High Point relaunched for collective sale at $550 mil
SINGAPORE (EDGEPROP) – High Point, a freehold condominium block at 30 Mount Elizabeth, has been launched for public tender at an overview cost of $550 million. Savills has actually been appointed as the advertising representative.
According to the professional, the guide cost works out to $2,508 psf per plot ratio (psf ppr) after considering the 7% benefit gross floor area (GFA) for porches. The cost thinks about the $18.8 million advancement charge for the balconies.
High Point remains on a 47,606 sq ft domestic place. Completed in 1974, the existing development has 22 storeys with an overall GFA of 211,976 sq ft based upon a story proportion of 4.45.
“High Point represents an absolutely unique possibility for designers to develop a legendary ultra-luxurious development befitting the home’s spot exceptional characteristics,” states Galven Tan, Savills’ deputy managing director, investment sales & capital markets.
Nevertheless, the tender closing date has yet to be established. Lake states this will just be done once validated passion has actually been obtained from at least one developer. “This is rather similar to the URA Reserve Listing strategy to offering places,” he remarks.
High Point had previously introduced for cumulative sale in October last year, also at an overview price of $550 million. On Dec 9, 2021, Shun Tak introduced it had won the bid for $556.688 million or $2,626 psf ppr. However, simply a fortnight later, Shun Tak backed out of the deal, waiving its $1 million tender down payment. Property observers connected Shun Tak’s withdrawal from the bargain to the property cooling down procedures introduced on Dec 16, 2021.
Found in the Orchard Road suburb, the spot is a seven-minute walk away from Orchard Road MRT Terminal.
Jeremy Lake, managing director, financial investment sales & resources markets at Savills, thinks the time is currently ripe to relaunch the property for collective sale. “A few designers have been keeping an eye on High Point with us over the last couple of weeks and we feel that it is prompt to relaunch the general public tender now to offer programmers sufficient time to evaluate the opportunity,” he says in a March 21 statement.
Before its cumulative sale launch last October, High Point had actually previously been launched available for sale in January 2019, also at an asking price of $550 million. Its initial cumulative sale attempt remained in 2007, though that was aborted as it stopped working to secure the requisite 80% consensus.
Under the URA Master Plan 2019, the area has an allowed gross plot ratio of 2.8 as well as height control of up to 36 floors. The URA development standard is about 213,383 sq ft with a story ratio of 4.48. The area is not subjected to a pre-application feasibility research on website traffic effect.
According to Savills, the area can be redeveloped into a deluxe tower with 98 systems at a typical dimension of about 2,153 sq ft each.
The launch marks High Point’s 4th effort at a cumulative sale, as well as likewise comes nearly 3 months after Hong Kong-listed Shun Tak Holdings aborted its purchase of High Point adhering to the last collective sale effort.