High Point in Orchard Road back on the market with S$550m guide price

HIGH Point, a 22-storey residential property at 30 Mount Elizabeth, is back on the market with a guide price of S$550 million, two years after its first attempt at a collective sale.

The unchanged guide price of S$550 million translates to S$2,508 per square foot per plot ratio after factoring in the 7 per cent bonus gross floor area (GFA) for balconies, according to exclusive marketing agent Savills Singapore in a press statement on Tuesday (Oct 26). More than 80 per cent of the owners of the building have signed the collective sale agreement, it added. 

High Point, completed in 1973, comprises 57 apartments and 2 penthouses. Each apartment is 268 square metres (sq m), while the penthouses are 272 sq m each. The residential tower has an existing GFA of 211,976 square feet (sq ft) and a development baseline of about 213,383 sq ft.

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 Master Plan 2019. It also has an allowable gross plot ratio of 2.8 and height control of up to 36 storeys.

Savills Singapore said the site can be redeveloped to a development housing 98 units with an average size of 200 sq m per unit.

The property is a 7-minute walk from Orchard Road MRT Station - which will also become one of the stations on the Thomson-East Coast Line in 2022. Other key amenities include Mount Elizabeth Hospital and Paragon Medical, private clubs such as Tanglin Club and The American Club, and the Singapore Botanic Gardens.

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High Point is also in the vicinity of educational institutions like Anglo-Cinese School (Junior) and Eton House International Pre-School (Claymore), Anglo-Chinese School (Primary), Singapore Chinese Girls' Primary and Secondary School, St Joseph's Institution and St Margaret's Primary School.

Jeremy Lake, Savills Singapore managing director of investment sales and capital markets, said High Point is the first luxury residential site to be launched for sale this collective sale cycle.

Savills expects to draw interest from local "luxury developers" as well as some Hong Kong-based developers. Lake also noted the shortage of large luxury units for sale in Singapore.

Galven Tan, Savills Singapore deputy managing director of investment sales and capital markets, noted that Singapore stands out in its ability to attract talent and capital as a gateway to the South-east Asia economy.

"Luxury properties have benefited from the inflow of this capital and we continue to see growing interest from these astute buyers with impeccable taste," he said.

The public tender will close on Dec 8, 3 pm.