High Point collective sale for which launched last March will now close on July 28

The public auction to purchase High Point, an apartment block of 59 units located at 30 Mount Elizabeth, will end on July 28 according to the marketing agent Savills. It is believed that the property was launched for sale by collective on the 21st of March with a suggested price of $550 million. It follows an earlier attempt which was unsuccessful. the Hong listed Hong Kong Shun Tak Holdings abort its purchase of the property.

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The closing date was not established at the time of the tender launch in March. Jeremy Lake, Savills’ managing director of capital markets and investment sales was reported as saying that a date for closing would be set once it was confirmed that interest was obtained from at minimum one developer.

Lake is now saying that the deadline has been fixed in response to interest expressed by developers. “After the launch of the public tender in March, we’ve been constantly in communication with developers and the demand in the super top residential sites has increased,” he adds. He also says that foreign developers are also able to travel to Singapore because restrictions on travel have been lifted.

The 22-story High Point was constructed in 1973. It is on a 47,606 square feet residential site. The site has a Gross Floor Area (GFA) of 211,976 square feet, which is a plot ratio of 4.45. According to the URA Master Plan 2019, the site has a permissible Gross plot ratio (GPR) of 2.8 and a height limit that can go up to 36 floors. Its URA Development baseline measures 213,383 square feet with an average plot ratio of 4.48. A feasibility study for pre-application is non-required by LTA for site reconstruction of up to 193 units.

The suggested price of $550 million to the site amounts to $2,508 per plot after adjusting for seven% extra GFA to balconies. The development cost to the 7% reward GFA is approximately $18.8 million.

Savills states that the site could be developed into a luxury 36-story tower that will have 98 units taking an average of 2,153 square feet per unit. Developers could also opt to build bigger units to meet rising demand from ultra-high net-worth foreign buyers. In citing luxury condominium Park Nova for an instance, Savills notes that 37 of 54 units in Park Nova are sold out since its opening last June for an average of $4,815 per square foot.

Lake believes that the supply of ultra-luxury condominiums that are being built will be “highly restricted” because of the recent cooling measures may make it more difficult to obtain the required 80% consensus required for an agreement for a collective sale, specifically for developments located in the central Central Region (CCR) where ownership by foreigners is more prevalent. The reason for this is that foreign owners will need to pay more absd (Additional Buyer’s Stamp Duty) when they purchase the replacement property “and consequently, they may not be as keen to participate in the collective sale” Lake says.