High Point relaunched for collective sale at $550 mil

SINGAPORE (EDGEPROP) – The launch marks High Point’s fourth attempt at a collective sale, as well as also comes almost 3 months after Hong Kong-listed Shun Tak Holdings aborted its acquisition of High Point following the last collective sale attempt.

High Point rests on a 47,606 sq ft residential spot. Finished in 1974, the existing advancement has 22 floors with a total GFA of 211,976 sq ft based upon a story ratio of 4.45.

Under the URA Master Plan 2019, the place has an allowed gross story proportion of 2.8 as well as height control of approximately 36 floors. The URA advancement standard is about 213,383 sq ft with a story ratio of 4.48. The area is exempt to a pre-application expediency research study on website traffic effect.
According to Savills, the place can be redeveloped into a luxury tower with 98 devices at a typical size of approximately 2,153 sq ft each.

Found in the Orchard Roadway house, the site is a seven-minute walk away from Orchard Roadway MRT Terminal.

The Florence Residences floor plan

High Point, a freehold condominium block at 30 Mount Elizabeth, has been launched for public tender at a guide rate of $550 million. Savills has been appointed as the marketing agent.

However, the tender closing day has yet to be set. Lake says this will just be done when verified interest has actually been obtained from a minimum of one developer. “This is rather similar to the URA Reserve Listing approach to offering sites,” he says.

High Point had formerly released for cumulative sale in October 2021, likewise at an overview rate of $550 million. On Dec 9, 2021, Shun Tak announced it had actually won the bid for $556.688 million or $2,626 psf ppr. Nevertheless, just a fortnight later, Shun Tak revoked the deal, surrendering its $1 million tender deposit. Residential or commercial property onlookers associated Shun Tak’s withdrawal from the offer to the building cooling procedures announced on Dec 16, 2021.

According to the specialist, the guide rate works out to $2,508 psf per plot ratio (psf ppr) after factoring in the 7% bonus offer gross floor area (GFA) for porches. The price considers the $18.8 million advancement cost for the terraces.

“High Point stands for a really special possibility for developers to develop a famous ultra-luxurious advancement befitting the building’s place excellent features,” states Galven Tan, Savills’ deputy managing supervisor, financial investment sales & resources markets.

Prior to its cumulative sale launch last October, High Point had actually previously been launched offer for sale in January 2019, likewise at an asking price of $550 million. Its very first collective sale effort was in 2007, though that was aborted as it failed to secure the requisite 80% agreement.

Jeremy Lake, taking care of supervisor, financial investment sales & resources markets at Savills, believes the moment is now ripe to relaunch the building for cumulative sale. “A couple of developers have been keeping an eye on High Point with us over the last couple of weeks as well as we really feel that it is prompt to relaunch the public tender currently to provide programmers ample time to assess the opportunity,” he says in a March 21 statement.

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