Owners of High Street Centre make second collective sale attempt at $748 mil
The collective sales committee of High Street Centre has decided to make a second attempt at a collective sale of the building at 1 North Bridge Road. Over 80% of the strata-titled owners have agreed to the collective sale and the building will be launched for tender by Cushman & Wakefield on Oct. 26.
High Street Centre has 429 strata-titled units, including one strata title for the carpark. The retail podium spans from basement 1 to level 3 and contains 190 strata-titled retail units. There are also 183 strata-titled office units on levels 6-24 and 55 apartments from levels 25-29. It boasts a frontage along Hill Street, North Boat Quay and North Bridge Road, with a waterfront promenade along the Singapore River, extending over 100m. The property has a 99-year lease from 1969, which means it has a remaining lease of 45 years.
The area around High Street Centre began to transform into Singapore’s Civic and Cultural District in the late 1990s. Now it overlooks the Padang, the historical green open space where the Singapore Cricket Club sits at one end.
The old Parliament House built between 1826 and 1827, is now The Arts House, an arts and heritage centre. The former Supreme Court Building, opened in 1939, has been refurbished and reopened as the National Gallery Singapore. Adjacent to the Art House are the Victoria Concert Theatre and the Asian Civilisations Museum.
The retail podium spans basement 1 to level 3 and contains 190 strata-titled retail units (Photo: Samuel Isaac Chua/EdgeProp Singapore)Many strata-titled unitholders have held units at High Street Centre for the long term. Johnny Ong, the collective sales committee (CSC) chairman, has been an active council member of the management corporation strata title (MCST) board for over 20 years. He has also been operating his electronics trading business, Telesonic Singapore, from three office units on the 22nd floor for over 30 years.
Harry M Gurnani, director of Lucky Store, has been running his electronics, IT, and appliances store at High Street Centre since the late 1980s. The family-owned business, founded by his father in 1948, occupies two prime corner units on the first level of the retail podium. Gurnani is also a member of the CSC.
High Street Centre has a Gross Floor Area (GFA) of 466,085 sq ft. According to Christina Sim, senior director of capital markets at Cushman & Wakefield, the site has commercial zoning; at least 60 percent of GFA must be for commercial use. Alternatively, the other 40 percent can be allocated for hotel use, with a maximum of 450 keys, or for residential or serviced apartment use. The reserve price of the property is set at $748 million and the tender will close on Jan. 25, 2024.
Being located along Tampines Avenue 11 Condo means residents are just a stone’s throw away from major expressways such as the Pan Island Expressway (PIE), as well as the Tampines Expressway (TPE) and the Kallang-Paya Lebar Expressway (KPE). This makes commuting to and from the district convenient and fast.
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.
Retained by the committee, Cushman & Wakefield is the marketing agency, while Legal Solutions LLC serves as legal adviser. The collective sale is expected to create a brand-new, unique development, showcasing the iconic location’s potential.