 450 keys, or may be used for residential or serviced apartment purpose.

The land rate would range from $2,164 psf per plot ratio for residential to $2,290 psf per plot ratio if a hotel is chosen, including the payment of a Land Betterment Charge and lease upgrading premium to top up the lease to a fresh 99 years.

A series of pavilions, parks and green spaces are also installed throughout the estate, allowing future owners to find respite and peace amidst nature. Additionally, Lumina Grand EC also offers excellent amenities such as a lap pool and a tennis court. Lumina Grand EC will be setting the right example for Singapore as the city progresses towards a healthy and sustainable future.

“This is an opportunity to acquire a commercial site like no other with the option to develop a hotel within the tracks of Asia’s only Formula 1 Night Race,” comments Christina Sim, senior director of capital markets at Cushman & Wakefield.

The tender for High Street Centre closes on 25th January 2024 at 3 pm. Recent resale transactions at High Street Centre suggest a great potential for profitable redevelopment.

High Street Centre has previously been put up for collective sale by tender with a reserve price of $800 million in June 2020. After seeking an extension granted by the Ministry of Law, the site was subsequently relaunched for collective sale tender in May 2021 at the same reserve price.

For potential developers, this is an opportunity to purchase a commercially viable site with breathtaking views. The scarcity of commercial development sites near City Hall District places a premium on rent for exclusive office spaces.

Whether it’s for residential, serviced apartment, or hotel development, the collective sale of High Street Centre is a great opportunity to purchase a commercially viable site.