The Chip Eng Seng – Lehman venture has sold the remaining 30 units at CityVista Residences for approximately $147 million, according to The Business Times.
Located at Peck Hay Road in the Cairnhill area, the 20-storey freehold building of 70 units recently received a Temporary Occupation Permit (TOP).
The deal involves 28 three- and four-bedder apartments and two penthouses. The apartments are said to have fetched a price of about $1,850 psf, while the penthouses are understood to have been sold for much lower prices since they come with sizeable roof terrace areas, accounting for almost half of their saleable area.
With an area of more than 9,000 sq ft, each duplex penthouse has five bedrooms and a private pool.
In September, four units in the project fetched a price of between $1,900 psf and $1,980 psf, according to the monthly sales data of the developers released by the URA. The Chip Eng Seng – Lehman venture started selling the project in 2007, with 21 units fetching prices between $2,397 psf and $2,828 psf.
With CityVista Residences receiving TOP, market watchers suggest that it made sense for the developers to offer a large discount and offload the remaining units to be able to clear this portfolio and repay bank loans.
Savills is believed to have been involved in the transaction for the remaining 30 units at CityVista Residences.