Elad Group’s stake in Leonie Hill condo firm amounts to $35.1 million
CITY Developments Ltd (CDL) has bought partner Elad Group’s half-share in their equal joint-venture company that owns the Futura condo site at Leonie Hill in Singapore, for about $35.1 million.
 |
| Futura: City Dev and Elad paid $287.3 million for the freehold residential property in October 2006 |
The two bought the freehold residential property for $287.3 million in October 2006 at $1,179 per square foot per plot ratio.
The cash consideration for the half-share, which was arrived at on a willing buyer, willing seller basis, represents a discounted value of the aggregate capital contributions of Elad Group Singapore to the joint-venture company, K-El Sun Investments, CDL said in a statutory filing with Singapore Exchange yesterday evening.
‘Elad remains our partner in the South Beach consortium,’ a CDL spokeswoman said in response to BT’s queries on the status of the group’s other joint venture involving US-based Elad Group, which is owned by Israeli billionaire Yitzhak Tshuva.
In December last year, BT reported that Elad was said to be looking for buyers for its one-third stake in the South Beach project as well as its half-share in Futura.
CDL teamed up with Elad and Dubai World to clinch the plum South Beach site opposite Raffles Hotel at a state tender in 2007 during the property bull run for almost $1.69 billion.
The three hold equal shares in the joint venture.
In November last year, CDL announced a deferment of the project’s construction until construction costs ease. The project was originally slated for completion by 2012, although the consortium has up to 2016 to complete the development under the sales terms for the 99-year leasehold plot. Continue reading
Lush Dream Home 