High Point relaunched for collective sale at $550 mil
SINGAPORE (EDGEPROP) – The launch notes High Point’s fourth effort at a collective sale, and also comes virtually three months after Hong Kong-listed Shun Tak Holdings terminated its purchase of High Point adhering to the last cumulative sale effort.
High Point had previously introduced for cumulative sale in October last year, likewise at a guide cost 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, simply a fortnight later on, Shun Tak revoked the deal, surrendering its $1 million tender deposit. Building viewers attributed Shun Tak’s withdrawal from the bargain to the home cooling down measures introduced on Dec 16, 2021.
Under the URA Master Plan 2019, the site has an allowable gross plot ratio of 2.8 as well as elevation control of up to 36 storeys. The URA development standard is roughly 213,383 sq ft with a plot ratio of 4.48. The site is exempt to a pre-application expediency research study on web traffic effect.
According to Savills, the location can be redeveloped right into a luxury tower with 98 units at a typical dimension of roughly 2,153 sq ft each.
Located in the Orchard Roadway house, the place is a seven-minute walk away from Orchard Roadway MRT Terminal.
Nonetheless, the tender closing date has yet to be set. Lake says this will only be done as soon as confirmed passion has been received from a minimum of one programmer. “This is somewhat comparable to the URA Reserve Listing approach to selling places,” he mentions.
Jeremy Lake, taking care of 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 designers have actually been keeping track of High Point with us over the last couple of weeks and we really feel that it is timely to relaunch the public tender now to provide designers ample time to assess the chance,” he says in a March 21 declaration.
High Point sits on a 47,606 sq ft residential location. Finished in 1974, the existing development has 22 storeys with an overall GFA of 211,976 sq ft based upon a story ratio of 4.45.
“High Point represents an absolutely special opportunity for programmers to develop a legendary ultra-luxurious growth befitting the property’s place superb features,” claims Galven Tan, Savills’ deputy managing director, financial investment sales & funding markets.
According to the consultant, the overview rate exercises to $2,508 psf per plot ratio (psf ppr) after considering the 7% benefit gross flooring area (GFA) for balconies. The cost thinks about the $18.8 million development cost for the verandas.
Prior to its cumulative sale launch last October, High Point had formerly been launched up for sale in January 2019, likewise at an asking price of $550 million. Its first collective sale attempt was in 2007, though that was aborted as it stopped working to protect the requisite 80% agreement.
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 selected as the advertising and marketing agent.