HighPoint, an apartment complex at the top of Mount Elizabeth Road has been listed for collective sale through public tender with a guide price of $550 million, its marketing agent CBRE said on Monday (Jan 7).
More than 80 per cent of the owners of the building - comprising 57 apartments and two penthouses - have signed the collective sale agreement.
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 2014 Master Plan.
It has a verified gross floor area (GFA) of about 211,976 sq ft, equivalent to a gross plot ratio of 4.45 times, and has a height control of up to 36 storeys. There is no development charge payable up to a GFA of about 213,383 sq ft, CBRE said.
CBRE also said in its assessment that the site can hold up to 196 units if the average size of apartments is 100 sq m.
Based on the guide price, the land rate for the site works out to about $2,595 per sq ft per plot ratio. Taking into consideration the 7 per cent bonus gross floor area for balconies, the land price will be about $2,509 per sq ft per plot ratio.
The site is a stone's throw away from the Goodwood Park Hotel and the Orchard Road shopping belt. It is also close to Anglo-Chinese School (Junior), Chatsworth International School (Orchard Campus) and Singapore Chinese Girls' School.
Mr Galven Tan, CBRE's executive director of capital markets, said: "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 Central Business District skyline. Its exclusivity presents immense potential to create a one-of-a-kind Orchard Road landmark, which will attract ultra-premium developers.
"As part of our pre-marketing exercise, we have received positive feedback from a number of foreign developers."
Mr Tan added that 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 the site closes on Feb 26 at 3pm.