High Point collective sale tender to close on July 28

Lake concludes that supply of all-new ultra-luxurious condos will remain “very constricted”, considered that the newest air conditioning steps may make it tougher to secure the 80% consensus required to proceed with a collective transaction, specifically for growths in the core central region (CCR) where foreign property is higher. This is because international owners are going to have to pay a higher ABSD (Additional Buyer’s Stamp Duty) when they get a substitute property “as well as a result may be much less keen to participate in the cumulative sale,” he includes.

Lake presently claims that the July 28 closing date has actually been set adhering to rate of interest listed by developers. “After introducing the general public tender in March we have been in consistent contact with designers as well as the interest level in super prime property locations has picked up,” he adds. He adds that international developers have actually also been able to visit Singapore given that travel restrictions have been eased.

The guide price of $550 million for the site works out to $2,508 psf per plot ratio once considering the 7% perk GFA for porches. The property development price payable for the 7% incentive GFA refers to $18.8 million.

No closing date was set at the time of the release tender in March. Jeremy Lake, Savills’ managing executive for investment sales and funding markets, was then estimated as stating that a closing day would certainly be decided on once validated interest had been received from at least one developer.

Savills says the site can possibly be redeveloped into a 36-storey ultra-luxurious tower of 98 units, presuming a typical dimension of 2,153 sq ft each. Property developers can also select to develop even wider units to satisfy new demand from ultra-high-net-worth foreign buyers. Citing high-end condominium Park Nova as an example, Savills notes that 37 out of the 54 units available at Park Nova have been marketed because its release last June at a typical cost of $4,815 psf.

The Florence Residences Hougang Ave 2

The 22-storey High Point was finished in 1973 and sits on a 47,606 sq ft housing site. It has an existing complete gross floor area (GFA) of about 211,976 sq ft, or a plot ratio of 4.45. Under the URA Master Plan 2019, the site has an allowed gross plot ratio of 2.8 as well as height control of as much as 36 floors. The URA development standard is roughly 213,383 sq ft with a plot ratio of 4.48. A pre-application usefulness research study is also not required by LTA for the site redevelopment for as much as 196 units.

The general public tender for High Point, a 59-unit condominium block at 30 Mount Elizabeth, will close on July 28, according to sales representative Savills. The residential property was relaunched for cumulative sale on March 21 with an overview cost of $550 million, complying with a previous effort final year that saw Hong Kong-listed Shun Tak Holdings abort its purchase of the building.

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