High Point relaunched for collective sale at $550 mil
SINGAPORE (EDGEPROP) – The launch marks High Point’s fourth attempt at a cumulative sale, and also comes almost three months after Hong Kong-listed Shun Tak Holdings aborted its purchase of High Point complying with the last cumulative sale effort.
Under the URA Master Plan 2019, the place has an allowed gross plot proportion of 2.8 and elevation control of as much as 36 storeys. The URA growth baseline is approximately 213,383 sq ft with a story proportion of 4.48. The location is exempt to a pre-application feasibility research study on website traffic effect.
According to Savills, the site can be redeveloped into a deluxe tower with 98 systems at an ordinary dimension of around 2,153 sq ft each.
High Point had actually formerly launched for cumulative sale in October 2021, likewise at an overview 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. Nonetheless, simply a fortnight later, Shun Tak revoked the offer, waiving its $1 million tender down payment. Residential property onlookers connected Shun Tak’s withdrawal from the offer to the building cooling measures revealed on Dec 16, 2021.
Prior to its collective sale launch last October, High Point had actually formerly been launched up for sale in January 2019, also at an asking cost of $550 million. Its first cumulative sale attempt remained in 2007, though that was terminated as it fell short to safeguard the requisite 80% consensus.
Located in the Orchard Road suburb, the location is a seven-minute walk away from Orchard Road MRT Terminal.
Nevertheless, the tender closing date has yet to be established. Lake says this will only be done as soon as verified passion has been obtained from a minimum of one developer. “This is rather similar to the URA Reserve List method to offering areas,” he remarks.
“High Point represents a truly special opportunity for developers to create a legendary ultra-luxurious development befitting the property’s site exceptional qualities,” states Galven Tan, Savills’ deputy managing supervisor, investment sales & funding markets.
Jeremy Lake, managing supervisor, financial investment sales & funding markets at Savills, believes the time is currently ripe to relaunch the home for cumulative sale. “A few programmers have been monitoring High Point with us over the last few weeks as well as we really feel that it is prompt to relaunch the general public tender currently to give programmers adequate time to review the possibility,” he states in a March 21 statement.
According to the specialist, the guide rate works out to $2,508 psf per story ratio (psf ppr) after factoring in the 7% reward gross floor location (GFA) for verandas. The cost takes into consideration the $18.8 million growth charge for the verandas.
High Point sits on a 47,606 sq ft property place. Finished in 1974, the existing advancement has 22 storeys with a total GFA of 211,976 sq ft based on a story ratio of 4.45.
High Point, a freehold condominium block at 30 Mount Elizabeth, has been introduced for public tender at an overview rate of $550 million. Savills has actually been assigned as the marketing agent.
