High Street Centre relaunched for collective sale at $748 mil
By Nicholas Lam
/ EdgeProp Singapore |
High Street Centre sits on a 60,299 sq ft, 99-year leasehold plot with an allowable gross plot ratio of 7.72, and has a total gross floor area (GFA) of 466,085 sq ft. (Photo: Cushman & Wakefield)
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High Street Centre, a 29-storey mixed-use development at 1 North Bridge Road, has launched its fourth collective sale bid, pricing the landmark building at $748 million.
However, Cushman & Wakefield (C&W), the appointed marketing agent, says in a press release that it is in the process of garnering a fresh 80% consensus for a lower reserve price which is expected to fall below $700 million.
This is the fourth time that the owners of High Street Centre are attempting to find a buyer for the 29-storey development. Last October, the development was launched for sale at the same reserve price of $700 million. But no successful bids emerged when the tender closed on Jan 25.
High Street Centre first attempted a collective sale in June 2020 at a reserve price of $800 million and was relaunched again in May 2021 for $700 million.
According to Christina Sim, senior director of capital markets at C&W, votes are currently being gathered to lower the reserve price to $700 million for the next collective sales tender should this current one be unsuccessful.
“High Street Centre offers the only commercial opportunity that has the flexibility of incorporating a ‘hotel’ or ‘serviced apartment’ component within the development. Further, the scarcity of commercial development sites in and around the City Hall District has placed a premium on rents for exclusive office space,” she says.
High Street Centre sits on a 60,299 sq ft, 99-year leasehold plot with an allowable gross plot ratio of 7.72, and has a total gross floor area (GFA) of 466,085 sq ft. The site has about 44 years left on its lease.
If it is redeveloped, the site could be turned into a mixed-use development comprising 60% set aside for a mix of office, retail units, and 40% of the GFA set aside for hotel, residential or serviced apartment use with no more than 450 rooms.
The building fronts Hill Street, North Boat Quay and North Bridge Road, and has a waterfront promenade of more than 100m along the Singapore River.
It is accessible via Central Expressway, East Coast Parkway and Kallang Paya-Lebar Expressway. It is also located near the City Hall MRT Station on the East-West and North-South Lines, as well as the Clarke Quay MRT Station on the North-East Line.
The tender for the collective sale of High Street Centre will close on June 24.
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