High Point relaunched for collective sale at $550 mil
SINGAPORE (EDGEPROP) – Located in the Orchard Roadway residential area, the spot is a seven-minute walk away from Orchard Road MRT Station.
High Point, a freehold condo block at 30 Mount Elizabeth, has been launched for public tender at a guide rate of $550 million. Savills has actually been selected as the advertising and marketing representative.
Under the URA Master Plan 2019, the location has a permitted gross plot ratio of 2.8 as well as height control of approximately 36 storeys. The URA development standard is approximately 213,383 sq ft with a plot ratio of 4.48. The spot is exempt to a pre-application expediency study on website traffic influence.
According to Savills, the area can be redeveloped right into a luxury tower with 98 units at a typical size of approximately 2,153 sq ft each.
High Point remains on a 47,606 sq ft residential site. Finished in 1974, the existing growth has 22 storeys with an overall GFA of 211,976 sq ft based upon a plot proportion of 4.45.
“High Point stands for a genuinely distinct possibility for designers to produce an iconic ultra-luxurious advancement befitting the residential property’s area exceptional attributes,” claims Galven Tan, Savills’ deputy managing director, financial investment sales & resources markets.
Jeremy Lake, handling director, financial investment sales & funding markets at Savills, believes the moment is currently ripe to relaunch the residential property for collective sale. “A few developers have actually been checking High Point with us over the last couple of weeks as well as we feel that it is timely to relaunch the general public tender currently to give developers adequate time to examine the possibility,” he says in a March 21 declaration.
High Point had formerly launched for cumulative sale in October 2021, additionally at a guide price of $550 million. On Dec 9, 2021, Shun Tak introduced it had actually won the bid for $556.688 million or $2,626 psf ppr. Nonetheless, simply a fortnight later, Shun Tak backed out of the bargain, waiving its $1 million tender deposit. Home observers connected Shun Tak’s withdrawal from the bargain to the residential or commercial property cooling down measures introduced on Dec 16, 2021.
However, the tender closing day has yet to be set. Lake states this will just be done once confirmed passion has actually been received from at the very least one programmer. “This is somewhat similar to the URA Reserve Listing technique to offering spots,” he remarks.
According to the consultant, the guide cost works out to $2,508 psf per story proportion (psf ppr) after factoring in the 7% bonus gross flooring location (GFA) for terraces. The rate takes into consideration the $18.8 million growth cost for the terraces.
Before its collective sale launch last October, High Point had actually formerly been released available for sale in January 2019, also at an asking cost of $550 million. Its initial cumulative sale effort was in 2007, though that was aborted as it failed to safeguard the requisite 80% agreement.
The launch notes High Point’s 4th effort at a collective sale, and likewise comes nearly 3 months after Hong Kong-listed Shun Tak Holdings terminated its acquisition of High Point adhering to the last collective sale effort.