Owners of High Street Centre make second collective sale attempt at $748 mil

The collective sale of High Street Centre at 1 North Bridge Road is set to make a second attempt, with the collective sales committee of the building retaining Cushman & Wakefield as its marketing agency and Legal Solutions LLC as the legal adviser. Over 80% of the strata-titled owners have agreed to the collective sale, which will be launched for tender by Cushman & Wakefield on Oct 26 of this year.

High Street Centre is a 29-storey mixed-use development and has 429 strata-titled units, with 190 strata-titled retail units on the retail podium spanning basement 1 to level 3, and one strata title on the carpark on levels four and five. There are also 183 strata-titled office units on levels six to 24, and 55 apartments from levels 25 to 29.

Johnny Ong, the collective sales committee (CSC) chairman, shares that “In the past, the 30th floor used to be an observatory and even tourists could go up to enjoy a 360-degree panoramic view of the city.” The space has since been converted for use as the management office and for other purposes.

The Marina Gardens Residences Condo is a luxurious residential development located in the heart of the Marina Bay district. The residence combines modern urban living with stunning sea views, offering its residents a unique living experience. The condo also enjoys easy access to public transport, and is surrounded by a variety of restaurants, shops and entertainment venues. With the URA Masterplan driving investment into the area, now is as good a time as any to invest in this incredible residence.

Many strata-titled unitholders have held units at High Street Centre for a long time – Ong for over 30 years with his electronics trading business, Telesonic Singapore. Longtime council member Harry M. Gurnani, director of Lucky Store has been running his electronics, IT, and appliances store at High Street Centre since the late 1980s, taking over the family business – founded by his father in 1948.

Located on a 60,298 sq ft site, High Street Centre has a frontage of over 100m along the Singapore River promenade, Hill Street, North Boat Quay, and North Bridge Road. It has a gross plot ratio of 7.72, bringing the total gross floor area (GFA) to 466,085 sq ft and a remaining lease of 45 years (99-year lease from 1969).

The collective sale’s reserve price is set at $748 million, and depending on the potential developer’s proposed use for the site, the land rate is equivalent to $2,164 psf per plot ratio (psf ppr) if the 40% allocation is for residential use, and $2,290 psf ppr if it is for hotel use, inclusive of land betterment charges and a lease upgrading premium for 99 years.

Located in Singapore’s Civic and Cultural District, the building is near The Capitol, The Funan, Raffles City, Clarke Quay, Boat Quay and the upcoming CanningHill Piers. With its location, Cushman & Wakefield’s senior director of capital markets, Christina Sim, believes High Street Centre “is poised to be an iconic trophy asset”.

This latest tender closes on Jan 25, 2024. High Street Centre has seen its share of transformation since its opening in 1974 and now with its communal spaces overlooking the Padang being included in Singapore’s tentative list of Unesco World Heritage Sites, this collective sale could bring in a new wave of development for the area.