High Point relaunched for collective sale at $550 mil

SINGAPORE (EDGEPROP) – Before its cumulative sale launch last October, High Point had actually previously been released for sale in January 2019, additionally at an asking cost of $550 million. Its initial collective sale attempt remained in 2007, though that was terminated as it fell short to secure the requisite 80% consensus.

19 Nassim Keppel Land Limited

High Point had actually formerly introduced for cumulative sale in October 2021, additionally at an overview cost 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, Shun Tak revoked the offer, surrendering its $1 million tender down payment. Building onlookers attributed Shun Tak’s withdrawal from the bargain to the building cooling steps revealed on Dec 16, 2021.

The launch marks High Point’s 4th effort at a cumulative sale, and additionally comes virtually 3 months after Hong Kong-listed Shun Tak Holdings aborted its purchase of High Point complying with the last collective sale attempt.

According to the specialist, the overview cost exercises to $2,508 psf per plot ratio (psf ppr) after factoring in the 7% bonus gross flooring location (GFA) for porches. The rate thinks about the $18.8 million development charge for the balconies.

However, the tender closing day has yet to be set. Lake claims this will just be done once validated rate of interest has been received from at least one developer. “This is somewhat similar to the URA Reserve Checklist method to selling spots,” he remarks.

Situated in the Orchard Roadway residential area, the site is a seven-minute walk away from Orchard Road MRT Station.

High Point sits on a 47,606 sq ft residential location. Completed in 1974, the existing development has 22 floors with a total GFA of 211,976 sq ft based upon a plot ratio of 4.45.

High Point, a freehold condominium block at 30 Mount Elizabeth, has been introduced for public tender at an overview cost of $550 million. Savills has been designated as the advertising and marketing agent.

“High Point represents an absolutely one-of-a-kind opportunity for designers to produce a famous ultra-luxurious development befitting the building’s site outstanding qualities,” states Galven Tan, Savills’ deputy managing director, investment sales & resources markets.

Under the URA Master Plan 2019, the spot has an allowable gross story ratio of 2.8 and elevation control of up to 36 storeys. The URA growth baseline is about 213,383 sq ft with a story ratio of 4.48. The location is not subjected to a pre-application feasibility research study on website traffic effect.
According to Savills, the spot can be redeveloped right into a luxury tower with 98 systems at an average dimension of roughly 2,153 sq ft each.

Jeremy Lake, managing supervisor, investment sales & capital markets at Savills, believes the time is now ripe to relaunch the residential or commercial property for collective sale. “A few developers have actually been monitoring High Point with us over the last few weeks and also we really feel that it is prompt to relaunch the public tender currently to provide developers adequate time to assess the possibility,” he says in a March 21 statement.

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