SINGAPORE: Prime freehold site HighPoint near Orchard Road is up for sale for S$550 million through public tender, real estate company CBRE announced in a media release on Monday (Jan 7).
Located on 30 Mount Elizabeth Road, HighPoint comprises 57 apartments and two penthouses. It also sits on a freehold cul-de-sac plot of approximately 47,606 sq ft on the highest point of Mount Elizabeth.
The site is also located near the Orchard Road shopping belt and other premium developments such as The Ritz Carlton Residences and hotels like Goodwood Park Hotel.
More than 80 per cent of owners have signed the Collective Sale Agreement, CBRE said.
It added that the guide price for HighPoint is S$550 million or S$2,595 per sq ft per plot ratio (ppr). Taking into consideration the 7 per cent bonus gross floor area for balconies, the land price will be approximately S$2,509 per sq ft per ppr.
According to the Urban Redevelopment Authority's 2014 masterplan, the site is zoned "Residential" with a height control of up to 36 storeys. The existing gross floor area is approximately 211,976 sq ft.
The site can also accommodate up to 196 dwelling units assuming an average apartment size of 100 sq m, according to CBRE. .
Mr Galven Tan, the executive director of capital markets, CBRE, said the company has already received positive feedback from "a number of foreign developers".
"A site with attributes like HighPoint rarely becomes available. The potential 36-storey height will offer unblocked panoramic views featuring the lush greenery of Goodwood Hill and the CBD skyline."
He added: "At S$2,595 ppr (before factoring in balconies), the site is very attractively priced. Overall supply in the ultra-luxurious segment of the market remains very limited, and we believe the interest and pricing will continue to hold firm.”
The public tender for HighPoint will close at 3pm on Feb 26, the press release added.