Owners of the mixed-use tower High Street Centre are taking a second shot at collective sale. The property located at 1, North Bridge Road is being put up into the market via a public tender.
The Collective Sale Committee have obtained the necessary 6-month extension under the Temporary Measures for Conduct of Collective Sale of Property Order 2020 which was announced in the wake of the Covid-19 pandemic.
The 30-storey commercial building was completed in 1970s and has residential apartments, offices and a shopping complex.
Cushman & Wakefield the appointed consultant for this sale informed that owners who hold more than 80% of the property by share value and strata area have consented to the sale of the property at S$800 million.
They are also undertaking a fresh consent exercise for a lower reserve price of S$700 million in case the property doesn’t find takers at the current reserve price.
The site has a total area of 60,299 square feet (5,601.9 square metres) and has a 7.72 Gross Plot Ratio which translates to allowable gross floor area (GFA) of 466,085 square feet (43,300.72 square metres).
Cushman & Wakefield has informed that URA (Urban Redevelopment Authority) would allow 60% of the GFA to be put for commercial use which in turn can be used for office space and retail purpose that would also include F&B businesses.
Residential, serviced apartments and hotel can come up in the remaining 40% GFA.
As a part of the tender presented by Cushman & Wakefield last year the land rate for this site translates between S$2,257 and S$2,439 psf ppr based on the current reserve price of S$800m.
The variation in the land price would be determined on how the new developer plans to make use of this site.