A GROUP led by former Parkway Holdings boss Tony Tan is understood to have picked up 18 apartments in the sub-sale market at Hilltops condo at Cairnhill Circle for a total of $48.2 million or an average price of about $2,560 per square foot (psf).
BT could not ascertain the loss suffered by the seller, who is believed to be a Hong Kong investor that bought the units in late 2007.
But according to back-of-the-envelope calculations by some analysts, the loss is estimated at 30-35 per cent.
The freehold project reportedly achieved an average price of just over $3,900 psf for the first 28 units, according to a news report in late 2007.
Government statistics show the project’s developer, SC Global subsidiary Taraville, sold 24 units in October 2007 at a median price of $3,711 psf.
According to the latest Urban Redevelopment Authority (URA) statistics at the end of last month, 31 units in the project had been sold by the Continue reading
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