26 October 2021 – Savills, as the exclusive marketing agent, is pleased to launch the public tender of High Point – a freehold residential site sitting at the peak of Mount Elizabeth in the heart of the affluent Orchard Road residential area.
Located at 30 Mount Elizabeth, High Point is a 22-storey tower comprising 57 apartments and 2 penthouses. The apartments are 268 sq m and 272 sq m while the penthouses are 589 sq m and 592 sq m. It was completed in 1973. Commanding unblocked panoramic views of the city beneath, High Point is located at the end of an exclusive cul-de-sac which offers exclusivity and tranquility while at the same time being within walking distance to Paragon Shopping Centre and all the other amenities on Orchard Road.
Under the 2019 Master Plan, the 47,606 sq ft site is zoned ‘’Residential’’ with an allowable gross plot ratio of 2.8 and has a height control of up to 36-storeys. Verified by the authorities, High Point has an existing gross floor area (GFA) of approximately 211,976 sq ft, (PR4.45). Additionally, the Development Baseline is approximately 213,383 sq ft (PR 4.48). A pre-application feasibility study is also not required by LTA for the site redevelopment.
The site can be redeveloped into an ultra-luxurious development of up to 98 units assuming an average size of 200 sq m per unit.
Additionally, the site enjoys easy access to a plethora of amenities in the immediate vicinity. Key amenities include renowned medical facilities like Mount Elizabeth Hospital and Paragon Medical, exclusive private clubs such as Tanglin Club and The American Club, and Singapore Botanic Gardens, a 82 hectare of tropical paradise. Established and reputable educational institutions, such as Anglo-Cinese School (Junior) and Eton House International Pre-School (Claymore), are within 1km of the site while Anglo-Chinese School (Primary), Singapore Chinese Girls’ Primary & Secondary School, St. Joseph’s Institutuon and St. Margaret’s Primary School are within 2km of the site.
Centrally located in Singapore’s most luxurious residential enclave in district 9, the site is seamlessly connected with Orchard Road MRT station a mere 7 minutes’ walk away. As one of the stations on the Thomson-East Coast Line, Orchard Road MRT Station will be an Interchange Station when it comes into operation in 2022. With the Thomson-East Coast Line slated to complete in 2025, the site will benefit from the added connectivity to the CBD, North and East. Botanic Gardens and Gardens by the Bay will be two MRT stops away. Other parts of Singapore are just a short drive away via major arterial roads and expressways such as Orchard Road, Cairnhill Road and Centre Expressway.
Jeremy Lake, Managing Director, Investment Sales & Capital Markets, said: “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”.
The Guide Price is $550 million which works out to $2,508 per plot ratio after factoring in the 7% bonus GFA for balconies. The development charge payable for the 7% bonus GFA is about $18.8 million. The recent strong sales at Parc Nova and Eden will give developers a lot of confidence that buyers are willing to pay high prices for the best in class new luxury developments.
Galven Tan, Deputy Managing Director, Investment Sales & Capital Markets, shared: “Being a gateway to the Southeast Asian economy, Singapore stands out in its ability to attract talent and capital. 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.”
The tender closes on Wednesday, 8 December 2021, at 3pm.