High Street Centre En Bloc Sale 2023

The allure of Singapore’s commercial real estate market has taken a new turn. The renowned High Street Centre, a towering symbol at 1 North Bridge Road, is re-entering the collective sale market, creating waves among potential investors.

And with the recent record-breaking sale of Far East Shopping Centre, the collective sale horizon has never looked brighter.

The High Street Centre has been relaunched with a tantalizing reserve price of S$748 million, marking a 6.5% reduction from its initial S$800 million tag in mid-2020.

This strategic decision, endorsed by owners who hold over 80% of the property by both strata area and share values, emphasizes their commitment to facilitating a sale.

Occupying a 99-year leasehold plot spanning approximately 60,298 sq ft, the site has a permissible gross plot ratio of 7.72. This translates to a sprawling gross floor area of 466,085 sq ft.

The Urban Redevelopment Authority, according to Cushman & Wakefield, advocates for at least 60% of the site’s GFA to be designated for commercial activities.

This encompasses potential for offices, retail spaces, and even gastronomic venues.

Moreover, an enticing 40% can be earmarked for either a maximum 450-key hotel, residential projects, or serviced apartments.

Depending on the utilization of this 40% quantum, prospective investors can look at S$2,164 psf ppr or S$2,290 psf ppr, inclusive of associated costs.

With the site being predominantly commercial, the notable absence of Additional Buyer’s Stamp Duty for either developmental direction further elevates its appeal.

Christina Sim, Cushman & Wakefield’s capital markets senior director, emphasises the unparalleled opportunity of procuring a commercial site of this stature.

One that lies within the path of Asia’s only Formula 1 Night Race, and promises the allure of “premium rents” given the rarity of commercial development sites in the region.

High Street Centre, standing proud near the buzzing Clark Quay Entertainment Zone, offers both historical and modern charms.

With a three-sided frontage encompassing North Bridge Road, North Boat Quay, and Hill Street, its visibility is second to none.

Originally inaugurated in the 1970s, the prime property boasts commercial, residential, and retail units across 30 floors. Its 360-degree panorama showcases iconic landmarks from Raffles Place to Chinatown.

Its connectivity is a major asset, being a stone’s throw from City Hall MRT and other pivotal transport hubs.

With its close proximity to Singapore’s heart, landmarks like the Supreme Court and Fort Canning Park accentuate its esteemed neighbourhood.

The collective sale tender for this iconic establishment at 1 North Bridge Road will culminate at 3 pm on January 25, 2024.

As commercial owners ride the wave of optimism in the market, the High Street Centre stands as a beacon of unparalleled investment potential.