Highest land sale price psf ppr since July 2018 — High Point sold en bloc to Shun Tak at S$2,626 psf ppr

3 min read

Update as of 6 January 2022: Shun Tak has reportedly forfeited the S$1 million deposit to withdraw from the deal, as reported on The Business Times on 24 December 2021. This comes after cooling measures were announced a week earlier. 

High Point, which ended its tender on 8 December, has been sold en bloc to a wholly-owned subsidiary of Shun Tak Holdings for S$556.688 million. This translates to a land price of S$2,626 psf per plot ratio.

After factoring in the 7% bonus for balconies at a development charge of S$18 million, the land price works out to be around S$2,537 psf per plot ratio.

According to Savills, which brokered the deal, this marks the highest land price psf per plot ratio sold since July 2018 and the third highest in Singapore.

Notably, the collective sale of Park House to Shun Tak in June 2018, just before another round of cooling measures started a month later, had set the record for the highest land price per plot ratio at S$2,910. The site is now being redeveloped into Park Nova, which set a record for the highest price psf in Orchard Boulevard when a penthouse was sold at S$5,838 psf.

Fifth property acquisition in downtown Singapore in five years

The High Point en bloc sale is Shun Tak’s fifth property acquisition in downtown Singapore in five years.

Besides the Park House collective sale, other notable acquisitions include the 9 Cuscaden Road and 14/14A Nassim Road bungalows. The latter was bought in the same month as Park House at S$218 million (S$2,744 psf per plot ratio).

(Read more about Shun Tak’s acquisitions in Singapore here.)

It is now also being redeveloped as a luxury condo called Les Maisons Nassim, which may have set a record for the most expensive penthouse sold in Singapore in recent years.

With a land area of 47,606 sq ft and a gross floor area of 211,976 sq ft, the freehold site of High Point can be redeveloped up to 36 storeys tall. Shun Tak plans to redevelop the site at 30 Mount Elizabeth into a luxury residential development, to be completed by 2027.

What do you think of the record price psf per plot ratio for the High Point en bloc sale? Let us know in the comments section below or on our Facebook post. 

If you found this article helpful, 99.co recommends Freehold condo The Beaumont launched for collective sale and A recap + full list of new launch condos in 2021.

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