High Street Centre owners in private talks after close of S$748 million en bloc tender

Jan 25, 2024

THE owners of High Street Centre have entered into a 10-week private treaty negotiation period with interested parties after its en bloc sale tender closed on Thursday (Jan 25).

The Business Times understands that the conditions set under the tender terms had not been met.

This is the second time the 99-year leasehold development was launched for collective sale. It was first put up for sale in June 2020 at a reserve price of S$800 million. The tender was relaunched in October 2023 at a S$748 million reserve price, 6.5 per cent lower than the previous attempt.

Cushman & Wakefield had earlier noted that the Urban Redevelopment Authority will support the development of at least 60 per cent of the site’s 466,085 square feet (sq ft) of gross floor area for commercial use. Another 40 per cent may be allocated for the redevelopment of a hotel of no more than 450 keys, or for residential or serviced apartment use.

The S$748 million price tag works out to S$2,164 per square foot per plot ratio (psf ppr), should the buyer use the 40 per cent quantum for residential use. Should it be used for hotel purposes, the land rate then translates to S$2,290 psf ppr. This sum includes the payment of a land betterment charge as well as a premium to top up the lease to a fresh 99 years.

Located at 1 North Bridge Road in the Civic District, High Street Centre sits on a site spanning some 60,299 sq ft with an allowable gross plot ratio of 7.72. The 30-storey mixed-use development houses about 430 strata-titled units, including offices, retail units and residential apartments.