High Point relaunched for collective sale at $550 mil
SINGAPORE (EDGEPROP) – According to the expert, the guide price exercises to $2,508 psf per plot proportion (psf ppr) after considering the 7% reward gross flooring area (GFA) for verandas. The rate thinks about the $18.8 million growth charge for the balconies.
High Point had formerly introduced for collective sale in October 2021, additionally 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. However, just a fortnight later, Shun Tak revoked the offer, surrendering its $1 million tender deposit. Residential or commercial property viewers attributed Shun Tak’s withdrawal from the deal to the residential property cooling down measures revealed on Dec 16, 2021.
Before its collective sale launch last October, High Point had formerly been launched available for sale in January 2019, likewise at an asking rate of $550 million. Its initial collective sale attempt remained in 2007, though that was aborted as it stopped working to secure the requisite 80% agreement.
High Point, a freehold condo block at 30 Mount Elizabeth, has been introduced for public tender at a guide price of $550 million. Savills has been designated as the advertising representative.
Nevertheless, the tender closing day has yet to be established. Lake says this will only be done when confirmed interest has been gotten from at the very least one developer. “This is rather similar to the URA Reserve List strategy to selling places,” he remarks.
The launch marks High Point’s fourth attempt at a collective sale, and also comes virtually 3 months after Hong Kong-listed Shun Tak Holdings terminated its purchase of High Point adhering to the last collective sale effort.
Under the URA Master Plan 2019, the location has a permitted gross plot proportion of 2.8 as well as elevation control of up to 36 storeys. The URA development baseline is about 213,383 sq ft with a plot proportion of 4.48. The spot is not subjected to a pre-application expediency research study on website traffic influence.
According to Savills, the spot can be redeveloped right into a deluxe tower with 98 units at an ordinary dimension of approximately 2,153 sq ft each.
“High Point represents a really one-of-a-kind opportunity for designers to create a famous ultra-luxurious growth proper the residential property’s location outstanding features,” says Galven Tan, Savills’ deputy managing director, investment sales & capital markets.
Situated in the Orchard Roadway residential area, the spot is a seven-minute walk away from Orchard Roadway MRT Terminal.
High Point sits on a 47,606 sq ft property spot. Finished in 1974, the existing advancement has 22 storeys with a complete GFA of 211,976 sq ft based on a plot ratio of 4.45.
Jeremy Lake, handling director, financial investment sales & funding markets at Savills, thinks the time is currently ripe to relaunch the building for collective sale. “A couple of programmers have been keeping track of High Point with us over the last couple of weeks and we feel that it is prompt to relaunch the public tender currently to offer designers ample time to review the possibility,” he states in a March 21 statement.
