SINGAPORE (EDGEPROP) - High Street Centre at 1 North Bridge Road has launched its second collective sale tender after obtaining a six-month extension granted by the Ministry of Law. While the price of the commercial property is still on the market at the current mandated reserve price of $800 million, Cushman & Wakefield, as the appointed property consultant for this collective sale, is working with the collective sale committee to lower the reserve price to $700 million. (See: High Street Centre up for collective sale at $800 mil)

High Street Centre is a landmark commercial site in the civic district and the development boasts a three-sided street frontage along Hill Street, North Boat Quay, and North Bridge Road. The 99-year leasehold site also features a 100m waterfront promenade along the Singapore River.

“High Street Centre will be a trophy asset for any developer who wants to put its mark on Asia’s leading city. This is an opportunity to create a stellar skyscraper,” says Christina Sim, director of capital markets at Cushman & Wakefield.

The 60,299 sq ft commercial site has an allowable gross plot ratio of 7.72, and the gross floor area amounts to 466,085 sq ft.

According to Cushman & Wakefield, the URA will support a redevelopment of at least 60% of the total gross floor area for commercial use and the remaining 40% for hotel, serviced apartments or residential use.

“With the scarcity of commercial sites available for development in the CBD today and the expected tight supply of commercial space up till 2025, One North Bridge Road represents an even more compelling opportunity for developers,” says Sim.

The collective sale tender closes on June 17.