Primespace is now trying to sell 2 other properties by tender
A company which was marketing ’shares’ in condominium units just a few weeks back has adopted a new tack, and is now putting apartments up for tender.
Following a model similar to that of an unlisted property trust, Primespace Investments Pte Ltd initially promoted ‘fractional ownership’ in two studio apartments, one at One-North Residences and another at One Shenton.
As BT reported on Monday, the apartments would be bought and held by other private limited companies, and investors would pay for shares in those vehicles. This is an unusual way of selling residential property in Singapore.
Each of the vehicles’ share capital would be split into 15 lots. A lot in the company holding the One-North unit would cost US$62,000; a lot in that which owns the One Shenton unit would cost US$110,000.
Primespace has since revamped its website, which is no longer marketing ‘fractional ownership’ in condominium units. It is now trying to sell two other apartments through tender. This is again an uncommon sale method. Continue reading
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