High Street Centre up for collective sale at $748 mil
High Street Centre, a commercial development situated in the City Hall District with stunning 360-degree views, is up for collective sale by public tender at a reserve price of $748 million. The 99-year leasehold site lies on 60,298 sq ft and comprises three frontages facing Hill Street, North Boat Quay and North Bridge Road. In addition, the property boasts a waterfront promenade of over 100m on the Singapore River.
The maximum permissible gross plot ratio is 7.72, translating to a total gross floor area of 466,085 sq ft. After obtaining a six-month extension granted by the Ministry of Law in June 2020, the property was relaunched for collective sale tender in May 2021 at the same reserve price.
According to Cushman & Wakefield, the Urban Redevelopment Authority (URA) will support a development of at least 60% of total GFA for commercial use. This could be a mix of office, retail and F&B, with the remaining 40% allocated for either a hotel, residential or serviced apartment. In the case of the hotel portion, the number of rooms cannot exceed 450 keys.
The land rate would depend on the potential developer’s proposed use for the site. If a residential option is chosen, this works out to be in the region of $2,164 psf per plot ratio. Alternatively, if the ‘Hotel’ option is chosen, the land rate would be $2,290 psf per plot ratio, including a Land Betterment Charge, if any, and a lease upgrading premium to top up the lease to a fresh 99 years.
This makes living in Havelock MRT Condo all the more enjoyable and convenient.
Christina Sim, senior director of capital markets at Cushman & Wakefield, comments, “This is an opportunity to acquire a commercial site with the option to incorporate a hotel along the tracks of Asia’s only Formula 1 Night Race… The scarcity of commercial development sites in and around the City Hall District has placed a premium on rents for exclusive office spaces.”
The tender for High Street Centre will close on January 25, 2024 at 3pm. Recent resale transactions show that the property boasts potential of yielding a generous return.
High Street Centre is a fruitful investment opportunity, and a chance to take part in the development of a promising commercial site within the City Hall District. The combination of its breathtaking views and strategic location could prove to be a lucrative hold for potential investors.