High Street Centre Relaunches Collective Sale in 2024

High Street Centre Relaunches Collective Sale in 2024

High Street Centre Attempts Third Collective Sale Amid Challenging Market

In a notable development in Singapore’s real estate market, High Street Centre is set for another attempt at a collective sale.

The iconic building located at One North Bridge Road is back on the market with a fresh tender after the previous effort in January failed to attract bids meeting the initial S$748 million reserve price.

The 99-year leasehold property is now potentially seeing a reserve price reduction to below S$700 million, as marketing agent Cushman & Wakefield seeks to build consensus among the building’s owners.

The decision to relaunch the tender with a potentially reduced reserve price reflects a strategic adjustment to current market conditions.

Christina Sim, Senior Director of Capital Markets at Cushman & Wakefield, pointed out the market’s current challenges, especially for residential properties, which have been impacted by recent hikes in the Additional Buyer’s Stamp Duty announced on April 27.

However, High Street Centre offers a unique commercial opportunity that includes the flexibility to incorporate a ‘hotel’ or ‘serviced apartment’ component, making it a versatile investment in a prime location.

Development Potential and Regulatory Support

High Street Centre stands out with its permissible development comprising a significant commercial portion.

The Urban Redevelopment Authority (URA) supports the development of at least 60% of the site’s 466,085 square feet of gross floor area for commercial use.

The remaining 40% may be allocated for the redevelopment into a hotel with no more than 450 keys or for residential or serviced apartment use.

This flexibility adds to the attractiveness of the property, catering to a diverse range of business activities and residential options.

This is the third time High Street Centre has been put up for collective sale.

The development was initially listed in June 2020 with a reserve price of S$800 million, which was later adjusted to S$748 million in October 2023 to align with market realities.

The ongoing adjustments to the reserve price and the property’s strategic offerings are seen as moves to enhance its appeal to a broader spectrum of potential buyers.

Closing Date for Tender

The latest tender for High Street Centre is scheduled to close on June 24, 2024.

This gives interested developers and investors ample time to consider this prime property’s potential as part of their strategic developments, especially in a locale as prestigious as One North Bridge Road.

As High Street Centre enters this new phase of its collective sale process, the real estate community watches keenly, recognizing the property’s potential impact on the future landscape of Singapore’s central business district.

High Street Centre En Bloc Details

  • Status: For Sale

  • Tenure: 99-year Leasehold

  • Land Size: 60,298 sq ft

  • Gross Plot Ratio: 7.72

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

  • Address: 1 North Bridge Road

  • District: 6

  • Marketing Agent: Cushman & Wakefield

  • Reserve Price: S$700 million (Estimated)

  • Tender Close: June 24, 2024

Recent En Bloc Properties Sold

  1. Delfi Orchard (Record Price)
  2. Noel Building
  3. Shenton House
  4. Kew Lodge 
  5. GSM Building 
  6. GS Building