High Point, is located at 30 Mount Elizabeth and is making its second collective sale attempt for $550 million or $2,508 per sq ft per plot ratio, after factoring in balconies.
High Point, a 22-storey residential development at the peak of Mount Elizabeth within the Orchard Road residential area, is once again placed for en bloc sale, following its failed attempt in 2019.
The guide price is unchanged at $550 million, which translates to $2,508 per sq ft per plot ratio (psf ppr) after factoring the 7% bonus gross floor area (GFA) for balconies.
Situated at 30 Mount Elizabeth, High Point comprises 57 apartments and two penthouses, with the apartments measuring between 268 sq m and 272 sq m, while the penthouses spans 589 sq m to 592 sq m, said exclusive marketing agent Savills Singapore.
The freehold development, which was completed in 1973, occupies a 47,606 sq ft site that is zoned for Residential use under the 2019 Master Plan. The site has an allowable gross plot ratio of 2.8 and a height limit of up to 36 storeys.
The site could be redeveloped into an ultra-luxurious development with up to 98 units, averaging 200 sq m each. Savills noted that a pre-application study is not required by the Land Transport Authority (LTA) for the site redevelopment.
High Point is a mere 7 minutes’ walk away to Orchard Road MRT station, which is set to become an interchange station on the Thomson-East Coast Line in 2022. It is also near various amenities including Mount Elizabeth Hospital and Paragon Medical, Singapore Botanic Gardens as well as private clubs such as Tanglin Club and The American Club.
The development is also close to educational institutions, such as Eton House International Pre-School (Claymore), Anglo-Chinese School (Junior), Anglo-Chinese School (Primary), St. Joseph’s Institution, Singapore Chinese Girls’ Primary and Secondary School and St. Margaret’s Primary School.
“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,” said Jeremy Lake, Managing Director of Investment Sales and Capital Markets at Savills.
He also noted the shortage of large luxury units for sale in Singapore.
Galven Tan, Deputy Managing Director of Investment Sales and Capital Markets at Savills, said the city-state stands out in its ability to attract capital and talent as a gateway to the Southeast Asian economy.
“Luxury properties have benefitted with the inflow of this capital and we continue to see growing interest from these astute buyers with impeccable taste. High Point stands out as a site with unique attributes like High Point, thus a rare opportunity for developers to redefine the new level of luxury living,” he said.
The tender for High Point closes on 8 December.
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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: email@example.com.