Shun Tak acquires High Point en bloc for $557 mil

SINGAPORE (EDGEPROP) - Hong Kong-listed Shun Tak Holdings announced that it has won the bid for the collective sale of High Point at the close of the tender last evening. The actual transacted price was $556.688 million, which translates to a land rate of $2,626 psf per plot ratio (psf ppr) based on the gross floor area (GFA) of 226,815 sq ft. The deal was brokered by Savills Singapore’s managing director of investment sales & capital markets, Jeremy Lake and deputy managing director Galven Tan.

The land rate of $2,626 psf ppr is the third highest land price (in terms of psf ppr) since July 2018, when Shun Tak purchased two land plots: Park House in a collective sale for $375.5 million ($2,910 psf ppr) and the bungalow site at 14 and 14A Nassim Road for $218 million ($2,725 psf ppr). Both deals were brokered by Lake and Tan too.

High Point is located at 30 Mount Elizabeth in prime District 9. It sits within an exclusive cul-de-sac and at the highest point of Mount Elizabeth, offering unblocked panoramic views of the greenery of Goodwood Hill, the Goodwood Park Hotel and the CBD skyline.

The 47,606 sq ft, freehold site has the potential to be redeveloped into a new 36-storey tower with 98 luxury apartments averaging 200 sqm (2,148 sq ft) each, according to Savills’ Lake.

“High Point is the first super luxury residential site to be launched for sale in this collective sale cycle,” Lake had said on Oct 21, when the site was launched for tender.

For Shun Tak, this is the fifth property acquisition in Singapore. Its two luxury condo projects, Park Nova (former Park House collective sale site) and Les Maisons Nassim, have both set new records. Park Nova, with its biggest penthouse of 5,899 sq ft sold for $34.44 million ($5,838 psf) in May and Les Maisons Nassim, with its 12,077 sq ft super penthouse fetching $75 million ($6,210 psf) in October. (Discover insightful data of any Singapore condominium with our condo directory)

“The successful launches of our previous projects, including Les Maisons Nassim and the award-winning Park Nova, have demonstrated Shun Tak’s strength in developing high quality residential projects with innovative concepts and creative touches that well-matched the demand of discerning buyers from both local and international markets,” comments Pansy Ho, group executive chairman and managing director. “With the acquisition of this fifth property, we shall further expand our portfolio and foothold in Singapore and continue to bring in top-quality and unique elements to enrich the vibrant development of the city.”

This was the second collective sale attempt for the buyers of High Point. “The result achieved via a competitive marketing process is testament to the site’s unique attributes,” says Savills’ Tan. “Located at the peak of Mount Elizabeth, we anticipate that the new development by Shun Tak will redefine the standards of luxury living in Singapore.”

Under the current plan, Shun Tak will redevelop the property into a luxury residential development targeted for completion in 2027. Lee Liat Yeang, senior partner of Dentons Rodyk’s Real Estate practice group acted for Shun Tak in this deal, while Rajah & Tann Singapore LLP acted for the vendors.