Located at 30 Mount Elizabeth next to Orchard Road (District 9), High Point condominium – a 22-storey tower with 57 apartments and 2 penthouses – is up for public tender.
Completed in 1973 by developer Mount Elizabeth Pte. Ltd. and offering an unblocked panoramic view of the city, High Point is at the end of an exclusive cul-de-sac, which is within walking distance to Paragon Shopping Centre and other amenities on Orchard Road, including medical facilities like Mouth Elizabeth Hospital and Paragon Medical, private clubs such as Tanglin Club and The American Club, and Singapore Botanic Gardens.
Nearby schools within 1km of the property include Anglo-Chinese School (Junior) and Eton House International Pre-School (Claymore). Anglo-Chinese School (Primary), Singapore Chinese Girls’ Primary and Secondary Schools, St. Joseph’s Institution and St. Margaret’s Primary School are within 2km.
Transportation-wise, Orchard Road MRT is within a 7-minutes’ walk away and will form an interchange station in 2022 as part of the Thomson-East Coast Line. When the latter network is fully complete in 2025, Orchard station will offer residents the added connectivity to the CBD, North and East. Botanic Gardens (Napier station) will be two MRT stops away.
High Point’s current apartments are 268 sqm (2885 sqft) and 272 sqm (2928 sqft) while the penthouses are 589 sqm (6340 sqft) and 592 sqm (6372 sqft).
Zoned as a “residential” plot under the 2019 Master Plan, the 47,606 sq ft site has an allowable gross plot ratio of 2.8 and height control of up to 36 storeys. Its current gross floor area (GFA) is approximately 211,976 sq ft (PR 4.45) with a development baseline of 213,383 sq ft (PR 4.48).
According to Savills, the exclusive marketing agent behind the public tender, the site can be redeveloped into an ultra-luxurious development of up to 98 units assuming an average size of 200 sq m (2153 sq ft) per unit.
“High Point is the first luxury residential site to be launched for sale this collective sale cycle and we expect all the local “luxury” developers to be keen in addition to some developers based in Hong Kong. There is a shortage of large luxury units for sale in Singapore and High Point is ideal for an exclusive 36-storey luxury development targeting ultra-high net worth buyers in Singapore and the region,” said Jeremy Lake, Managing Director, Investment Sales & Capital Markets, Savills Singapore.
The guide price is S$550 million, which works out to S$2,508 per plot ratio after factoring the 7% bonus GFA for balconies. Development charge payable for the 7% bonus GFA is about S$18.8m. According to Savills, recent strong sales at Parc Nova and Eden has given developers a lot of confidence that buyers are willing to pay high prices for best-in-class luxury properties.
The tender closes 8 December 2021, 3pm.
What do you think of this collective sale? Let us know in the comments section below or on our Facebook post.
If you found this article helpful, 99.co recommends Chuan Park going for en bloc sale for S$938 million and What factors are necessary for a possible en bloc or collective sale?
Looking for a property? Find the home of your dreams today on Singapore’s fastest-growing property portal 99.co! If you would like to estimate the potential value of your property, check out 99.co’s Property Value Tool for free. Meanwhile, if you have an interesting property-related story to share with us, drop us a message here — and we’ll review it and get back to you.
The post Freehold residential tower High Point up for public tender appeared first on 99.co.