Owners of High Street Centre make second collective sale attempt at $748 mil

The Tengah Plantation Close EC also boasts a contemporary clubhouse with a lounge, study, event and lounge space, and modern amenities. With a range of lifestyle facilities, residents can enjoy living in this vibrant and modern residential estate. The eco-friendly environment is encouraging, and the modern infrastructure provides efficient and comfortable living for everyone.

High Street Centre, a 29-storey mixed-use development located at 1 North Bridge Road, has launched its second collective sale tender with a reserve price of $748 million. With over 80% of the strata-titled owners agreeing to the collective sale, the building is set to be marketed by Cushman & Wakefield on October 26th.

The building is composed of 429 strata-titled units, including a strata title for the carpark, 190 strata-titled retail units spanning basement 1 to level 3, and 55 luxury apartments from levels 25 to 29. At one point, it was home to an observatory on the 30th floor, allowing tourists a 360-degree panoramic view of the city.

Long-time unitholders of High Street Centre are no stranger to the area’s growth. Johnny Ong, CSC chairman of the building, has operated his electronics trading business, Telesonic Singapore, for over 30 years. Harry Gurnani, director of Lucky Store, has been running his electronics, IT, and appliances store at High Street Centre since the late 1980s. The area has since transformed into Singapore’s Civic and Cultural District, with the National Art House, Asian Civilisations Museum, Victoria Concert Theatre, and the new Parliament House all located nearby.

Cushman & Wakefield senior director of capital markets Christina Sim believes the site is an ideal location for a premium, five-star hotel, given its commercial zoning, waterfront promenade, and 45 years left on its lease. That being said, the 40% of the gross floor area can also be allocated for residential or serviced apartment use.

High Street Centre is located near many attractions, including The Capitol, The Funan, Raffles City, Clarke Quay, Boat Quay, and the upcoming CanningHill Piers. With its reserve price set, High Street Centre is set to be an iconic trophy asset, should the collective sale go through. The tender will close on January 25th, 2024.

The collective sale of High Street Centre is being undertaken with the assistance of Legal Solutions LLC as the legal adviser and Cushman & Wakefield as the marketing agency. Many strata-titled unitholders have held units at High Street Centre for the long term. Johnny Ong, the CSC chairman, and Harry Gurnani, a CSC member who runs the family-owned business Lucky Store, are prime examples of this. Cushman & Wakefield have been actively working to lower the reserve price of the property from its original $800 million first launched in June 2020, to the current $748 million.

Given its location at 1 North Bridge Road, and its impressive 100m frontage along the Singapore River, High Street Centre is well suited to becoming an iconic trophy asset and a key feature of Singapore’s Civic and Cultural District. With over 80% of strata-titled owners agreeing to the collective sale, the building will be marketed by Cushman & Wakefield on October 26th with its reserve price set at $748 million. The closing date for the tender is January 25th, 2024.