High Point collective sale tender closes without award
The failed tender signals continued developer caution toward high-value prime redevelopment sites, although private-treaty negotiations remain possible until August 17.
High Point’s fifth collective-sale tender closed without an award after launching at $580 million, equivalent to $2,641 psf per plot ratio.
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The collective sale tender for High Point, a freehold condo at Mount Elizabeth, closed on June 9. According to a circular sent to owners sighted by EdgeProp Singapore, the tender was not awarded to any successful bidder.
Following the tender closing, the collective sale committee has up to 10 weeks, or until August 17, to carry out private treaty negotiations with interested parties.
High Point was launched for collective sale – marking its fifth en bloc attempt – on April 22 with a guide price of $580 million. ETC is the appointed marketing agent.
Read also: High Point condo relaunched for collective sale at $580 mil, marking fifth attempt
The price translates to a land rate of $2,641 psf per plot ratio (psf ppr), including the 7% bonus floor area.
Located in the Orchard Road vicinity, the 59-unit High Point occupies a 47,607 sq ft residential plot.
The last time owners at High Point made a collective sale attempt was in 2022, when the development was put up for sale with a guide price of $550 million.
Before that, owners came close to clinching a deal in December 2021, when Hong Kong’s Shun Tak Holdings submitted a bid of $556.7 million ($2,626 psf ppr) for the site.
However, the developer backed out and forfeited the $1 million deposit,simultaneously dropping its plans to redevelop the condo into a luxury residential project.
EdgeProp Singapore has reached out to ETC for comment.
Check out the latest listings for High Point properties