Public tender has been opened for High Point at 30 Mount Elizabeth. The guide price is $550 million, but it could be more or less. People who sell things are going to use Savills to market them.
If you add in 7 percent extra gross floor area (GFA) for balconies, the guide price comes to $2,508 psf per plot ratio (psf ppr), which is how much each square foot costs. There is a development charge for the balconies of $18.8 million in the price.
This is High Point‘s fourth attempt at a collective sale. It also comes nearly three months after Shun Tak Holdings, a Hong Kong company, decided not to buy High Point after the last collective sale tried to buy the company.
This isn’t the first time High Point Condo has been put up for sale. In October of last year, it was put up for sale for $550 million. As of Dec. 9, 2021, Shun Tak said that it had won the bid for $556.688 million. This is $2,626 psf per square foot. In fact, Shun Tak backed out of the deal less than a fortnight later, so it lost its $1 million tender deposit, too. Shun Tak pulled out of the deal because of the property cooling measures that were announced on December 16, 2021.
For example, Savills’ managing director of investment sales and capital markets says the time is right to re-launch the property for sale as a group. Developers have been watching High Point with us for the last few weeks, and we think it’s a good idea to restart the public tender now so that developers have time to think about it.
As a result, there is no set date for when the tender will be closed yet. Lake says this won’t happen until at least one developer has said they want to work on it. “This is a little like how the URA Reserve List sells sites,” he says.
During to its enbloc sale launch last October, High Point Condo had previously been launched for sale in January 2019, also at an asking price of $550 million. It tried to sell all of its shares together in 2007, but that didn’t work out because it didn’t get enough people to agree.
High Point Condo sits on a 47,606 sq ft residential site. Finished in 1974, the 22-story building now stands. It has a total GFA of 211,976 square feet, which is based on a plot ratio of 4.45.
Under the URA Master Plan 2019, the site can have a gross plot ratio of 2.8 and a maximum height of 36 storeys. About 213,383 sq ft with a plot ratio of 4.48 is the URA’s development goal. The site doesn’t have to go through a traffic study before it can be used.
According to Savills, the site can be turned into a high-end tower with 98 units that each measure about 2,153 square feet.
Galven Tan, Savills’ deputy managing director, investment sales and capital markets, says that High Point is a rare chance for developers to build an iconic ultra-luxurious development that fits the property’s great location.
There is a seven-minute walk to Orchard Road MRT Station from the site.
High Point Condo
Public tender has been opened for High Point at 30 Mount Elizabeth. The guide price is $550 million, but it could be more or less. People who sell things are going to use Savills to market them.
Product SKU: High Point Condo
Product Currency: SGD
Product Price: 550000000
Product In-Stock: InStock
