Singapore-based developer Heeton Holdings is understood to have appointed Cushman & Wakefield to find an en bloc buyer for its 30-unit iLiv@Grange project in prime District 10, media reports said.
The freehold development comprises one- to three-bedroom apartments, with many of the two-bedders offering large void areas: about 30 percent more than the maximum gross floor area under the Master Plan. The project also has two penthouses measuring 3,294 and 3,477 sq ft each with a private pool and roof terrace.
iLiv@Grange obtained its TOP in October 2013 and Heeton previously attempted to sell it for $2,200 to $2,300 psf in August of that year, but failed to find a willing buyer.
The company now plans to dispose the property for $110 million to $120 million, or $1,879 to $2,050 psf based on its overall strata area of about 58,500 sq ft.
Heeton may have decided to further reduce the selling price as it has until October 2015 to offload all the units. This is because under the Residential Property Act’s Qualifying Certificate rules, all developers with non-Singaporean directors or stockholders need to obtain their private housing projects’ TOP within five years, and sell all units within two years thereafter.
To extend the sales deadlines, developers have to pay the government an additional eight percent, 16 percent and 24 percent of the land purchase price for the first, second and subsequent years respectively. The amount is pro-rated based on the proportion of unsold units.
Image: iLiv@Grange condo. (Artist’s impression)
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
