SINGAPORE (EDGEPROP) - High Point, a 59-unit condominium block at 30 Mount Elizabeth, recently secured the 80% consensus it needs to proceed with a collective sale. The collective sale committee (CSC) has appointed Savills Singapore as its marketing consultant.
The asking price for the entire project is $550 million, the same price at which High Point was launched for sale in January 2019. That was its second collective sale attempt.
Its first was in 2007 although it was aborted as it failed to secure the requisite 80% consensus.
The latest attempt could prove to be third time lucky for High Point.
Befitting its name, the condominium sits on the peak of Mount Elizabeth and is at the end of a quiet and private cul-de-sac. It is just a short walk to York Hotel and Goodwood Park Hotel as well as to Paragon and other shopping malls along Orchard Road.
High Point sits on a freehold site of 47,606 sq ft. Completed in 1974, the existing development has 22 storeys, with 57 regular four-bedroom apartments of 2,885 sq ft and 2,928 sq ft as well as two duplex penthouses of 6,340 sq ft and 6,372 sq ft, that come with private pools. The existing gross floor area (GFA) is 211,976 sq ft based on a plot ratio of 4.5.
Under the URA Master Plan 2014, the site is zoned for “residential” use with a maximum height of 36 storeys and plot ratio of 4.5. The URA development baseline is 213,383 sq ft with a plot ratio of 4.48. The site is not subjected to a pre-application feasibility study on traffic impact.
There has not been a recorded transaction at High Point since November 2017. That was when a 2,885 sq ft, four-bedroom unit on the eighth floor changed hands for $4 million ($1,387 psf), according to URA Realis. Many of the units at High Point are said to be owned by Indonesians. This is because of the prime District 9 location, freehold tenure of the site and proximity to Mount Elizabeth and Paragon Medical Centres, notes Jeremy Lake, Savills Singapore managing director of capital markets and investment sales.
Prices of luxury residences have soared this past year. Next door, Klimt Cairnhill, which was launched in August, saw a 1,496 sq ft, three-bedroom unit sold for $5.7 million ($3,818 psf). At Ritz-Carlton Residences, a 3,057 sq ft, four-bedroom apartment was sold by its developer, KOP Properties, for $14 million ($4,580 psf) this August. It is the highest price achieved in the 58-unit, luxury development since December 2007, when three units were sold at prices above $5,000 psf. Ritz-Carlton Residences was completed in 2011.
This Cairnhill-Mount Elizabeth enclave has a mix of luxury residential developments and hotels. Besides The Ritz-Carlton Residences, The Scott Tower and the upcoming Klimt Cairnhill, hotels in the vicinity include Goodwood Park Hotel, York Hotel, The Elizabeth and adjacent The Quincy Hotel.
The guide price of $550 million for High Point translates into a land rate of $2,508 psf per plot ratio, after factoring in the 7% additional GFA allowed for balconies, estimates Lake. The price takes into account the $18.8 million development charge for the balconies.
According to Lake, the site has the potential to be redeveloped into a new 36-storey tower with 98 luxury apartments averaging 200 sqm (2,148 sq ft) each. “High Point is the first super luxury residential site to be launched for sale in this collective sale cycle,” he says. He expects interest to come not just from Singapore-based developers in the luxury space, but those from Hong Kong and elsewhere in the region.
Given that High Point is literally at the highest point of the Cairnhill-Mount Elizabeth area, the apartments enjoy 270-degree views of the prime residential enclaves in the neighbourhood of Orchard Road and Scotts Road, says Galven Tan, Savills deputy managing director of capital markets and investment sales. “It’s a rare opportunity for developers to redefine the new level of luxury living,” he adds. “The views will be even more spectacular at 36 storeys.”
High Point will be launched for sale in the last week of October, with the tender closing on Dec 8.