ARA Asset Management’s private fund is said to have put 53 units at Grange Infinite up for sale, as activity in the high-end residential sector returns.
Some of these freehold apartments at Grange Road could be sold for $2,900 per square feet or more, depending on the floor they are on and their sizes.
A unit at the development went for as much as $3,400 per square feet in September 2009, based on a caveat lodged with the Urban Redevelopment Authority.
The private fund purchased the 53 apartments in bulk for $388 million early in 2008, making the 68-unit Grange Infinite a sold-out project.
The 36-storey condo is a joint development between Citadel and Chip Eng Seng and is expected to be completed by next year.
Units in the bulk deal included penthouses, three-bedders and four-bedders. A report noted that the average price for the purchase amounted to $2,600 to $2,700 psf.
This means that the cost of the units is less than the cost of separate units sold earlier, most of which changed hands at more than $3,000 psf.
The rumored sale by the fund comes on the back of other launches of high-end properties in the past few months.
Macquarie Equities Research noted in a report released Wednesday that the developers they spoke to ‘unanimously agreed’ that mid-to high-end residential prices could increase further. The developers remained upbeat that the integrated resorts would draw more interest from international investors.
However, there appears to be some doubt on whether and how much foreign demand would return.
“Amongst property consultants, the expectation of price growth ranges from 5-10 percent to as high as 20 per cent, reflecting the uncertainty of the return of such investors since this hinges on wealth creation globally,” said the research house.