High Point relaunched for collective sale at $550 mil
SINGAPORE (EDGEPROP) – Situated in the Orchard Roadway suburb, the site is a seven-minute walk away from Orchard Road MRT Terminal.
High Point had actually formerly launched for cumulative sale in October last year, likewise at a guide price of $550 million. On Dec 9, 2021, Shun Tak revealed 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 offer, forfeiting its $1 million tender down payment. Building viewers connected Shun Tak’s withdrawal from the deal to the building cooling procedures introduced on Dec 16, 2021.
Before its cumulative sale launch last October, High Point had formerly been introduced available in January 2019, additionally at an asking price of $550 million. Its initial cumulative sale attempt remained in 2007, though that was terminated as it fell short to safeguard the requisite 80% agreement.
“High Point represents an absolutely one-of-a-kind chance for designers to create a legendary ultra-luxurious development proper the home’s site superb characteristics,” claims Galven Tan, Savills’ deputy managing director, investment sales & capital markets.
The launch notes High Point’s 4th attempt at a cumulative sale, and also comes almost 3 months after Hong Kong-listed Shun Tak Holdings terminated its purchase of High Point complying with the last cumulative sale attempt.
Under the URA Master Plan 2019, the spot has an allowable gross plot proportion of 2.8 as well as elevation control of as much as 36 storeys. The URA advancement standard is roughly 213,383 sq ft with a plot proportion of 4.48. The site is not subjected to a pre-application feasibility research on traffic effect.
According to Savills, the location can be redeveloped right into a deluxe tower with 98 units at an ordinary size of approximately 2,153 sq ft each.
High Point rests on a 47,606 sq ft residential area. Completed in 1974, the existing growth has 22 floors with an overall GFA of 211,976 sq ft based upon a story ratio of 4.45.
According to the professional, the guide rate exercises to $2,508 psf per plot proportion (psf ppr) after factoring in the 7% bonus offer gross floor area (GFA) for verandas. The rate takes into account the $18.8 million development charge for the verandas.
High Point, a freehold condominium block at 30 Mount Elizabeth, has actually been launched for public tender at an overview cost of $550 million. Savills has been designated as the marketing agent.
Nevertheless, the tender closing day has yet to be set. Lake claims this will just be done once confirmed rate of interest has actually been obtained from at least one programmer. “This is rather similar to the URA Reserve Listing technique to offering spots,” he remarks.
Jeremy Lake, managing director, 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 developers have actually been keeping track of High Point with us over the last few weeks and also we really feel that it is timely to relaunch the public tender now to provide programmers enough time to review the chance,” he claims in a March 21 statement.