High Point relaunched for collective sale at $550 mil - Midwood™ Condo @ Hillview Rise (Updated - 2022)

High Point relaunched for collective sale at $550 mil

SINGAPORE (EDGEPROP) – Nevertheless, the tender closing date has yet to be established. Lake says this will just be done once confirmed passion has been obtained from at least one developer. “This is somewhat comparable to the URA Reserve Checklist strategy to selling spots,” he remarks.

The launch marks High Point’s fourth attempt at a collective sale, and likewise comes almost 3 months after Hong Kong-listed Shun Tak Holdings terminated its acquisition of High Point adhering to the last cumulative sale effort.

Prior to its cumulative sale launch last October, High Point had previously been launched up for sale in January 2019, also at an asking rate of $550 million. Its very first collective sale attempt remained in 2007, though that was terminated as it failed to protect the requisite 80% agreement.

Under the URA Master Plan 2019, the location has an allowed gross plot proportion of 2.8 as well as height control of approximately 36 storeys. The URA growth baseline is about 213,383 sq ft with a plot ratio of 4.48. The area is exempt to a pre-application expediency research on traffic effect.
According to Savills, the area can be redeveloped into a high-end tower with 98 units at an average size of about 2,153 sq ft each.

Midwood showflat location

High Point had formerly launched for cumulative sale in October last year, additionally at an overview rate of $550 million. On Dec 9, 2021, Shun Tak introduced it had actually won the bid for $556.688 million or $2,626 psf ppr. However, just a fortnight later, Shun Tak backed out of the offer, waiving its $1 million tender down payment. Property onlookers connected Shun Tak’s withdrawal from the bargain to the home cooling actions announced on Dec 16, 2021.

High Point rests on a 47,606 sq ft property site. Completed in 1974, the existing advancement has 22 storeys with a total GFA of 211,976 sq ft based on a story proportion of 4.45.

“High Point stands for a really unique possibility for programmers to create a legendary ultra-luxurious development proper the building’s location excellent qualities,” claims Galven Tan, Savills’ deputy managing supervisor, investment sales & resources markets.

According to the consultant, the guide price exercises to $2,508 psf per story ratio (psf ppr) after considering the 7% perk gross flooring area (GFA) for terraces. The cost thinks about the $18.8 million growth charge for the porches.

Jeremy Lake, taking care of director, investment sales & capital markets at Savills, believes the time is now ripe to relaunch the home for collective sale. “A couple of programmers have been keeping an eye on High Point with us over the last couple of weeks and also we feel that it is timely to relaunch the public tender currently to provide developers ample time to review the opportunity,” he claims in a March 21 statement.

Found in the Orchard Road residential area, the spot is a seven-minute walk away from Orchard Roadway MRT Terminal.

High Point, a freehold condo block at 30 Mount Elizabeth, has actually been launched for public tender at an overview cost of $550 million. Savills has actually been appointed as the advertising agent.

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