26 May '16, 5pm

23 units at Starlight Suites sold in bulk sale for $48m

View of Starlight Suites in the River Valley area. (Source: www.starlightsuites.org) To avoid paying extension charges, the 23 remaining unsold units in Starlight Suites in River Valley have changed hands for around $48 million to a firm linked to Evia Capital, reported The Straits Times . The selling price translates to around $1,670 psf, down from the average price of about $2,000 psf recorded during the project’s launch in 2010. The transaction was carried out through a divestment of stocks in the developer, Meadows Property (Singapore). Given that the developer is now fully owned by Singaporean stockholders, while its directors are all Singapore citizens, it is no longer restricted by the Qualifying Certificate (QC) rules. This means, it no longer has to pay extension charges even if it fails to dispose all the units by the deadline in end-May, or within two years of c...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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