A 14-unit strata office portfolio spanning the eighth and ninth floors at High Street Centre, 1 North Bridge Road, is up for sale at an indicative guide price of $17.8 million, or $1,913 psf based on the existing strata area.
The portfolio comprises an entire floorplate of 10 units on the eighth floor, alongside four additional units on the ninth floor. According to exclusive marketing agent CBRE, the units feature regular and efficient layouts, complemented by views of the Singapore River and the city skyline.
The portfolio is currently fully leased to a co-working operator, providing incoming investors with an immediate and stable income stream. Hong Kong-founded co-working operator The Hive currently occupies the eighth and ninth floors of High Street Centre, according to checks by City & Country.
High Street Centre is within walking distance of three MRT stations, namely City Hall Interchange, Clarke Quay and Fort Canning, providing access to four major MRT lines. Connectivity is further enhanced by an underground pedestrian link to City Hall MRT Station via the nearby Funan development.
Located within Singapore’s Civic District, High Street Centre enjoys a prominent riverfront position along the Singapore River, between the vibrant Clarke Quay lifestyle precinct and the Raffles Place financial district.
In addition, the property offers more than 300 parking lots, notes CBRE.
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Positive momentum continues to build in Singapore’s core CBD office market, with rents rising for five consecutive quarters amid resilient occupier demand and tightening vacancy, says Clemence Lee, executive director of capital markets, Singapore at CBRE. “With an anticipated supply crunch, CBRE forecasts Central Business District (CBD) office rents could increase by 18% to 20% by 2030.”
This portfolio is being launched at an “opportune time” for office investors seeking to leverage on this rental upside, adds Lee, as well as occupiers looking to secure space ahead of further rental growth. “Its prime riverfront location, attractive views, efficient floorplates and generous car park provision have traditionally drawn strong leasing interest from office occupiers.”
Full-floor strata offices in the CBD remain “exceptionally scarce”, says Lee. “Limited stock, coupled with Urban Redevelopment Authority (URA) restrictions on new strata subdivisions, continues to constrain future supply. This presents a compelling opportunity for both yield-focused investors and forward-looking owner-occupiers to acquire a prime strata office portfolio in a tightening market.”
The expression of interest (EOI) exercise for the portfolio will close at 3pm on Aug 18.
