A potential 36-storey development could sit on an existing gross floor area of approximately 211,976 sqft.
CBRE has launched the sale of a prime freehold cul-de-sac plot HighPoint which sits on approximately 47,606 sqft located on Mount Elizabeth Road for $550m via public tender, an announcement revealed.
The existing gross floor area (GFA) comes to an approximate 211,976 sqft which is equivalen to a plot ratio of around 4.45. Taking into consideration the 7% bonus GFA for balconies, the land price totals roughly $2,509 psf per plot ratio.
The site is zoned ‘residential’ with a height control of up to 36 storeys, according to the Urban Redevelopment Authority’s (URA) Masterplan 2014. Assuming an average apartment size of 100 sqm, the site can accommodate up to 196 units, CBRE added.
“The potential 36-storey height will offer unblocked panoramic views featuring the lush greenery of Goodwill Hill and the Central Business District (CBD) skyline,” CBRE executive director for capital markets Galven Tan said in a statement. “Its exclusivity presents immense potential to create a one-of-a-kind Orchard Road landmark which will attract ultra-premium developers.”
Surrounded by luxury residential developments and hotels such as The Ritz Carlton Residences, The Grand Hyatt Hotel and Grand Park Orchard Hotel, the site enjoys privacy within one of Singapore’s most prestigious districts whilst still being close to premier retail malls including ION Orchard and Paragon.
Likewise, medical facilities and schools like the Chatsworth International School Orchard Campus and Singapore Chinese Girls’ School are in close proximity.
HighPoint currently houses 57 apartments and two penthouses, with more than 80% of its owners having signed the collective sale agreement (CSA).
The public tender for HighPoint will close on 26 February 2019 at 3 p.m.
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