High Point relaunched for collective sale at $550 mil
SINGAPORE (EDGEPROP) – High Point remains on a 47,606 sq ft residential place. Completed in 1974, the existing advancement has 22 floors with a total GFA of 211,976 sq ft based upon a plot proportion of 4.45.
The launch notes High Point’s 4th attempt at a collective sale, and likewise comes virtually 3 months after Hong Kong-listed Shun Tak Holdings aborted its purchase of High Point complying with the last collective sale effort.
Situated in the Orchard Roadway residential area, the location is a seven-minute walk away from Orchard Road MRT Terminal.
“High Point represents an absolutely unique opportunity for designers to produce a legendary ultra-luxurious development befitting the property’s place exceptional characteristics,” says Galven Tan, Savills’ deputy managing director, financial investment sales & resources markets.
Before its cumulative sale launch last October, High Point had formerly been launched offer for sale in January 2019, additionally at an asking rate of $550 million. Its initial cumulative sale attempt was in 2007, though that was terminated as it failed to safeguard the requisite 80% consensus.
Under the URA Master Plan 2019, the location has an allowed gross plot proportion of 2.8 and also height control of as much as 36 storeys. The URA advancement baseline is around 213,383 sq ft with a story proportion of 4.48. The area is exempt to a pre-application feasibility research study on web traffic influence.
According to Savills, the location can be redeveloped right into a deluxe tower with 98 units at an average dimension of approximately 2,153 sq ft each.
Nonetheless, the tender closing day has yet to be set. Lake states this will only be done once validated interest has actually been received from at least one programmer. “This is rather similar to the URA Reserve Checklist approach to marketing spots,” he says.
According to the consultant, the guide price works out to $2,508 psf per plot ratio (psf ppr) after factoring in the 7% perk gross flooring area (GFA) for terraces. The price takes into consideration the $18.8 million development fee for the balconies.
High Point had formerly introduced for collective sale in October 2021, also at a guide rate of $550 million. On Dec 9, 2021, Shun Tak revealed it had won the bid for $556.688 million or $2,626 psf ppr. Nevertheless, simply a fortnight later on, Shun Tak revoked the offer, waiving its $1 million tender deposit. Building viewers attributed Shun Tak’s withdrawal from the deal to the home cooling procedures revealed on Dec 16, 2021.
Jeremy Lake, handling director, investment sales & resources markets at Savills, thinks the moment is currently ripe to relaunch the home for collective sale. “A few programmers have actually been checking High Point with us over the last few weeks as well as we really feel that it is timely to relaunch the general public tender currently to offer programmers sufficient time to review the opportunity,” he claims in a March 21 statement.
High Point, a freehold condominium block at 30 Mount Elizabeth, has been introduced for public tender at a guide cost of $550 million. Savills has been designated as the advertising agent.