High Point En Bloc Sale to Shun Tak Hong Kong at S$556.7m


Last Updated: Mar 23, 2022

Latest Announcement 23.12.2021: Shun Tak gave up on the High Point En Bloc deal as they did not pay for the five per cent downpayment due on 23rd Dec 2021. The luxury developer will forfeit S$1 million in tender deposit. This is the first casualty after property cooling measures were announced close to midnight of 15th Dec 2021 to be effective from 16th Dec 2021. Shun Tak is not affected by the increase in Additional Buyer’s Stamp Duty (ABSD)from 25% to 35%<. However, the developer must have done their research and feels that the effect on foreign buyers are quite punitive as they now have to pay higher ABSD of 30%, up from 20% before.


Hong Kong-listed Shun Tak Holdings announced on Thursday, 9th Dec 2021 that it has acquired a District 9 development. The High Point en bloc sale was bought for about S$556.7 million.
Taking the development charge of S$18 million into account, the land price for the 47,606 square foot freehold property parcel came out to about S$2,537 per square foot per plot ratio (psf ppr). Savills said the sale is the highest price (psf ppr) recorded since July 2018.
High Point put its condominium up for collective sale in October 2021 for a target price of S$550 million, unchanged from its previous attempted en bloc sale price two years ago. In total, there are approximately 211,976 square feet of confirmed gross floor space in the freehold property.
High Point sits on a cul-de-sac road at the high point of Mount Elizabeth. The 22-storey tower was completed in 1973 with a plot ratio of 2.8 which allows a maximum height of 36 storeys.

High Point En Bloc Sale:

High Point En Bloc sale
Shun Tak is planning to turn 30, Mount Elizabeth into a premium residential development by 2027, after acquiring it through a subsidiary. Savills’ Lake says the 47,606 square feet freehold property could be redeveloped into a new 36-storey tower with 98 luxury apartments measuring 200 sqm (2148 sq ft) each on average.
The acquisition of High Point is the company’s fifth acquisition in central Singapore.

Les Maison Nassim And Park Nova Average Price:

Les Maison Nassim And Park Nova Average Price
Two of Shun Tak’s high-end condo projects, Les Maisons Nassim and Park Nova in Tomlinson Road (former Park House en bloc sale site), have both set records. In May, Park Nova sold its largest penthouse of 5,899 square feet for $34.44 million ($5,838 psf), while Les Maisons Nassim sold its 12,077 square foot super penthouse for $75 million ($6,210 psf) in October. Park Nova is selling at an average price of S$4948 psf in Dec 2021 with transacted prices ranging from S$6.499 million to S$34.438 million. Les Maison Nassim’s average price is at S$5957 psf with prices transacted in the range S$35 to S$75 million.
There’s definitely a demand from the well-heeled High Net Worth Individuals (HNWI) for such condos in Singapore. With Singapore’s strategically well-placed location in the world and its stable and flourishing economy, it is no wonder many wish to have a stake in our land scarce island state.
With the successful launches of both the award-winning Les Maisons Nassim and the award-winning Park Nova, it demonstrates Shun Tak’s capability to develop quality residential projects that meet the needs of discerning buyers from both the local and international markets.
Hong Kong’s Shun Tak Pansy Ho has plans to expand in Singapore. Through the acquisition of this fifth property, Pansy Ho hopes to expand their foothold and portfolio in our city state, Singapore, at the same time adding innovative and unique features to the city’s growth.
Shun Tak’s new condo launch at the summit of Mount Elizabeth in Singapore is expected to revolutionize the concept of luxury living.
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Source: https://www.businesstimes.com.sg/real-estate/high-point-sold-en-bloc-for-s5567-million-to-hong-kongs-shun-tak-holdings

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