High Street Centre up for public tender at $800m

URA will support a development of at least 60% of GFA for mixed commercial use.

High Street Centre at No. 1 North Bridge Road is up for sale via public tender. The owners, who hold not less than 80% of the strata area and share values, have agreed to put the property to market at a reserve price of $800m, according to appointed property consultant Cushman & Wakefield.

With a site area of 5,601.9 sqm (60,299 sqft) and an allowable gross plot ratio of 7.72, the total gross floor area amounts to 43,300.72 sqm (466,085 sqft). The Urban Redevelopment Authority (URA) will support a development of at least 60% of total gross floor area (GFA) for commercial use, which may comprise a mix of office, retail (including F&B) and 40% for hotel.

For the hotel portion, the total number of allowable rooms shall not exceed 450 keys. Alternatively, the URA will also support residential or serviced apartments for this 40%
quantum. The sales committee has sought approval for a top-up to a fresh 99-year lease.

Based on the reserve price and depending on the potential developer’s intention on the proposed uses for the site, the land rate would work out to be in the region of $2,257 to $2,439 psf per plot. This includes the payment of a differential premium, if any, and a lease upgrading premium.

One North Bridge Road boasts a 3-sided frontage towards Hill Street, North Boat Quay and North Bridge Road. It has a waterfront promenade of more than 100 metres towards the Singapore River and is accessible via North Boat Quay and North Bridge Road.