$550m guide price for HighPoint collective sale

The freehold site, located on a cul-de-sac plot with a land area of 47,606 sq ft, is zoned for residential use under the Urban Redevelopment Authority's 2014 Master Plan.
Dated: 08-Jan-2019

The HighPoint condo block in Mount Elizabeth Road has been listed for collective sale with a guide price of $550 million, marketing agent CBRE said yesterday.

The block sits on a Freehold site and has 57 apartments and two penthouses. It is on a cul-de-sac plot with a land area of 47,606 sq ft.

It has a verified gross floor area (GFA) of about 211,976 sq ft, equivalent to a gross plot ratio of 4.45 times, and has a height control of up to 36 storeys. There is no development charge payable up to GFA of about 213,383 sq ft, CBRE said. It added that the site could yield up to 196 units at an average unit size of 100 sq m.

The land rate for the site works out to about $2,595 per sq ft per plot ratio. Taking into consideration the 7 per cent bonus gross floor area for balconies, the price will be about $2,509 per sq ft per plot ratio.

HighPoint is a stone's throw from the Goodwood Park Hotel and the Orchard Road shopping belt. It is also close to Anglo-Chinese School (Junior), Chatsworth International School (Orchard campus) and Singapore Chinese Girls' School.

CBRE executive director of capital markets Galven Tan said: "A site with attributes like HighPoint rarely becomes available. The potential 36-storey height will offer unblocked panoramic views featuring... Goodwood Hill and the central business district skyline.

"As part of our pre-marketing exercise, we have received positive feedback from a number of foreign developers."

Mr Tan said overall supply in the luxury segment "remains very limited and we believe the interest and pricing will continue to hold firm".

The public tender closes at 3pm on Feb 26.

Source: Straits Times