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

Although 80% of strata-titled units at High Street Centre have agreed to the collective sale, the building will be launched for tender one more time due to the committee’s decision. This 29-storey development includes 429 strata-titled units, with 190 retail units, 183 office units, a carpark, and 55 apartments.

Bukit Panjang EC is just a stone’s throw away from amenities such as the Bukit Panjang Hawker Centre, Bukit Panjang Plaza, Hillion Mall, and Junction 10. Residents of Senja Residences EC will also enjoy a wide range of quality educational institutions in the vicinity such as Bukit Panjang Government High School, Assumption Pathway School, Chatsworth Kindergarten and many more. Home buyers will find that Senja Residences EC location has plenty to offer.

Johnny Ong, the chairman of the collective sales committee (CSC) revealed that the 30th floor of the building was once an observatory, allowing tourists to have a panoramic view of the city. He himself has been an owner of three office units and an active council member of the management corporation strata title (MCST) board for over 20 years.

The collective sales committee has retained Cushman & Wakefield as their marketing agency and Legal Solutions LLC as their legal adviser. Harry M Gurnani, director of Lucky Store, has been a part of the High Street Centre for over 30 years, owning two prime corner units on the first level of the retail podium.

Surrounding the building are the Parliament House, the National Gallery Singapore, the Victoria Concert Theatre, and the Asian Civilisations Museum, all part of Singapore’s Civic and Cultural District, and The Padang, which has been placed on Singapore’s tentative list of UNESCO World Heritage Sites.

High Street Centre has a frontage of over 100m along the Singapore River promenade, and is situated on a 60,298 sq ft, with a gross plot ratio of 7.72. It is commercial zoned, meaning at least 60% of the GFA must be for commercial use, such as office and retail, while the remaining 40% can be allocated for hotel use or serviced apartments.

With the 45 years remaining on the 99-year lease from 1969, the reserve price of the collective sale has been set at $748 million, equivalent to $2,164 psf ppr if the 40% allocation is for residential use, and $2,290 psf ppr if it is for hotel use. The tender will close on Jan 25, 2024, giving developers time to consider making this iconic asset their own.