MGPA, a private equity property group, is said to have sold its share in 162 apartments it purchased at The Cascadia three years ago to a fund managed by Alpha Investment Partners by Keppel Land.
The average selling price at the latest sale of the freehold apartment on Bukit Timah Road ranges from $1,280 psf to $1,300 psf. This is around 10 percent to 12 percent below the average price of $1,450 psf, or $280.36 million that MGPA forked out for the units over the past three years.
The selling price translates to a deal size of $247.5 million to $251.4 million. The Alpha fund is said to have bought the firms which MGPA used to make the purchase in 2007.
So far, MGPA has paid 30 percent of its 2007 acquisition price under a deferred payment scheme by Allgreen Properties, the project’s developer.
The rest of the payments will start to kick in when the development obtains its temporary occupation permit (TOP) towards the end of the year.
Allgreen, Malaysian tycoon Robert Kuok’s Singapore-listed property vehicle, made another bulk sale in late 2007, which involved around 20 units, to a Spanish fund for about $1,600 psf.
Based on the latest government data, there were 349 units available for sale in the 536-unit condo project as at end-April. The developer launched a preview of the development this week.
Comprising of 13 blocks, the project will have one-, two-, three- and four-bedroom apartments as well as penthouses.
Buyers can choose from a 570-sq-ft one-bedroom apartment to a 1,506-sq-ft four-bedroom apartment with a study room. Penthouses range from 3,700 sq ft to 5,200 sq ft. Knight Frank is the marketing agent for this 10-storey development, located beside Tan Chong Motor Centre.
MGPA also owns 8 Shenton Way, as well as 19 apartments at 8 Napier. It is also developing the Asia Square project at Marina View comprising shops, offices and a hotel.
With offices in Europe and Asia, MGPA manages more than US$10 billion in assets in these two regions.