High Point collective sale tender to close on July 28
The 22-storey High Point was finalized in 1973 and remains on a 47,606 sq ft residential area. It has an existing complete gross floor location (GFA) of around 211,976 sq ft, or a plot ratio of 4.45. Under the URA Master Plan 2019, the location has an allowable gross plot ratio of 2.8 and height control of up to 36 floors. The URA development baseline is about 213,383 sq ft with a plot ratio of 4.48. A pre-application workability research study is also not called for by LTA for the area redevelopment for up to 196 units.
The guide pricing of $550 million for the site calculates to $2,508 psf per plot ratio after considering the 7% reward GFA for balconies. The development cost payable for the 7% bonus GFA has to do with $18.8 million.
Lake now mentions that the July 28 closing day has been established adhering to interest registered by developers. “After introducing the general public tender in March we have actually been in constant contact with designers as well as the interest degree in incredibly prime residential sites has actually grabbed,” he adds. He adds that foreign developers have actually likewise been able to go to Singapore because traveling limitations have actually been relieved.
No closing day was set at the time of the launch tender in March. Jeremy Lake, Savills’ managing supervisor for investment sales and also capital markets, was then quoted as claiming that a closing date would be decided on once confirmed rate of interest had actually been received from at least one developer.
Lake concludes that supply of new ultra-luxurious condos will continue to be “very constrained”, considered that the most recent cooling actions may make it more challenging to secure the 80% agreement required to proceed with a cumulative sale, particularly for growths in the core central region (CCR) where international possession is greater. This is because foreign homeowners are going to need to pay a higher ABSD (Additional Buyer’s Stamp Duty) when they buy a replacement residence “and consequently may be less keen to take part the collective sale,” he adds in.
The public tender for High Point, a 59-unit condominium block at 30 Mount Elizabeth, will close on July 28, according to advertising broker Savills. The residential property was relaunched for cumulative sale on March 21 with a guide cost of $550 million, complying with a past pursuit in 2021 that saw Hong Kong-listed Shun Tak Holdings terminate its acquisition of the building.
Savills claims the site might be redeveloped into a 36-storey ultra-luxurious tower of 98 units, presuming a typical dimension of 2,153 sq ft per unit. Property developers may likewise select to develop even larger units to cater to fresh need from ultra-high-net-worth foreign buyers. Mentioning high-end condo Park Nova as an instance, Savills considers that 37 out of the 54 units readily available at Park Nova have been marketed because its launch last June at an average rate of $4,815 psf.