The asking price works out to $2,595 psf ppr before factoring in balconies. (Photo: CBRE)
HighPoint, a freehold residential development at the highest point of the Mount Elizabeth-Orchard district, has been launched for en bloc sale with a guide price of $550 million, revealed marketing agent CBRE.
The price works out to $2,595 psf per plot ratio (psf ppr) or $2,509 psf ppr after taking into account the seven percent bonus gross floor area (GFA) for balconies.
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Located at 30 Mount Elizabeth Road, the development comprises 57 apartments and two penthouses. It sits on a cul-de-sac plot of land measuring about 47,606 sq ft.
The site is zoned for residential use under the 2014 Master Plan, with a height limit of up to 36 storeys. Its existing GFA of about 211,976 sq ft is equivalent to a plot ratio of 4.45. Assuming an average unit size of 100 sq m, the site could yield up to 196 units.
Just a short walk to the Orchard Road shopping belt, the freehold site is also near other ultra-luxurious residential developments such as The Ritz Carlton Residences and The Scotts Tower, as well as hotels like The Grand Hyatt Hotel, Goodwood Park Hotel and Grand Park Orchard Hotel.
“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,” said Galven Tan, executive director of capital markets at CBRE.
“Its exclusivity presents immense potential to create a one-of-a-kind Orchard Road landmark which will attract ultra-premium developers.”
In fact, the site has received “positive feedback from a number of foreign developers”, he said.
“At $2,595 psf 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,” noted Tan.
The tender for HighPoint closes on 26 February.
More: Understanding The En Bloc Process (August 2018)
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg