High Point relaunched for collective sale at $550 mil
SINGAPORE (EDGEPROP) – Under the URA Master Plan 2019, the place has an allowable gross plot proportion of 2.8 and also elevation control of approximately 36 floors. The URA development baseline is approximately 213,383 sq ft with a story proportion of 4.48. The area is not subjected to a pre-application usefulness research study on traffic influence.
According to Savills, the spot can be redeveloped into a luxury tower with 98 units at a typical size of around 2,153 sq ft each.
“High Point stands for a genuinely one-of-a-kind possibility for designers to produce a renowned ultra-luxurious growth befitting the building’s spot superb qualities,” states Galven Tan, Savills’ deputy managing director, financial investment sales & capital markets.
According to the consultant, the overview price exercises to $2,508 psf per story proportion (psf ppr) after factoring in the 7% perk gross flooring area (GFA) for porches. The cost takes into consideration the $18.8 million development charge for the balconies.
Before its cumulative sale launch last October, High Point had actually previously been launched available in January 2019, additionally at an asking cost of $550 million. Its very first cumulative sale attempt was in 2007, though that was terminated as it stopped working to safeguard the requisite 80% consensus.
Nonetheless, the tender closing date has yet to be established. Lake says this will just be done as soon as validated rate of interest has actually been obtained from a minimum of one programmer. “This is somewhat similar to the URA Reserve Listing method to offering sites,” he mentions.
High Point had formerly launched for cumulative sale in October last year, 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. However, just a fortnight later on, Shun Tak backed out of the offer, waiving its $1 million tender down payment. Residential or commercial property viewers attributed Shun Tak’s withdrawal from the offer to the residential or commercial property cooling down actions revealed on Dec 16, 2021.
The launch notes High Point’s 4th attempt at a cumulative sale, and also comes almost three months after Hong Kong-listed Shun Tak Holdings terminated its purchase of High Point following the last cumulative sale attempt.
Situated in the Orchard Road residential area, the spot is a seven-minute walk away from Orchard Roadway MRT Terminal.
High Point rests on a 47,606 sq ft residential site. Finished in 1974, the existing growth has 22 floors with a total GFA of 211,976 sq ft based on a plot ratio of 4.45.
High Point, a freehold condo block at 30 Mount Elizabeth, has actually been released for public tender at an overview price of $550 million. Savills has been assigned as the advertising and marketing agent.
Jeremy Lake, managing supervisor, financial investment sales & resources markets at Savills, thinks the time is now ripe to relaunch the residential or commercial property for collective sale. “A couple of programmers have actually been keeping track of High Point with us over the last couple of weeks as well as we feel that it is timely to relaunch the general public tender currently to offer designers enough time to assess the possibility,” he states in a March 21 declaration.