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High Street Centre at One North Bridge Road is Up for Collective Sale with approval for Commercial and Hotel Use

15/06/2020

High Street Centre at One North Bridge Road is Up for Collective Sale

Singapore, 15 June 2020 - High Street Centre at No. 1 North Bridge Road is up for sale via a public tender. Cushman & Wakefield, the appointed property consultant for the collective sale has confirmed that owners holding not less than 80 per cent by strata area and share values have agreed to put the property to market at a reserve price of $800 million.

One North Bridge Road is a sizeable prominent commercial site boasting 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.

With a site area of 5,601.9 sq m (60,299 sq ft) and an allowable gross plot ratio of 7.72, the total gross floor area amounts to a significant 43,300.72 sq m (466,085 sq ft).

According to Cushman & Wakefield, the URA will support a development of at least 60 per cent of total gross floor area (GFA) for commercial use which may comprise a mix of office, retail (including F&B) and 40 per cent 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 of $800 million 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 $2,257psf per plot ratio to $2,439 psf per plot ratio. This includes the payment of a differential premium (if any) and a lease upgrading premium.

Located within the Civic District of Singapore, One North Bridge Road has a commanding 360-degree view of Marina Bay, Raffles Place, Chinatown, Fort Canning, and the Beach Road corridor. Her distinguished neighbours include Parliament House, The Treasury and Supreme Court Buildings, the Old Hill Street Police Station and the historic Fort Canning Park.

The site is easily accessible to other parts of the island via the Central Expressway (CTE), East Coast Parkway (ECP) and Kallang Paya-Lebar Expressway (KPE). It is within walking distance to City Hall MRT interchange, Clarke Quay and Fort Canning MRT stations.

According to Ms Christina Sim, Director of Capital Markets at Cushman & Wakefield, ‘High Street Centre will be a trophy for any developer who want to put his mark on Asia’s leading city. This is an opportunity to create a stellar sky scraper befitting of its distinguished neighbours and its legacy. Further, with the scarcity of commercial sites available for development in the central business district today and the expected tight supply of commercial space up till 2025, One North Bridge Road represents an even more compelling opportunity for developers who want to secure an asset that has the promise of growth.

The tender for One North Bridge Road launches tomorrow Tuesday 16 June 2020 and closes on Tuesday 18 August 2020 at 3.00pm.

 

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