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Thread: Private fund buys remaining 53 Grange Infinite units

  1. #1
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    Default Private fund buys remaining 53 Grange Infinite units

    Published March 14, 2008

    Private fund buys remaining 53 Grange Infinite units

    Average price for the units, bought for $400m, is said to be $2,600-$2,700 psf

    By KALPANA RASHIWALA


    A PRIVATE fund managed by ARA Asset Management group is believed to have bought the remaining 53 units at Chip Eng Seng's and Citadel's Grange Infinite freehold condo project for almost $400 million.

    Savills Singapore is believed to have brokered the latest bulk deal. The 68-unit condo is now fully sold.

    The average price for typical three and four-bedroom units in the transaction is believed to be about $2,900 per square foot (psf).

    However, for all 53 units sold under the deal, the average price is said to be slightly lower, at $2,600-$2,700 psf, as the three penthouses and other larger units included in the transaction were priced lower.

    This marks a reversal of the previous trend, which set in around late-2006, of bigger units fetching higher psf prices than smaller ones.

    'Now people are more wary and start to get concerned if the overall purchase quantum reaches a very high level, so the tendency is to pay lower psf prices for bigger units,' a property consultant said.

    Another interesting feature of the bulk sale at Grange Infinite is that it is priced lower than individual units sold earlier in the project.

    The initial 15 units in the condo fetched a median price of $3,201 psf in September, according to Urban Redevelopment Authority data.

    The 15 apartments were sold at prices ranging from $3,025 to $3,299 psf.

    This too marks a reversal of what was happening in December, when a Kuwait Finance House (KFH) unit bought 97 apartments at Guocoland's Goodwood Residence in the Bukit Timah/Scotts Road area for a median price of $3,200 psf - about 25-30 per cent above the $2,500 psf average price that Sui Generis was fetching at nearby Balmoral Crescent at the time.

    GuocoLand said this week that KFH is letting the options on that purchase lapse, but added that the two sides are in talks with 'a view to a grant of fresh options for units in the development'.

    A seasoned market watcher said overseas funds, particularly from Europe and Asia, remain interested in bulk purchases in Singapore condo projects - but only at fair valuations, that is, at a discount to the prices at which the units would be sold to individual investors.

    'Right now, such investors are looking for mid to long-term plays. The mood for short-term play is not so positive,' said the market watcher.

    'Of course, some developers may not want to sell units at a discount, unless sentiment in the market weakens, like now.'

    The 36-storey Grange Infinite condo will come up on the former Grange Tower site next to the Indian High Commission.

    The property launch scene has generally been quiet lately, as buyers adopt a wait-and-see approach amid US sub-prime jitters in the stock market.

    However, some developers have been quietly releasing projects.

    Frasers Centrepoint has sold 30 units at its freehold Martin Place Residences in the Kim Yam Road area since mid-January through private previews.

    The 30 units were sold at an average price of about $1,800 psf after discounts.



  2. #2
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    Default Re: Private fund buys remaining 53 Grange Infinite units

    finally big bulk buying spree kick start again.
    Let hope to see more of such long term investors take up more units in bulk. IR is getting closer, more such purchase will be seen. Foreigners believe in Spore transformation story, let them make big money in long run.
    Local think otherwise, let it be, later they will complain to govt on unaffordable again, real born loser, always want easy way out, do not want to fight for their life, want thing for granted.

  3. #3
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    Default Re: Private fund buys remaining 53 Grange Infinite units

    Quote Originally Posted by Unregistered
    finally big bulk buying spree kick start again.
    Let hope to see more of such long term investors take up more units in bulk. IR is getting closer, more such purchase will be seen. Foreigners believe in Spore transformation story, let them make big money in long run.
    Local think otherwise, let it be, later they will complain to govt on unaffordable again, real born loser, always want easy way out, do not want to fight for their life, want thing for granted.

    Yes, BUY BUY BUY, anything you see just grab.

  4. #4
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    Default Re: Private fund buys remaining 53 Grange Infinite units

    Quote Originally Posted by Unregistered
    finally big bulk buying spree kick start again.
    Let hope to see more of such long term investors take up more units in bulk. IR is getting closer, more such purchase will be seen. Foreigners believe in Spore transformation story, let them make big money in long run.
    Local think otherwise, let it be, later they will complain to govt on unaffordable again, real born loser, always want easy way out, do not want to fight for their life, want thing for granted.
    yeah, buy and let the option lapse, like the Kuwait's case...

  5. #5
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    Default Re: Private fund buys remaining 53 Grange Infinite units

    Quote Originally Posted by Unregistered
    yeah, buy and let the option lapse, like the Kuwait's case...

    why so frustrated? furious? panic? worry?
    easy, take it or leave it. Responsible to your own decision, don't have to complain to MP, gov.....
    option money is $mil to 10th of $mil....
    market is coming back soon. Oil & gold is going to plunge, stock & US$ going to rise.....the result of all these is US economy is going to grow soon, bad news is ending, all the good news is in pipeline, you decide, wait or buy or sell.

  6. #6
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    Default Re: Private fund buys remaining 53 Grange Infinite units

    Quote Originally Posted by Unregistered
    why so frustrated? furious? panic? worry?
    easy, take it or leave it. Responsible to your own decision, don't have to complain to MP, gov.....
    option money is $mil to 10th of $mil....
    market is coming back soon. Oil & gold is going to plunge, stock & US$ going to rise.....the result of all these is US economy is going to grow soon, bad news is ending, all the good news is in pipeline, you decide, wait or buy or sell.
    Dream will always come true, may be in 10 years time.

  7. #7
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    Default Re: Private fund buys remaining 53 Grange Infinite units

    Quote Originally Posted by Unregistered
    Dream will always come true, may be in 10 years time.

    yes, those wait to buy cheap, may be 50 yrs.

  8. #8
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    Default Re: Private fund buys remaining 53 Grange Infinite units

    Wah ... they bought at big discount, more than 40%.

    Prices have really come down already.

  9. #9
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    Default Re: Private fund buys remaining 53 Grange Infinite units

    Quote Originally Posted by Unregistered
    Wah ... they bought at big discount, more than 40%.

    Prices have really come down already.
    your math is K1 standard?
    or you are spreading rumour in internet?

  10. #10
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    Default Re: Private fund buys remaining 53 Grange Infinite units

    a lot of unregister are spreading rumours in this forum

    can the admim do something about them

    ?

    hopefully not to see another case of being hack by those

    sour grape eaters again

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