Tuesday, July 3, 2012

» 17 units at 8 Napier changing hands again


Business Times: Tue, Jul 03

SEVENTEEN apartments at the completed freehold project 8 Napier, opposite the US Embassy and near the Singapore Botanic Gardens, are said to be changing hands.

BT understands that the units are being transacted through the sale of shares in the company which owns the apartments. Pricing details are fuzzy but the deal is thought to value the units - all three bedders of 2,013 square feet each - at around $2,800-3,000 per square foot or in the region of $100 million in all.

The 17 units being sold are part of an original 19 that MGPA had bought in late 2007 (during the luxury residential property boom) at an average price of $3,550 psf.

In the latest deal, a unit of Keppel Land's real estate fund management arm, Alpha Investment Partners, is believed to be buying shares in Botanic Investments - which holds the 17 units - from Hasetrale Holdings, Mark Wee and former Parkway Holdings boss Tony Tan. The trio bought their shares in Botanic Investments - which was formerly known as MGP Reflections - from MGPA in 2010; at the time, Botanic owned 19 units, of which two were subsequently sold. Through that deal, MGPA - a private equity real estate investment advisory company - effectively sold back the 19 units to 8 Napier's developers, which probably preferred this to MGPA attempting a subsale of the units below its purchase price - which would adversely affect the developers' prospects for the remaining unsold units in the project.

8 Napier was developed on the former Eng Lok Mansion site by Napier Properties, which is majority controlled by Hasetrale, whose shareholders in turn include Mr Tan, his uncle Tan Chin Nam and a string of other Malaysians. Mr Wee and Mr Tony Tan are also shareholders of Napier Properties, which sold the 19 apartments to MGP Reflections back in 2007 for $136 million.

The 17 units in the latest deal are scattered from the second to eighth floors of the 10-storey project, which was completed around mid-2010. Currently, 15 of the project's 46 units have yet to be sold, including the six penthouses.

Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
Email: marshe_inc@yahoo.com.sg
DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G)

www.marshe.sg | www.marsheproperties.com.sg www.hudcsg.blogspot.com |
www.hausatserangoon.sg | www.8riversuites.com |


No comments:

Post a Comment