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Thread: Grange Infinite (D9, Freehold, Chip Eng Seng / Citadel)

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    Default Grange Infinite (D9, Freehold, Chip Eng Seng / Citadel)

    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.



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    Default GRANGE INFINITE(Former GRANGE TOWER)

    Project Name-GRANGE INFINITE(Former GRANGE TOWER)
    Developer-Grange Properties Pte Ltd(Citadel Investment Group / CEL Development Pte Ltd)
    Property Type-Condominium
    Tenure - Freehold
    Total Units - 68
    Completion Date - Est 31Dec 2011
    District - 9

    3 bedroom (2088 - 2368sf)
    4 bedroom (2530 - 6039sf)
    Penthouse (5339 - 9462sf)







    >>> click here for more floor plans >>>





    for more info ,
    http://www.virtualhomes.sg/grangeinfinite


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    http://www.businesstimes.com.sg/sub/...26340,00.html?

    Published January 12, 2010

    Fund said to be selling Grange Infinite units

    By EMILYN YAP


    A PRIVATE fund managed by ARA Asset Management is said to have put 53 units at Grange Infinite back on the market for sale, as activity in the high-end residential sector picks up.

    BT understands that some of these freehold apartments at Grange Road could be going for $2,900 per sq ft or more, depending on their size and the floor they are on.

    Based on a caveat lodged with the Urban Redevelopment Authority, a unit at the development went for as much as $3,400 psf in September last year.

    The private fund had bought the 53 apartments in bulk for $388 million in early 2008, making the 68-unit Grange Infinite a sold-out project.

    The 36-storey condominium is jointly developed by Chip Eng Seng and Citadel, and is expected to be ready by 2011.

    Units in the bulk deal included three-bedders, four-bedders and penthouses. A BT report noted that the average price for the purchase worked out to $2,600-$2,700 psf.

    This means that the units cost less than separate ones sold earlier, most of which changed hands at more than $3,000 psf.

    The rumoured sale by the fund comes on the back of other high-end property launches in the last few months.

    For instance, CapitaLand said last week that it sold 60 units at Urban Suites for $2,400-$2,700 psf. YTL Corporation also sold six villas at its Kasara project at Sentosa Cove for $14 million to $22 million each, or around $1,600 psf on average.

    In a report last Wednesday, Macquarie Equities Research noted that developers they spoke to 'unanimously agreed' that mid-to high-end residential prices could rise further. The developers were hopeful that the integrated resorts would draw more interest from international investors.

    But there still seems to be some doubt on whether and how much foreign demand would return.

    'Amongst property consultants, the expectation of price growth ranges from 5-10 per cent to as high as 20 per cent, reflecting the uncertainty of the return of such investors since this hinges on wealth creation globally,' the research house said.

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    Default

    Lauching soon in Suntec. I been invited to go for VVIP preview. Will keep your posted.

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    Quote Originally Posted by Property_Owner
    Lauching soon in Suntec. I been invited to go for VVIP preview. Will keep your posted.
    You must be a very important person to be always invited to all these VVIP previews, like the Rolls Royce preview.

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    Post Grange Infinite

    Grange Infinite is a position of Prestige in the Heart of 27 Grange Road Singapore 239700 Orchard Road. Located within the Prime Orchard Area, this is a location dreamed of many people. Your address says it all. A view admired and a vision astute, a reflection of your taste, status and foresight. When we talk of luxury, and high end living, Grange Infinite will always stand out with its majestic façade that shines out among the rest.

    It has 68 exclusive units and three units per floor which would assure you that it is a more private choice for residing. Enjoy spacious and efficient layout in every unit and all the units come with a private lift which would transfer you in a private manner. It has 68 units and 85 car parks where you can be sure that your vehicles are in a safety place. This is a proposed erection of 1 block of 36 storey residential developments with basement car park and sky terrace on the 14th storey. With an area of 58,724 square feet, Grange Infinite is indeed a position of choice. It is an investment that is desired by many but owned by only a selected few.

    Grange Infinite is in the epicenter of Orchard road and ten minutes away from the Integrated Resorts. It is also on close proximity to Central Business District and Business Financial Centre. If you want to have a shopping spree, you can just walk your way in a few minutes to Takashimaya and Orchard Shopping Belt. For students, it is in the neighborhood of SMU and other international institutions. Among the irresistible facilities are the gymnasium, swimming pool (50m x10m x1.2m depth), Jacuzzi, reading room, BBQ pits, landscape gardens, multi-purpose room, spa corner, open gym, and their breath-taking sky garden.

    Nothing less than the finest for your supreme indulgence are offered in Grange Infinite. A lavish home of redefined luxury speaks of a privileged individual of high expectations.

    Keep in mind the position of value. Grange Infinite is a sound investment. This would serve as a legacy for the next generation and after The Grange Infinite. Growing your wealth now, preserving for the future.

    Do you want to be the first to get your choice unit at the best price? Never miss a New Launch event again. Get your latest updates from New Launch Singapore.


    Best Regards

    New Launch Singapore

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    http://www.straitstimes.com/Money/St...ry_693670.html

    Jul 23, 2011

    Private funds sue condo developer

    Misrepresentation and breaches of contract over bulk deal alleged

    By Esther Teo, Property Reporter


    A total of 53 units at the high-end Grange Infinite, jointly developed by Chip Eng Seng and Citadel, were bought by ARA Asia Dragon Fund. -- PHOTO: KAOLEE.COM

    PRIVATE funds that bought a bulk lot of units at the high-end condo Grange Infinite are taking the developer to court over what they claim were misrepresentation and contract breaches.

    The funds, which are managed by ARA Asset Management, have issued a writ of summons against Grange Properties, an associated company of developer Chip Eng Seng.

    They allege breaches of certain terms in the sales and purchase agreement and misrepresentations in relation to the bulk sale. No further details were provided in the statement posted on the Singapore Exchange website yesterday.

    Chip Eng Seng said in the statement that the 'allegations are unmeritorious and that Grange Properties has the intention to vigorously defend (itself against them)'.

    One of the directors of Pearl Properties - a collection of funds which have issued the writ - is Mr Ng Beng Tiong, who is the fund manager of the ARA Asia Dragon Fund.

    The details of the dispute are not clear but the ARA Asia Dragon Fund bought 53 units at the Grange Infinite condo on Grange Road in early 2008 for $388 million - said at the time to be at a price of $2,600 to $2,700 per sq ft (psf).

    This meant the apartments cost less than separate flats sold earlier. Most of these changed hands at more than $3,000 psf.

    Units in the bulk deal included three-bedroom units, four-bedroom units and penthouses.

    The fund was reported to have put all 53 units back on the market in January last year as activity in the high-end residential sector had picked up.

    It was reported to have sold units at an average price of $3,200 psf individually in September last year.

    The 36-storey upmarket condo is on the former Grange Tower site next to the Indian High Commission. It was jointly developed by Chip Eng Seng and Citadel and completed this year. There are 68 units.

    A 2,702 sq ft unit was sold in September 2009 for $9.2 million - or $3,400 psf - according to caveats lodged with the Urban Redevelopment Authority.

    The average psf price of the 11 sale transactions from the beginning of last year until June this year was $2,920 psf.

    High-end homes are the only segment of the property market yet to surpass their 2007 peak prices.

    Experts say that demand remains soft as uncertain global economic conditions such as concerns over the European sovereign debt crisis and the patchy United States recovery have dampened sentiments.

    The recently implemented sellers' stamp duty of as much as 16 per cent is also keeping foreign investors - who make up a sizeable portion of the high-end market - at bay.

    ARA Asia Dragon Fund had a committed capital of about US$1.1 billion (S$1.3 billion) as of the first quarter this year.

    [email protected]

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    http://www.straitstimes.com/Money/St...ry_703723.html

    Condo's buyers list litany of complaints

    Funds that bought 53 Grange Infinite units in bulk purchase file suit

    Published on Aug 19, 2011

    By Esther Teo, Property Reporter


    INVESTORS who bought 53 units at the upmarket condo Grange Infinite in the Orchard Road area have launched a High Court action claiming they are not as luxurious, stylish or elegant as promised.

    In a litany of complaints, the buyers - a group of investment funds which spent $388 million in all - also say the fittings in the units are not 'exceptionally superior' as advertised.

    In a rarely seen showdown, the funds - managed by ARA Asset Management - issued a writ of summons last month against Grange Properties, an associated firm of listed developer Chip Eng Seng.

    Investors who buy apartments in bulk might attempt to sell the units individually to secure higher prices or offload them en bloc as prices head north.

    The funds allege breaches of some terms in the sales and purchase agreement and misrepresentations in relation to the bulk sale in March 2008.

    While disputes between owners and developers are not uncommon, the escalation of such disputes to legal action is rare, as developers are usually keen to protect their reputations, experts say.

    For example, in February, City Developments was sued by residents of Emery Point, who had accused it of being negligent over defects there. The case was ultimately resolved amicably out of court.

    ARA claims marketing for the 68-unit Grange Infinite said it would be of 'exceptionally high standard of luxury, style and elegance' and have exceptionally superior furnishings. Australian architecture firm Hassell was also to have played a significant part in the project, the writ said.

    However, these claims were untrue and the representations were made either fraudulently or negligently, the statement added. Hassell did not have a significant role in the construction and the project had numerous design flaws, it said.

    These included the lack of a smoke extraction system at the outdoor cooking area and a spa pool located right next to it, resulting in a lack of privacy for groups using both facilities concurrently.

    The writ also said the project was neither safe nor fit for human habitation at the time of notice of vacant possession, as stainless steel handrails and studs supporting balcony glass barriers and elsewhere were incompletely welded.

    This posed a danger to residents, it claimed, as the barriers could dislodge and fall from the balconies. Any rectification was also carried out in a sloppy and slipshod manner with no regard to aesthetics, it said.

    The funds carried out improvement works on some of the units to make them more saleable - and intends to do so for the rest of the unsold units as well.

    Losses and expenses will be incurred as a result of missing out on potential buyers and hiring experts to look at the defects, among other things, they say.

    ARA made the bulk purchase at a discounted price of about $2,600 per sq ft (psf) even as some units were individually sold for about $3,200 psf then.

    Twelve of their units were sold before the project was completed, leaving 41 units that are now the subject of the suit. Three were sold after improvement works, leaving 38 units still in the funds' possession.

    In its defence issued on Monday via its lawyers, however, Chip Eng Seng denied all allegations, emphasising that the plaintiffs are sophisticated and experienced property investors.

    It maintained that the development has attained 'an exceptionally high standard of luxury' and that the funds had entered into the bulk purchase partly due to the discounted price.

    Each unit, for example, is served by a private lift and equipped with fittings from high-end brands such as Gaggenau for its kitchen appliances.

    On the incomplete welding of the stainless steel handrails, Chip Eng Seng said it took immediate steps and the issue has been - or is nearly - resolved. Hassell is also the architect that designed the project, the firm maintained.

    The 36-storey upmarket condo is on the former Grange Tower site, next to the Indian High Commission. It was jointly developed by Chip Eng Seng and Citadel and completed this year.

    Chesterton Suntec International research head Colin Tan said that the potential loss for ARA might have been huge for them to resort to legal action for a project that they are trying to sell.

    'It could be because the luxury market is not moving and prices have not recovered. This is compounded by the fact that the development is already completed.'

    Just this month, Chip Eng Seng granted an option to purchase the remaining 2,368 sq ft unit at Grange Infinite for $6.6 million - or $2,808 psf.

    Luxury non-landed home prices are still about 6 per cent below their 2008 peak, despite the property boom that has seen all other segments surpass their historical highs.

    In fact, some high-end projects are still struggling to find buyers despite already being completed, as sales volumes and interest remain relatively muted.

    [email protected]


    Chip Eng Seng denies all allegations, emphasising that:

    * Plaintiffs are sophisticated and experienced property investors.

    * 'An exceptionally high standard of luxury' was attained for the development.

    * The funds had entered into the bulk purchase partly due to the discounted price.

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