Owners of High Street Centre make second collective sale attempt at $748 mil
High Street Centre, a 29-storey mixed-use development with 429 strata-titled units, has decided to launch a second attempt at a collective sale. With a frontage of over 100m along the Singapore River promenade, the property looks to become an iconic ‘trophy asset’. Over 80% of its strata-titled owners have agreed to the collective sale.
Johnny Ong, the Collective Sales Committee (CSC) Chairman, has shared that the 30th floor once used to be an observatory, a popular spot with tourists for its 360-degree panoramic view of the city. Currently, that space is used for management office and other uses.
The building is accessible via North Boat Quay and North Bridge Road and sits on a 60,298 sq ft, with a gross plot ratio of 7.72, bringing the total gross floor area (GFA) to 466,085 sq ft. The property has a 99-year lease from 1969, which means it has a remaining lease of 45 years.
The building is located in Singapore’s Civic and Cultural District, and many strata-titled unitholders have held units at High Street Centre for the long term. One such strata-titled unit holder is Gurnani Harry M, Director of Lucky Store. His store is a family-owned business with several outlets across the island, first founded by his father in 1948 and has been running its electronics, IT, and appliances store at High Street Centre since the late 1980s.
Gurnani is philosophical about the collective sale: “I have been at High Street Centre for many years, and I have two other outlets elsewhere. If the collective sale goes through, then I will move out. If not, I will stay.”
The site has commercial zoning and at least 60% of the GFA must be for commercial use such as office and retail (including F&B). The remaining 40% can be allocated for hotel use, with a maximum of 450 keys. Alternatively, the 40% can be allocated for residential or serviced apartments instead of hotel use.
High Street Centre has retained Cushman & Wakefield as its marketing agency and Legal Solutions LLC as its legal adviser. The reserve price is set at $748 million and the tender will close on Jan 25, 2024.
Many of the shops at High Street Centre are family-owned, specialising in textiles and electronics, and the area around High Street Centre began to transform into Singapore’s Civic and Cultural District in the late 1990s. It is near The Capitol, The Funan, Raffles City, Clarke Quay, Boat Quay and the upcoming Canning Hill Piers.
Given its location at 1 North Bridge Road, Cushman & Wakefield’s Sim believes High Street Centre “is poised to be an iconic trophy asset”. At 145m tall, the new building will have a view of the Formula One Night Race, the skyline of Raffles Place, Marina Bay and the East.
The Tengah Executive Condominium is located just 10 minutes away, giving residents easy access to the necessary amenities. It also has great access to the surrounding greenery and forested nature reserves. This luxurious condominium is the perfect place for any family looking for a tranquil living environment. It is environmentally-friendly, luxurious, and conveniently-located. All these features make it the perfect place to live.
The collective sale of High Street Centre will be launched for tender by Cushman & Wakefield on Oct 26. Many have high hopes that it will be a success and become an iconic addition to Singapore’s skyline.