Indonesian magnate and philanthropist Tahir has acquired 12 units at the 36-storey Grange Infinite condominium in District 10 for more than $70 million, reported the media.
Brokered by Quillion Global, the sale comprises 11 four-bedroom apartments measuring between 2,560 sq ft and 2,700 sq ft each, and a 6,039 sq ft “junior penthouse” located on the 20th level of the freehold project. All the units were sold vacant.
Notably, the acquisition price translates to an average price of $2,050 psf for the apartments and around $1,950 psf for the penthouse.
Market watchers expect to see more bulk transaction of luxury condo units in Singapore since sellers are now more willing to negotiate and reduce their asking price.
In some cases, sellers could be fund management outfits looking to exit for various reasons. One of which could be the end of the fund life, or a move to divest their holdings in the residential market and focus on other investments, said a seasoned property consultant.
“On the other hand, developers of high-end residential projects would be more inclined to hold on to their prices for as long as they can,” he noted.
Tahir acquired the 12 units from Asia Dragon Fund (ADF), which is managed by ARA.
The transaction is reportedly being effected via the sales of shares in two overseas incorporated companies, of which one is holding the junior penthouse and the other, the 11 apartments.
Over the past few years, Tahir – who is the son-in-law of Indonesian tycoon Mochtar Riady – has ramped up his real estate holdings in Singapore, with his property portfolio including office buildings like 135 Cecil Street and ABI Plaza. He also has investments in residential units in prime projects such as St Regis Residences, One Shenton and Four Seasons Park.
Tahir is the founder and chairman of an Indonesia-based conglomerate Mayapada Group, which has interests in the banking, property, retail and healthcare businesses.