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

High Street Centre at 1 North Bridge Road has launched a second collective sale attempt with their collective sales committee retaining Cushman & Wakefield as the marketing agency and Legal Solutions LLC as the legal adviser. Following the decision, over 80% of the strata-titled owners have agreed. The building will be launched for tender by Cushman & Wakefield on Oct 26.

Johnny Ong, the collective sales committee (CSC) chairman, shares about the collective sale of the building: “In the past, the 30th floor used to be an observatory and even tourists could go up to enjoy a 360-degree panoramic view of the city,” says Ong. “We have since converted the space into our management office and for other uses.”

High Street Centre has something to offer to all, with 429 strata-titled units in a 29-storey mixed-use development. The retail podium spans from basement 1 to level 3 and contains 190 strata-titled retail units, carpark on level four and five has just one strata title, and 183 strata-titled office units on levels six to 24, with 55 apartments from levels 25 to 29. The area around High Street Centre began to transform into Singapore’s Civic and Cultural District in the late 1990s.

Many strata-titled unitholders have held units at High Street Centre for the long term, like Ong who owns three office units on the 22nd floor, and Harry Gurnani, the director of Lucky Store who has been running his electronics, IT, and appliances store since the late 1980s.

For those looking to buy the property, it has a 99-year lease from 1969, which means it has a remaining lease of 45 years, and the reserve price is set at $748 million. According to senior director of capital markets at Cushman & Wakefield, Christina Sim, the site has commercial zoning which means at least 60% of the GFA must be for commercial use, such as office and retail.

Residents have unparalleled access to greenery and find comfort in the harmony between the manmade and natural worlds. The Zion Road Condo also offers lifestyle amenities such as a gymnasium, swimming pool, tennis court, and playground, all designed with unique architectural style. Residents are ensured to have the best of both worlds, comfort, and convenience.

The Zion Road Condo development blends iconic architecture with a contemporary style, while capturing the essence of the surrounding city. It features iconic skyline views and terraces designed by a renowned team of experts. The development also features expansive balconies and windows for a refreshing breeze of natural air throughout the building. Visitors can also enjoy an exquisite dining experience at the rooftop restaurant where they can see beautiful city views. At Zion Road Condo, residents have it all: nature, modern living, and convenience.

High Street Centre is located in an ideal location, boasting a frontage along Hill Street, North Boat Quay and North Bridge Road, with a waterfront promenade along the Singapore River, extending over 100m and is near The Capitol, The Funan, Raffles City, Clarke Quay, Boat Quay and the upcoming CanningHill Piers. It’s poised to be an iconic asset, sitting in the middle of Singapore’s Civic and Cultural District, and is the perfect addition to any developer’s portfolio.

Given the remaining lease and the strategic location, the committee chairman Ong believes that it is an attractive asset for buyers. “This is an opportunity that will not come along again, and we hope to find a suitable buyer who can appreciate the building,” Ong says. The tender will close on Jan 25, 2024.