High Point relaunched for collective sale at $550 mil

SINGAPORE (EDGEPROP) – According to the professional, the guide price works out to $2,508 psf per plot ratio (psf ppr) after factoring in the 7% reward gross flooring location (GFA) for porches. The rate considers the $18.8 million development charge for the porches.

The launch marks High Point’s 4th attempt at a collective sale, and also comes nearly 3 months after Hong Kong-listed Shun Tak Holdings aborted its purchase of High Point complying with the last collective sale attempt.

High Point, a freehold condominium block at 30 Mount Elizabeth, has been launched for public tender at an overview rate of $550 million. Savills has been appointed as the advertising representative.

High Point had previously released for cumulative sale in October last year, likewise at a guide rate 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. However, just a fortnight later, Shun Tak backed out of the bargain, forfeiting its $1 million tender down payment. Residential property viewers associated Shun Tak’s withdrawal from the deal to the property cooling actions announced on Dec 16, 2021.

Located in the Orchard Roadway residential area, the area is a seven-minute walk away from Orchard Roadway MRT Terminal.

“High Point stands for a genuinely unique possibility for designers to produce an iconic ultra-luxurious advancement befitting the building’s area exceptional characteristics,” says Galven Tan, Savills’ deputy managing supervisor, financial investment sales & capital markets.

Avenue South Residence Silat Road

Jeremy Lake, handling supervisor, financial investment sales & resources markets at Savills, believes the moment is now ripe to relaunch the residential or commercial property for collective sale. “A couple of developers have been monitoring High Point with us over the last few weeks as well as we feel that it is prompt to relaunch the general public tender now to give programmers ample time to review the chance,” he states in a March 21 declaration.

Under the URA Master Plan 2019, the location has a permitted gross plot proportion of 2.8 and also height control of approximately 36 storeys. The URA growth baseline is roughly 213,383 sq ft with a plot ratio of 4.48. The location is not subjected to a pre-application feasibility research on website traffic impact.
According to Savills, the spot can be redeveloped right into a high-end tower with 98 devices at an average dimension of roughly 2,153 sq ft each.

Before its collective sale launch last October, High Point had previously been released for sale in January 2019, likewise at an asking price of $550 million. Its initial cumulative sale effort was in 2007, though that was terminated as it failed to secure the requisite 80% agreement.

Nevertheless, the tender closing day has yet to be set. Lake states this will only be done as soon as verified rate of interest has been gotten from at the very least one developer. “This is rather similar to the URA Reserve Checklist technique to selling sites,” he mentions.

High Point remains on a 47,606 sq ft domestic area. Finished in 1974, the existing development has 22 floors with a complete GFA of 211,976 sq ft based on a story proportion of 4.45.

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