Orchard Road Luxury Condominium High Point on Collective Sale for $580 Million

The owners of High Point condominium, at 30 Mount Elizabeth, are attempting another collective sale of their freehold development.

This is the fifth collective sale attempt by the owners of the prime district 9 condo, and the latest guide price lists the freehold condo for $580 million. The price translates to approximately $2,641 per sq ft per plot ratio (ppr), and includes a 7% bonus floor area.

It has been almost five years since High Point was nearly bought by  Shun Tak Holdings, when the development launched its fourth collective sale tender in 2021. At the time, the Hong Kong developer came forward with a $556.7 million offer.

The collective sale could have been completed if the government didn’t roll out another round of property cooling measures on Dec 16, 2021.

This package significantly increased the additional buyers stamp duty (ABSD) for second and subsequent property purchases by locals, permanent residents, and foreign buyers. It also lowered the Total Debt Servicing Ratio (TDSR) and decreased the loan-to-value limits.

The death blow with regards to the 2021 collective sale of High Point was to raise the ABSD from 25% to 35% for developers purchasing any residential property. Shun Tak called off its acquisition of High Point a few days later, and opted to forfeit its $1 million tender deposit.

Since then, the residential enbloc market in Singapore has been very muted, with only a handful of deals crossing the line, mainly commercial and mixed-use sites as developers avoid the residential ABSD.

Although there has been a strong line up of development sites by the government via the government land sales programme, there have been almost hardly any freehold plots in a prime residential enclave like Mount Elizabeth.

However, this will change with the new collective sale attempt by the owners of High Point. Perhaps it might mark a turning point in the enbloc market, if a developer can be convinced.

“The scarcity of brand-new freehold opportunities in District 9 has become increasingly pronounced. Over the last few years, the market has seen limited freehold luxury residential launches, with most new supply being leasehold projects,” says Swee Shou Fern, Head of Investment Advisory at ETC, a member of Realion Group.

Completed in 1973, High Point sits on a 47,607 sq ft site that is zoned for residential use with a building height control of 36 storeys. The existing building is 22 stories tall, so this could open the way for a developer to introduce a new high-rise luxury condo in that neighbourhood.

The collective sale of High Point is marketed by ETC, who says that no land betterment charge is payable to redevelop the residential site up to its baseline plot ratio of 4.45.

Singapore’s luxury residential market continues to pull in ultra-wealthy buyers

“The launch of 30 Mount Elizabeth (High Point) is particularly timely, given the limited pipeline of new ultra-luxe freehold residential projects in Orchard Road vicinity,” says Swee.

She adds that demand for trophy residential assets in Singapore has strengthened over the past year, supported by local and international ultra-high-net-worth individuals buying up property in Singapore. The luxury residential market in the city-state is a globally recognised safe-haven market, and a trusted destination for long-term capital preservation, she says.

The Stacked team reported that luxury condo transactions priced at $10 million and above have been increasing, from 14 units in 4Q2025 to 17 units in 1Q2026 – the highest quarterly sales volume since 1Q 2025.

Of the 188 luxury units transacted in 1Q2026, 133 (69.3%) were bought by Singaporeans, comparable to 136 units (73.1%) in 4Q2025. Likewise, a total of 17 ultra-luxury homes priced at S$10 million and above were inked in 1Q2026 alone – the highest quarterly sales volume since 1Q2025.

With the purchasing behaviour repeating over four consecutive quarters, it signals that the luxury residential market has shifted since the increase of the Additional Buyers Stamp Duty (ABSD) to 60% for foreign buyers in April 2023.

Recent transactions also seem to support the robust movements in the ultra-luxury market. The last freehold residential site to get sold was 21 Anderson in September 2021, and fetched a $213 million ($2,490 psf ppr) price tag.

Repositioned by Kheng Leong, the 19-unit development has since fetched eye-watering prices with 16 units sold for an average of more than $4,900 psf. The most expensive unit is a 4,486 sq ft unit that transacted for $5,347 psf in September 20215.

“Broadly, the ultra-luxury residential segment has shown renewed momentum since 1Q2025, two years after the increase in ABSD for foreign buyers in April 2023,” says Swee.

The tender for the collective sale of High Point will close on June 9.