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High Street Centre makes second attempt at collective sale with S$800m reserve price

Office Market

HIGH Street Centre, a mixed-use tower at 1 North Bridge Road, has been put up for sale via a second public tender after obtaining a six-month extension under the Covid-19 (Temporary Measures for Conduct of Collective Sale of Property) Order 2020 granted by the Ministry of Law.

Owners holding no less than 80 per cent by strata area and share values have agreed to put the property on the market at the current mandated reserve price of S$800 million, while concurrently working to obtain consensus for the lower reserve price of S$700 million, appointed property consultant Cushman & Wakefield said on Monday.

The site sits on an area of 5,601.9 square metres (sq m) or 60,299 square feet (sq ft) with an allowable gross plot ratio of 7.72, amounting to a total gross floor area (GFA) of 43,300.72 sq m or 466,085 sq ft.

According to Cushman & Wakefield, the Urban Redevelopment Authority (URA) will support a development of at least 60 per cent of total GFA for commercial use, which may comprise a mix of office and retail spaces, including food and beverage providers.

Based on the S$800 million reserve price and depending on the potential developer’s intention on the proposed uses for the site, the land rate works out to about S$2,257 to S$2,439 per square foot per plot ratio (psf ppr), said Cushman & Wakefield during its previous tender last year.

Cushman & Wakefield director of capital markets Christina Sim believes that High Street Centre will be a “trophy asset” for developers in Singapore with its waterfront promenade of more than 100 metres towards the Singapore River and a 360-degree view of Marina Bay, Raffles Place, Fort Canning, and the Beach Road corridor.

“Further, with the scarcity of commercial sites available for development in the central business district today and the expected tight supply of commercial space up till 2025, 1 North Bridge Road represents an even more compelling opportunity for developers who want to secure an asset that has the promise of growth,” added Ms Sim.

High Street Centre is a seven-minute walk to City Hall MRT interchange, a five-minute walk to Clarke Quay MRT station, and nine minutes away from Fort Canning MRT station. Also in its vicinity are Parliament House, The Treasury, the Supreme Court, Old Hill Street Police Station, and Fort Canning Park.

The 30-storey residential, office and shopping complex was completed in the 1970s. It was previously put up for sale via public tender from June 16 to Aug 18, 2020 at the same reserve price of S$800 million.

The current tender will close on June 17, 2021 at 3pm.

By Lisa Kriwangko, The Business Times

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