High Point enbloc by Shun Tak for $557m

Hong Kong-listed Shun Tak Holdings reported that it had been successful in its proposal for the collective sale of High Point. The tender for the sale of the property had ended the previous evening. On the basis of the gross floor area (GFA) of 226,815 square feet, the actual transaction price was $556.688 million, which translates into a land rate of $2,626 per square foot per plot ratio (psf ppr). Jeremy Lake, managing director of investment sales and capital markets at Savills Singapore, and Galven Tan, deputy managing director, were responsible for brokering the transaction.

Since 2018, Shun Tak purchased two land plots: Park House in a collective sale for $375.5 million and the bungalow site at 14 and 14A Nassim Road for $218 million, the land rate has increased to $2,626 per square foot per year (psf ppr). Lake and Tan were also involved in both transactions.

 

High Point Location

High Point is situated at 30 Mount Elizabeth in the very desirable District 9 neighborhood. A private cul-de-sac and the highest point of Mount Elizabeth, it provides unobstructed panoramic views of the greenery of Goodwood Hill, the Goodwood Park Hotel, and the Sydney CBD cityscape.

Lake, of Savills, believes that the freehold property, which measures 47,606 square feet, has the potential to be turned into a new 36-story skyscraper with 98 premium apartments averaging 200 square feet (2,148 square feet) in size each.

Lake had said on October 21, when the property was put up to tender, that “High Point is the first ultra luxury residential site to be placed for sale in this collective sale cycle.”

 

Potential of the Site

Shun Tak has acquired a total of five properties in Singapore, making it the company’s sixth purchase in the country. Their two premium condominium developments, Park Nova (on the old Park House collective sale site) and Les Maisons Nassim, have both broken sales records in their respective cities. Les Maisons Nassim, which has a super penthouse measuring 12,077 square feet and fetches $75 million ($6,210 per square foot), and Park Nova, which has a penthouse measuring 5,899 square feet and sold for $34.44 million ($5,838 per square foot) in May.

According to Pansy Ho, group executive chairman and managing director, “The successful launches of our previous projects, including Les Maisons Nassim and the award-winning Park Nova, have demonstrated Shun Tak’s strength in developing high quality residential projects with innovative concepts and creative touches that have well-matched the needs of discerning buyers from both the local and international markets.” The purchase of this fifth property will allow us to further grow our portfolio and establish a footing in Singapore, while also continuing to bring in high-quality and distinctive components to contribute to the city’s thriving development.

The purchasers of High Point attempted a second time to sell their property in a group sale. “The outcome obtained via a competitive marketing process is a testimony to the site’s distinctive characteristics,” adds Tan of Savills. According to the developer, “With its location at the summit of Mount Elizabeth, we expect the new development by Shun Tak to redefine the norms of luxury living in Singapore.”

A premium residential construction on the site is planned for completion in 2027, according to the current design by Shun Tak, who will renovate the land. Shun Tak was represented in this transaction by Lee Liat Yeang, a senior lawyer in Dentons Rodyk’s Real Estate practice group, while the sellers were represented by Rajah & Tann Singapore LLP.

 

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Review of Former High Point