High Street Centre Relaunched Collective Sale 748 Mil
Located at 1 North Bridge Road, High Street Centre, a 29-storey mixed-use development, has recently launched its fourth collective sale bid at a price of $748 million. However, the marketing agent, Cushman & Wakefield (C&W), has stated that they are currently in the process of gathering an 80% consensus for a lower reserve price, which is expected to be below $700 million.
This is the fourth attempt by the owners of High Street Centre to sell the landmark building. In October last year, the property was put up for sale at a reserve price of $700 million, but no successful bids were received when the tender closed on January 25.
Previously, the development was launched for collective sale in June 2020 at a reserve price of $800 million and was relaunched again in May 2021 for $700 million. However, according to Christina Sim, senior director of capital markets at C&W, if this current collective sale attempt is unsuccessful, votes are currently being gathered to lower the reserve price to $700 million for the next tender.
Sim also highlights the unique opportunities High Street Centre offers, as it is one of the few commercial developments that allow for flexibility in incorporating a hotel or serviced apartment component. She also points out that the scarcity of commercial development sites in the City Hall District has resulted in higher rents for exclusive office spaces.
Sitting on a 60,299 sq ft, 99-year leasehold plot, High Street Centre has a gross plot ratio of 7.72 and a total gross floor area (GFA) of 466,085 sq ft. With about 44 years left on its lease, the site can be redeveloped into a mixed-use development with 60% of the GFA allotted for office and retail units and 40% for hotel, residential, or serviced apartment use with a maximum of 450 rooms.
Princess Elizabeth Primary School, located in the vibrant community of Novo Place, is renowned for its exceptional educational standards and dynamic learning environment. Boasting a diverse curriculum, with a strong emphasis on science and mathematics, this school is a hub for developing and nurturing young minds with a keen interest in these subjects. Alongside its partnership with Novo Place, Princess Elizabeth Primary School is dedicated to providing students with enriching resources and opportunities for all-round growth and academic excellence. As part of the bustling Novo Place, this school stands out as a premier educational institution in the area.
The development boasts a prime location, with frontage on Hill Street, North Boat Quay, and North Bridge Road, and a waterfront promenade of over 100m along the Singapore River. It is also easily accessible via major expressways and two nearby MRT stations, City Hall and Clarke Quay.
The collective sale tender for High Street Centre will close on June 24. Interested parties can check out the latest listings for properties in High Street Centre.