High Street Centre up for collective sale at $800 mil

By Valerie Kor
/ EdgeProp Singapore |
June 15, 2020 1:45 PM SGT
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SINGAPORE (EDGEPROP) - High Street Centre at 1 North Bridge Road is being put up for collective sale via private tender. The owners, holding at least 80% by strata area and share value, have put the property on the market at a reserve price of $800 million. Cushman & Wakefield is the marketing consultant.
The site is 60,299 sq ft in size and has an allowable gross plot ratio of 7.72. The total gross floor area (GFA) amounts to 466,085 sq ft. According to Cushman & Wakefield, URA will support at least 60% of total GFA for commercial use, comprising a mix of office, retail units, and 40% for hotel, residential or serviced apartment use. Hotel rooms shall not exceed 450 rooms.
The 31-storey building fronts Hill Street, North Boat Quay and North Bridge Road, and has a waterfront promenade of more than 100m towards the Singapore River. Located within the Civic District of Singapore, the upper floors also have a panoramic view of Marina Bay, Raffles Place, Chinatown, Fort Canning and the Beach Road corridor.
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The location is easily accessible via Central Expressway, East Coast Parkway and Kallang Paya-Lebar Expressway. It is seven minutes by foot to City Hall MRT Station on the East-West Line and North-South Line and six minutes by foot to Clarke Quay MRT Station on the North-East Line.
Christina Sim, director of capital markets at Cushman & Wakefield, says, “With the scarcity of commercial sites available for development in the CBD and tight supply expected until 2025, 1 North Bridge Road represents a more compelling opportunity for developers who want to secure an asset that has the promise of growth.”
The tender launches on June 16 and will close on Aug 18 at 3pm.
For price trends, recent transactions, other project info, check out High Street Centre research page
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