31 Oct '16, 6am

#singapore #property Hiap Hoe buys up unsold units at luxury condo to avoid hefty fin...

Located in prime District 9, Waterscape At Cavenagh still has 50 unsold units. (Artist’s impression) To avoid paying additional extension charges for the 50 remaining units at Waterscape At Cavenagh, the developer of the 200-unit freehold residential project in District 9 had no choice but to be acquired by its controlling shareholder. According to an SGX filing last week, the entire share capital of Cavenagh Properties was purchased by Hiap Hoe Holdings for $31.08 million in cash, which is the revalued net asset value of the unsold units. However, the properties were appraised by property consultancy Knight Frank as having a market value of $95.47 million on an en bloc basis as at 30 September. Despite different marketing strategies rolled out by various marketing agents, Cavenagh Properties said it was not successful in disposing the leftover units to external buyers ami...

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

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