NOUVEL 18

Value: $965.4 million

To avoid hefty penalties over unsold units at the Orchard Road condominium, City Developments (CDL) worked out a complex financial deal in October.

It sold its stake in the project via a profit participation securities scheme, which involved equity shares worth $102 million that were reportedly taken up by 14 high net-worth investors, including Osim founder Ron Sim and Fragrance Group boss Koh Wee Meng.

The rest of the deal was made up of bank borrowings and bonds.

The deal allowed CDL to avoid penalties under Qualifying Certificate rules, which would have caused it to take a $38 million hit in the first year, jumping to $76 million in the second year.

SHUNFU VILLE

Value: $638 million

Developer Qingjian Realty’s purchase of one of the priciest collective sale sites in May enlivened the collective sales market here, said analysts. The offer is the third-largest collective sale price on record, although Qingjian secured the site well below its reserve price of $688 million.. The sale is still pending High Court approval, after objections from five unit owners.

RAINTREE GARDENS

Value: $334 million

Many unit owners of the 175-unit privatised HUDC estate in Potong Pasir reportedly pocketed about $1.9 million per unit – a premium of almost 90 per cent over the last transaction price of about $1.1 million this year.

The top three bids for the 201,405 sq ft site, which was won by a joint venture of UOL Group and United Industrial Corporation, were separated by about 1 per cent.

SIGLAP ROAD

Value: $624 million

A rare condominium site in Siglap Road near East Coast Park and Victoria School is the project to watch next year, said analysts.

The 207,847 sq ft parcel, expected to yield about 800 units, was won in January by a consortium led by Frasers Centrepoint.

Strong buyer interest is expected as there have been no new sites in the area since 2001.

9 CUSCADEN ROAD

Value: $145 million

The bungalow put up for sale by the descendants of philanthropist Tan Tock Seng marked Hong Kong billionaire Stanley Ho’s first foray into the Singapore property market, nearly a decade after his aborted attempt to partner Genting to build Resorts World Sentosa.

The site, the first hotel redevelopment site on sale in the Orchard area in more than 10 years, attracted one of the highest prices for a landed house.

Adapted from: The Straits Times, 22 December 2016

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