High Point condo sold en bloc for $556.7m to HK group

Hong Kong-listed Shun Tak Holdings has bagged High Point condominium in Singapore's District 9 for close to $556.7 million, the conglomerate said on Thursday.

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

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 at 30 Mount Elizabeth has an 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 has said 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 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, was launched in May this year.

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

Shun Tak shares closed on Thursday at HK$2.17, up 4.33 per cent, before the news.

THE BUSINESS TIMES