High Street Centre relaunched for second tender for $748m

Reserve price may still decline amid an ongoing garnering of fresh consensus.

Cushman & Wakefield announced that the High Street Centre at No. 1 North Bridge Road has been relaunched for sale by tender for $748m.

This is the second time the property has been put on sale after the first attempt closed on 25 January 2024 without any firm bids at or above the reserve price.

According to the real estate agency, the reserve price may still fall below $700m as it is in the process of garnering a fresh 80% consensus.

High Street Centre has a total gross floor area of 43,300.72 square metres.

It is located near landmarks, such as the Victoria Theatre, Fort Canning, The Padang, The Esplanade, St. Andrew’s Cathedral, The Capitol, The National Gallery, and the Asian Civilisations Museum. It is also next to well-known areas like The Central, Clarke Quay, Boat Quay, Raffles City, Funan Mall, and the upcoming Canninghill Piers.

Cushman & Wakefield said the Urban Redevelopment Authority (URA) will support a development of at least 60% total gross floor area for commercial use, which may comprise a mix of office, retail (including F&B), and 40% for hotel, which should have a maximum of 450 rooms.

The URA is also open for residential or serviced apartment use for this 40% quantum.

Authorities assure there will be no Additional Buyers’ Stamp Duty (ABSD) as the zoning of the site is “Commercial.”

ALSO READ: Singapore offices most expensive to fit-out in SEA

The tender for High Street Centre will end on 24 June 2024, 3 PM.

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