High Point relaunched for collective sale at $550 mil
SINGAPORE (EDGEPROP) – Jeremy Lake, handling supervisor, financial investment sales & funding markets at Savills, believes the moment is currently ripe to relaunch the residential property for cumulative sale. “A couple of designers have actually been keeping an eye on High Point with us over the last couple of weeks and also we really feel that it is timely to relaunch the general public tender now to give developers enough time to review the possibility,” he states in a March 21 declaration.
High Point rests on a 47,606 sq ft residential site. Completed in 1974, the existing advancement has 22 floors with a total GFA of 211,976 sq ft based on a plot proportion of 4.45.
High Point had previously launched for collective sale in October 2021, also at a guide cost of $550 million. On Dec 9, 2021, Shun Tak revealed it had won the bid for $556.688 million or $2,626 psf ppr. Nevertheless, simply a fortnight later, Shun Tak revoked the bargain, forfeiting its $1 million tender deposit. Property onlookers attributed Shun Tak’s withdrawal from the bargain to the property cooling down measures introduced on Dec 16, 2021.
According to the specialist, the overview price works out to $2,508 psf per plot ratio (psf ppr) after considering the 7% incentive gross flooring area (GFA) for balconies. The cost thinks about the $18.8 million development fee for the terraces.
The launch marks High Point’s 4th attempt at a collective sale, and additionally comes nearly 3 months after Hong Kong-listed Shun Tak Holdings aborted its acquisition of High Point following the last collective sale attempt.
However, the tender closing day has yet to be established. Lake claims this will just be done as soon as confirmed interest has been received from at the very least one developer. “This is somewhat comparable to the URA Reserve Listing strategy to marketing locations,” he mentions.
Situated in the Orchard Roadway suburb, the area is a seven-minute walk away from Orchard Roadway MRT Station.
Before its cumulative sale launch last October, High Point had previously been introduced to buy in January 2019, also at an asking price of $550 million. Its very first collective sale effort was in 2007, though that was aborted as it stopped working to secure the requisite 80% agreement.
“High Point stands for an absolutely special opportunity for developers to create an iconic ultra-luxurious development befitting the residential property’s place superb attributes,” states Galven Tan, Savills’ deputy managing supervisor, investment sales & resources markets.
Under the URA Master Plan 2019, the location has an allowed gross story ratio of 2.8 as well as elevation control of approximately 36 floors. The URA growth baseline is approximately 213,383 sq ft with a story proportion of 4.48. The area is exempt to a pre-application feasibility research on web traffic influence.
According to Savills, the area can be redeveloped into a high-end tower with 98 units at an average size of about 2,153 sq ft each.
High Point, a freehold condo block at 30 Mount Elizabeth, has actually been launched for public tender at an overview rate of $550 million. Savills has actually been appointed as the advertising representative.