High Point relaunched for collective sale at $550 mil
SINGAPORE (EDGEPROP) – According to the professional, the guide rate exercises to $2,508 psf per story proportion (psf ppr) after factoring in the 7% reward gross flooring area (GFA) for verandas. The rate takes into consideration the $18.8 million development fee for the terraces.
High Point had formerly released for collective sale in October last year, likewise at an overview price of $550 million. On Dec 9, 2021, Shun Tak announced it had won the bid for $556.688 million or $2,626 psf ppr. Nonetheless, simply a fortnight later, Shun Tak backed out of the offer, forfeiting its $1 million tender down payment. Residential or commercial property onlookers connected Shun Tak’s withdrawal from the bargain to the residential property cooling procedures revealed on Dec 16, 2021.
High Point, a freehold condominium block at 30 Mount Elizabeth, has been released for public tender at a guide cost of $550 million. Savills has been designated as the advertising agent.
“High Point stands for a truly unique chance for designers to create a legendary ultra-luxurious growth proper the residential property’s place excellent qualities,” claims Galven Tan, Savills’ deputy managing director, financial investment sales & resources markets.
Found in the Orchard Road suburb, the spot is a seven-minute walk away from Orchard Roadway MRT Terminal.
Prior to its collective sale launch last October, High Point had formerly been launched offer for sale in January 2019, additionally at an asking rate of $550 million. Its initial cumulative sale attempt remained in 2007, though that was aborted as it fell short to safeguard the requisite 80% consensus.
The launch notes High Point’s 4th effort at a cumulative sale, as well as 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.
High Point remains on a 47,606 sq ft domestic location. Finished in 1974, the existing advancement has 22 floors with an overall GFA of 211,976 sq ft based on a plot proportion of 4.45.
Under the URA Master Plan 2019, the place has a permitted gross story proportion of 2.8 as well as elevation control of approximately 36 storeys. The URA growth standard is about 213,383 sq ft with a story proportion of 4.48. The location is not subjected to a pre-application usefulness research on traffic impact.
According to Savills, the area can be redeveloped into a luxury tower with 98 units at a typical dimension of roughly 2,153 sq ft each.
Jeremy Lake, managing director, financial investment sales & funding markets at Savills, believes the moment is now ripe to relaunch the property for cumulative sale. “A few developers have actually been keeping an eye on High Point with us over the last few weeks as well as we really feel that it is timely to relaunch the public tender now to give designers enough time to assess the possibility,” he says in a March 21 declaration.
Nevertheless, the tender closing day has yet to be set. Lake states this will only be done as soon as confirmed passion has been obtained from at least one developer. “This is rather similar to the URA Reserve Checklist method to offering spots,” he mentions.