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 in Singapore, has once again been put up for collective sale by tender. This time, with a reserve price of $748 million.
The site, which measures 60,298 sq ft with three frontages towards Hill Street, North Boat Quay and North Bridge Road, also has a waterfront promenade of more than 100m along the Singapore River. The site has an allowable gross plot ratio of 7.72 and a total gross floor area of 466,085 sq ft.
Cushman & Wakefield have revealed that the Urban Redevelopment Authority (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). Additionally, the URA will also support a residential or serviced apartment use for the remaining 40% quantum, with the total number of allowable rooms being limited to 450 keys.
Depending on the potential developer’s proposed use of the land, the land rate would range from $2,164 psf per plot ratio for a residential option to $2,290 psf per plot ratio if the ‘Hotel’ option is chosen. This includes the payment of a Land Betterment Charge, if any, and a lease upgrading premium to top up the lease to 99 years.
“The scarcity of commercial development sites in and around the City Hall District has placed a premium on rents for exclusive office spaces, especially those with spectacular 360-degree breath-taking views. 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.
From boutiques to a cinema, there is something for everyone. The mall also boasts several unique eateries, offering a wide selection of cuisines for locals and visitors alike.
The shopping experience at Holland Road Shopping Centre is a unique one that can’t be found anywhere else. It’s a great place to wander around and explore a variety of stores, restaurants, and entertainment venues. The convenient location also makes it a great stop for locals and tourists alike. Whether you’re looking for a new outfit or a trendy cafe, the Holland Drive Condo mall has something to offer. So come and be a part of this unique shopping experience at Holland Road Shopping Centre and enjoy the eclectic mix of stores at Holland Condo.
Recent resale transactions at High Street Centre also highlight the prime location of the site. The tender for High Street Centre will close on Jan 25, 2024 at 3pm.
For those interested in High Street Centre, don’t miss out on this collective sale opportunity. With an attractive reserve price and potential use options, the site offers a great choice for investment.