Savills, as the exclusive marketing agent, is pleased to announce the public tender closing date on 28 July 2022, Thursday.
21 June 2022 – 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 for up to 196 units. The site can be redeveloped into a 36 storey ultra-luxurious tower of say 98 units assuming an average size of 200 sq m per unit. Alternatively developers may choose to build even larger units to cater to the new demand from UHNW foreign buyers who have been actively buying in Singapore for the last 12 months or so e.g. according to URA, Park Nova has sold 37 out of 54 units and the average price for the units sold since June 2021 is $4,815 psf.
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, luxury retail at Paragaon SC and Ngee Ann City, exclusive private clubs such as Tanglin Club and The American Club, and Singapore Botanic Gardens, a 82 hectare of tropical paradise.
Jeremy Lake, Managing Director, Investment Sales & Capital Markets, said: “After launching the public tender in March we have been in constant contact with developers and the interest level in super prime residential sites has picked up. A few foreign developers have also visited Singapore since the travel restrictions were eased. Accordingly we have decided to set the closing date on 28th July.. One unforeseen consequence of the government measures announced in December 2021 is that it will be harder to achieve the 80% mandate for many future Enbloc projects particularly in the CCR where foreign ownership is much higher. (This is because foreign owners will have to pay a higher ABSD when they buy a replacement property and accordingly they may be less keen to join in the collective sale and sign the Collective Sale Agreement at the outset). Thus the supply of prime sites for sale will be extremely low in the future and therefore the supply of new ultra-luxurious condominiums for sale will remain highly constrained.”
The 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.