High Point condo sold en bloc for $556.7 million to Hong Kong conglomerate

High Point went on the market in October with a guide price of $550 million. PHOTO: SAVILLS SINGAPORE

SINGAPORE (THE BUSINESS TIMES) - Hong Kong-listed Shun Tak Holdings has bagged District 9 condominium High Point for close to $556.7 million, the conglomerate said on Thursday (Dec 9).

The land price for the 47,606 sq ft parcel worked out to about $2,537 per square foot per plot ratio (psf ppr) when the development charge of $18 million is taken into account, according to marketing agent Savills. The sale price is the highest land price in terms of psf ppr achieved since July 2018, said Savills.

High Point went on the market in October with a guide price of $550 million, unchanged from its earlier bid at a collective sale two years ago. The freehold site has a land area of approximately 47,606 sq ft, with existing verified gross floor area of approximately 211,976 sq ft.

The 22-storey block was completed in 1973 on a cul-de-sac plot with allowable gross plot ratio of 2.8 and height control of up to 36 storeys. Savills said at the time that it could be redeveloped as a residential project with 98 units, at an average size of 200 sq m each.

Shun Tak, which made the purchase through a subsidiary, said it plans to redevelop the freehold site at 30 Mount Elizabeth as a luxury residential project by 2027.

The group noted that High Point is its fifth downtown Singapore acquisition in as many years. Its debut Singapore residential project, Park Nova in Tomlinson Road, launched in May this year.

Ms Pansy Ho, Shun Tak's chairman and managing director, added in a statement that "we shall further expand our portfolio and foothold in Singapore" with the latest transaction.

Shares closed on Thursday at HK$2.17, up by HK$0.09 or 4.33 per cent, before the news.

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