Emerald Land has reportedly found buyers for 16 remaining unsold units at its 40-unit completed freehold condominium at Emerald Hill Road, revealed media reports.
The transacted units at 111 Emerald Hill (pictured) consist of three to four-bedroom apartments, including the project’s four penthouses which come with roof terraces.
The deal was reached through a sale of the developer’s stocks for between $75 million to $76 million. Based on the project’s strata area of around 44,000 sq ft, the psf price works out to $1,700 compared to the price range of $2,214 to $3,030 psf for the 24 units sold previously.
The low price includes a significant discount for the bulk deal and reflects the current predicament of the high-end residential market, experts said.
The stocks of Emerald Land were disposed by a fund managed by LaSalle Investment Management to companies entirely-owned by Singapore citizens.
As the developer is now completely owned by Singapore citizens, it may rent out the units or keep them as long it wants, presuming that the project’s Qualifying Certificate (QC) has been revoked and it has received a clearance certificate from the Land Dealings (Approval) Unit.
Commenting on the deal, Cushman & Wakefield Executive Director (capital markets) Shaun Poh said funds are motivated to sell their investment properties as they are restricted by the fund’s life.
Meanwhile, a German core fund managed by Morgan Stanley has appointed Savills and CBRE to sell 22 four-bedrooms and one penthouse at Draycott Eight. The property has a total strata area of 68,419 sq ft and a remaining lease term of around 82 years. The seller is said to be asking for $157.4 million or $2,300 psf.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
