High Street Centre Takes 2nd Shot at En Bloc Sale for S$800m Reserve Price

High Street Centre Takes 2nd Shot at En Bloc Sale for S$800m Reserve Price

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.

High Street Centre Sits in Front of Singapore River That spans around 3.2 km

High Street Centre Site Has Strong Attributes

Christina Sim, Cushman & Wakefield’s Director of Capital Markets said that High Street Centre would be a rare “trophy asset” in the portfolio of any developer in Singapore.

Highlighting the attributes of this site, she added that the waterfront promenade has an opening of 100 metres along the Singapore River and offers a 360° panoramic view of the Raffles Place, Marina Bay, Fort Canning and the Beach Road Corridor.

She also highlighted the fact that there is immense scarcity of commercial sites available in the Central Business District and this limited supply is expected to continue till 2025 which would make the 1 North Bridge Road one of the most lucrative sites in the current market.

According to her, this would be a great addition in any developer’s portfolio as it is a secure asset that promises them good returns in the immediate future.

High Street Centre is well-connected to the MRT network and is only 7-minute walk from the City Hall MRT interchange.

Clarke Quay MRT station is 5-minute walk from this site, and the Fort Canning MRT station is 9-minute walk away.

Centrally located, it also has the Supreme Court, The Treasury, Parliament House, Fort Canning Park and the Old Hill Street Police Station in close vicinity.

The enbloc site had been previously put up for collective sale through a public tender between June 18 and August 18, 2020 at the reserve price of S$800 million but didn’t find any takers from the pandemic-hit economy.

The current tender for High Street Centre site shall close on June 17, 2021, at 3:00 PM.

High Street Centre En Bloc Details

High Street Centre En Bloc 2021 Pinterest
  • Status: For Sale

  • Tenure: 99-year Leasehold

  • Land Size: 60,299 sq ft square feet

  • Gross Plot Ratio: 7.72

  • Gross Floor Area: 466,085 sq ft 

  • Address: 1 North Bridge Road

  • Nearest MRT: Clarke Quay, City Hall & Fort Canning

  • District: 6

  • Marketing Agent: Cushman & Wakefield

  • Reserve Price: S$800 million

  • Tender Close: June 17, 2021

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