High Point relaunched for collective sale at $550 mil
SINGAPORE (EDGEPROP) – High Point remains on a 47,606 sq ft residential site. Finished in 1974, the existing growth has 22 floors with a complete GFA of 211,976 sq ft based on a plot ratio of 4.45.
“High Point represents an absolutely special opportunity for designers to create an iconic ultra-luxurious development proper the building’s area superb qualities,” claims Galven Tan, Savills’ deputy managing director, financial investment sales & funding markets.
High Point had previously launched for collective sale in October 2021, additionally at a guide cost of $550 million. On Dec 9, 2021, Shun Tak announced it had won the bid for $556.688 million or $2,626 psf ppr. However, just a fortnight later on, Shun Tak revoked the deal, forfeiting its $1 million tender down payment. Property observers connected Shun Tak’s withdrawal from the bargain to the residential or commercial property cooling down measures announced on Dec 16, 2021.
Jeremy Lake, handling director, financial investment sales & funding markets at Savills, thinks the moment is currently ripe to relaunch the residential property for cumulative sale. “A couple of programmers have been keeping an eye on High Point with us over the last few weeks and we really feel that it is prompt to relaunch the general public tender now to provide designers enough time to review the possibility,” he says in a March 21 declaration.
High Point, a freehold condo block at 30 Mount Elizabeth, has been introduced for public tender at an overview price of $550 million. Savills has been designated as the marketing representative.
Nevertheless, the tender closing day has yet to be established. Lake states this will just be done once verified rate of interest has been gotten from at the very least one developer. “This is somewhat similar to the URA Reserve List strategy to selling spots,” he mentions.
Prior to its cumulative sale launch last October, High Point had previously been launched available in January 2019, also at an asking rate of $550 million. Its very first cumulative sale effort was in 2007, though that was aborted as it fell short to safeguard the requisite 80% agreement.
The launch notes High Point’s 4th effort at a collective sale, as well as likewise comes almost three months after Hong Kong-listed Shun Tak Holdings terminated its purchase of High Point adhering to the last collective sale attempt.
According to the specialist, the guide rate exercises to $2,508 psf per plot proportion (psf ppr) after factoring in the 7% incentive gross flooring location (GFA) for terraces. The rate thinks about the $18.8 million development charge for the balconies.
Under the URA Master Plan 2019, the area has a permitted gross story proportion of 2.8 as well as elevation control of approximately 36 storeys. The URA development standard is roughly 213,383 sq ft with a story ratio of 4.48. The place is not subjected to a pre-application usefulness research study on web traffic impact.
According to Savills, the area can be redeveloped right into a deluxe tower with 98 units at an ordinary size of about 2,153 sq ft each.
Situated in the Orchard Roadway house, the place is a seven-minute walk away from Orchard Roadway MRT Station.