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Hong Hong Kong-listed Shun Tak Holdings announced that it was awarded the bid to purchase the purchase of High Point at the close of the auction on Friday evening. The final price paid is $556.688 millions, and this corresponds to a land value of $2,626 per plot percentage (psf ppr) in relation to Gross Floor Area (GFA) which is 226,815 square feet. The deal was mediated with Savills Singapore’s managing directors of capital markets and investment sales, Jeremy Lake and deputy managing director Galven Tan.
The land price of $2,626 per square foot psf is the third-highest land price (in terms of PSF ppr) from July 2018 in which Shun Tak purchased two land plots: Park House in a joint sale worth $375.5 million ($2,910 psf per) along with The bungalow site at 14 and 14A Nassim Road for $218 million ($2,725 per sq ft per). Both deals were mediated by Lake Tan as well as Lake Tan as well.
High Point is situated in the 30th floor of Mount Elizabeth in prime District 9. It is situated in a prestigious street and is located at the top elevation on Mount Elizabeth, offering unblocked breathtaking views of the landscape and the hills of Goodwood Hill, the Goodwood Park Hotel as well as The CBD skyline.
The 47,606 square feet freehold site could be developed into a brand new 36-storey building with 98 luxurious homes that are averaging 200 sqm (2,148 sq feet) each, as per Savills”Lake.
“High Point will be the very first ultra-luxury residential site to go on auction in this collective sales period,” Lake had said on October 21 on the day the site was opened for tender.
In the case of Shun Tak, this is the fifth property purchase in Singapore. Its two luxury condominium projects, Park Nova (former Park House collective sale site) and Les Maisons Nassim, have both set records for themselves. Park Nova, with its largest penthouse, which measures 5,899 square feet was sold at $34.44 million ($5,838 per square foot) in May. Then there was Les Maisons Nassim which has a super penthouse of 12,077 square feet selling for $75 million ($6,210 per square foot) at the end of October.
“The success of our earlier projects, such as Les Maisons Nassim and the prize-winning Park Nova, have demonstrated the strength of Shun Tak’s ability to design superior residential projects that feature inventive concepts and unique elements that have met the demands of sophisticated buyers from international and local marketplaces,” comments Pansy Ho who is the group’s executive chairman as well as managing director. “With the purchase the fifth property we’ll continue to extend our portfolio and footprint in Singapore and will continue to add high-end and distinctive elements that will enhance the growth of the city.”
This was the second group auction attempt by the buyers from High Point. “The outcome achieved through the process of a competition-based marketing is a testament to the property’s distinctive characteristics,” says Savills’ Tan. “Located in the midst the mountain of Mount Elizabeth, we anticipate that the new development developed by Shun Tak will set new expectations of living luxury within Singapore.”
In the current scheme, Shun Tak will redevelop the property into a luxurious residential development, which is expected to be completed in 2027. Lee Liat Yeang, senior partner of Dentons ‘ Rodyk’s Real Estate practice group acted on behalf of Shun Tak in this deal and Rajah & Tann Singapore LLP represented the sellers.