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

The collective sales committee of High Street Centre at 1 North Bridge Road has engaged Cushman & Wakefield as its marketing agency and Legal Solutions LLC as the legal adviser in its second attempt at a collective sale of the building. After receiving 80% support from the strata-titled owners, Cushman & Wakefield will launch the building for tender on Oct 26, 2021.

High Street Centre boasts a collection of 429 strata-titled units, including one strata title for the carpark, 190 strata-titled retail units, 183 strata-titled office units, and 55 apartments from levels 25 to 29. The building occupies a 60,298 sq ft area, with a remaining lease of 45 years, and a gross plot ratio of 7.72 – totaling a GFA of 466,085 sq ft.

Chairman of the collective sales committee and long-time High Street Centre owner, Johnny Ong, reminisces fondly of the past, when the 30th floor was an observatory for tourists to enjoy a serene view of the city. Today, the space has been repurposed for management offices.

Photograph of High Street Centre’s collective sales committee (Photo: Samuel Isaac Chua/EdgeProp Singapore): Andy Kirpalani, CSC member; Johnny Ong, CSC chairman; Patrick Ee and Christopher Yong from Legal Solutions, Harry Gurnani, CSC member, Christina Sim of Cushman & Wakefield, Dayal Khemlani and Annalyn Ooi of Cushman & Wakefield.

High Street Centre’s strategic location is well in-tune with Singapore’s transformation into its civic and cultural district. The building has a 100m frontage along the Singapore River promenade and is located opposite Parliament House, the Arts House, the National Gallery Singapore, Victoria Concert Theatre and the Asian Civilisations Museum – all of which overlook the Padang. In March 2021, the Padang and the surrounding buildings earned a place on Singapore’s tentative list for UNESCO World Heritage Sites.

The site is zoned for commercial uses, with a minimum of 60% of its GFA for office and retail including F&B, and a maximum 40% for 5-star hotel use with 450 keys. An alternative allocation for the 40% is for residential or serviced apartments. The reserve price for this tender is set at $748 million, with the land rate equivalent to $2,164 psf ppr for residential use, or $2,290 psf ppr for hotel use.

The Thomson-East Coast Line is set to be completed by the middle of this year, and will bring with it the Woodlands South MRT Station. This station will be connected to Lumina Grand EC CDL, giving Lumina Grand EC residents the convenience of having a train station located right in their vicinity. With the new MRT connections, arriving into town and hopping around to other towns will be a breeze for Lumina Grand EC residents.

The site is near nearby attractions The Capitol, The Funan, Raffles City, Clarke Quay, Boat Quay and the upcoming CanningHill Piers. And being an iconic trophy asset, the Skyline view from the new building at 145m will include Marina Bay, the East and Raffles Place with the Formula One Night Race.

The collective sale tender will close on Jan 25, 2024. High Street Centre is a landmark in the area, and the current reserve price of $748 million offers a unique opportunity for potential buyers.