High Point is a 59-unit condominium block located at 30 Mount Elizabeth. It recently achieved the 80% consensus needed to proceed with a collective sales. Savills Singapore has been appointed as the marketing consultant by the collective sale committee (CSC).
The asking price of the whole project is $550million, which is the same price High Point was listed for sale in January 2019. It was the second attempt at a collective sale.
The first attempt was made in 2007, but it was canceled after it failed to achieve the required 80% consensus.
High Point could be able to make it third time lucky with this latest attempt.
The condominium is located on Mount Elizabeth’s peak and at the end of a private, quiet cul-de–sac. You can walk just a few steps to York Hotel, Goodwood Park Hotel, Paragon, and other shopping centers along Orchard Road.
High Point is located on a 47,606 square foot freehold property. The existing development was completed in 1974 and has 22 floors. It includes 57 four-bedroom apartments measuring 2,885 and 2,928 square feet, as well as two duplex penthouses measuring 6,340 and 6,372 square feet, which come with their own pools. Based on a plot ratio 4.5, the existing gross floor area is 211.976 sq.ft.
The URA Master Plan 2014 zones the site for residential use. It has a maximum height 36 stories and a plot ratio of 4.5. URA’s development baseline measures 213,383 square feet with a plot ratio 4.48. Traffic impact is not a part of the pre-application feasibility studies.
Since November 2017, there has been no High Point transaction. According to URA Realis, a 4,885 sq ft unit with four bedrooms on the eighth floor was sold for $4 million ($1,387 per square foot). According to URA Realis, many of the High Point units are owned by Indonesians. This is due to the location of High Point in District 9, the freehold tenure and the proximity of Mount Elizabeth and Paragon Medical Centres. Jeremy Lake, Savills Singapore managing Director of Capital Markets and Investment Sales, says that this is a result of the high quality of the property.
The prices of luxury residences have increased in the past year. The Klimt Cairnhill next door sold a 1,496 square foot, three-bedroom unit for $5.7 million ($3,818 per sqf). KOP Properties sold a 3,057-square-foot four-bedroom apartment in Ritz-Carlton Residences for $14 million (or $4,580 psf). This is the highest price paid in the luxury development of 58 units since December 2007 when three units sold for more than $5,000 per square foot. Ritz-Carlton Residences was built in 2011.
The Cairnhill-Mount Elizabeth enclave is home to a mixture of luxury residential developments as well as hotels. The Ritz-Carlton Residences and The Scott Tower are the next Klimt Cairnhill. Hotels in the area include Goodwood Park Hotel and York Hotel.
High Point’s guide price of $550million translates to a land rate ratio of $2,508 per plot ratio. This is after taking into account the 7% extra GFA permitted for balconies. Lake estimates. This price does not include the $18.8million development fee for the balconies.
Lake says that the site could be developed into a 36-story tower with 98 luxury apartments measuring 200 sqm (2.148 sq ft each). He says that High Point is the first super-luxury residential site to go on sale in this collective sales cycle. He anticipates that interest will come from not only Singapore-based luxury developers, but also from Hong Kong and other parts of the region.
Galven Tan, Savills deputy manager of capital markets, investment sales, said that High Point is at the top of the Cairnhill/Mount Elizabeth area. The apartments have 270-degree views over the prime residential enclaves of Orchard Road or Scotts Road. He says, “It’s an opportunity for developers to redefine luxury living.” 36-storeys will offer spectacular views.
High Point will go on sale in the final week of October. The tender closes Dec 8.