The owners of HighPoint, along Mount Elizabeth road, have launched their condo for collective sale at a guide price of $550 million.

The freehold site, on 47,606 sq ft of land, has an approximate gross floor area (GFA) of 211,976 sq ft and a plot ratio of 4.45. At the price tag, this works out to be $2,595 psf ppr. Inclusive of the 7% bonus gross floor area, this translates to $2,509 psf ppr.

The site is zoned for residential use, with a height control of up to 36 storeys, based on URA’s 2014 Masterplan.

There is no development charge payable for the site, up to a GFA of 213,383 sq ft. A pre-application feasibility study is also not required, says CBRE, marketing agent for the property.

The site can accommodate up to 196 units, assuming an average unit size of 1,076 sq ft, adds CBRE.

HighPoint comprises 57 apartments and two penthouses. It sits on a elevated cul-de-sac plot along Mount Elizabeth road, off Orchard Road. It is a 17-minute walk to Newton MRT station, while the Orchard road shopping belt is a 15-minute walk away.

CBRE has already received positive feedback from some foreign developers, says Galven Tan, executive director of capital markets at CBRE.

The tender for the site will close on February 26, at 3pm.