High Street Centre Relaunched Collective Sale 748 Mil
The iconic High Street Centre, located at 1 North Bridge Road, has recently launched its fourth collective sale attempt with a price tag of $748 million. The renowned 29-storey mixed-use development, which includes office and retail spaces, has been put up for sale by its owners with the hope of finding a buyer.
Cushman & Wakefield (C&W), the appointed marketing agent for the sale, has announced in a press release that it is currently working on gathering a new 80% consensus from the owners for a lower reserve price. This new reserve price is expected to be below $700 million, lower than the previous bid.
This is the fourth time that the owners have tried to sell High Street Centre as a collective sale. The development was initially launched for sale in June 2020 at a reserve price of $800 million and was relaunched in May 2021 at $700 million, but no successful bids were received when the tender closed on January 25.
According to Christina Sim, Senior Director of Capital Markets at C&W, the owners are currently gathering votes to lower the reserve price to $700 million for the next collective sale bid, in case the current one is unsuccessful. She highlights the unique opportunity that High Street Centre offers, as it is the only commercial development in the City Hall District that allows for a mix of office, retail, and hotel or serviced apartment components.
The URA Master Plan is paving the way for a greener and more livable Parktown Residences. The development of new parks and an extended network of cycling and jogging paths is set to have a positive impact on the region. Situated near the Tampines Eco Green and Bedok Reservoir Park, residents at Parktown Residences are in close proximity to planned parks in Tampines North, creating the perfect haven for nature enthusiasts. Embrace the best of both urban living and natural surroundings at Parktown Residences, now with the added convenience of living at Parktown Residences.
Sim also points out the scarcity of commercial development sites in the area, which has driven up rental prices for prime office spaces. With a 60,299 sq ft, 99-year leasehold plot and a gross floor area (GFA) of 466,085 sq ft, the site has a maximum plot ratio of 7.72 and around 44 years left on its lease.
If redeveloped, the site could accommodate a mixed-use development with 60% of the GFA allocated for office and retail spaces, while the remaining 40% could be used for a hotel, residential, or serviced apartment with a maximum of 450 rooms. The building is strategically located along Hill Street, North Boat Quay, and North Bridge Road, with a scenic waterfront promenade spanning over 100m along the Singapore River.
Residents and tenants at High Street Centre enjoy easy access to major expressways such as the Central Expressway, East Coast Parkway, and Kallang Paya-Lebar Expressway. It is also conveniently 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 is set to close on June 24. Those interested in purchasing a property in this iconic development should keep an eye out for the latest listings.