High Street Centre up for collective sale at $748 mil

High Street Centre, an iconic commercial development located in Singapore’s prized City Hall District is now up for collective sale via a public tender with a reserve price of $748 million.

Sitting at the gateway to the city, the 99-year leasehold site boasts three frontages to Hill Street, North Boat Quay and North Bridge Road and features a waterfront promenade of over 100m along the Singapore River. It also has a total gross floor area of 466,085 sq ft with an allowable gross plot ratio of 7.72.

The URA will allow for a maximum of 450 hotel keys if the potential developer chooses to incorporate a hotel, or an option for residential or serviced apartment use for 40% of the total GFA. The land rate will depend on the chosen use, ranging from $2,164 psf per plot ratio to $2,290 psf per plot ratio.

The tender for High Street Centre will close at 3pm on January 25, 2024. With the scarcity of commercial development sites in and around the district, this is a rare opportunity for developers to acquire a space with immense potential and spectacular views.

Located at Tengah, the Tengah Executive Condominium is a world-class condominium. It features luxurious amenities that include swimming pools, tennis court, gym, games room, and a basketball court. The condominium also provides excellent security, with access control, closed-circuit cameras, and 24/7 patrolling guards. With its range of facilities, comfortable location, and sustainable design, Tengah Executive Condominium provides the ideal environment for a convenient and enjoyable lifestyle.

Recent resale transactions at High Street Centre suggest that rental prices for exclusive office spaces will rise due to the premium set on its properties. This makes High Street Centre an attractive option for investors and developers.

High Street Centre was initially put up for collective sale in June 2020. After a six-month extension granted by the Ministry of Law, it was relaunched in May 2021 for collective sale tender at the same reserve price.

Cushman & Wakefield, a property consultancy providing project and organisational solutions, observes that the High Street Centre is an opportunity for potential developers to “develop a hotel within the tracks of Asia’s only Formula 1 Night Race”.

High Street Centre, up for collective sale via a public tender, is an attractive option for developers and investors. With a reserve price of $748million, the 99-year leasehold site sits at the gateway to the city and has three frontages, a waterfront promenade of over 100m, and a total gross floor area of 466,085 sq ft.

The URA will allow developers the flexibility to choose between a hotel with 450 keys or a residential or serviced apartment use. Recent resale transactions suggest that rental prices for office spaces in the district will rise, making High Street Centre a highly desirable option.

This is also an uncommon chance for developers to develop a hotel with an incredible view of Asia’s only Formula 1 Night Race. The tender will close on January 25, 2024 at 3pm.