22 Dec '16, 3pm

Collective sales make blockbuster comeback | Singapore Property News

Collective sales make blockbuster comeback | Singapore Property News

To avoid hefty penalties over unsold units at the Orchard Road condominium, City Developments (CDL) worked out a complex financial deal in October. It sold its stake in the project via a profit participation securities scheme, which involved equity shares worth $102 million that were reportedly taken up by 14 high net-worth investors, including Osim founder Ron Sim and Fragrance Group boss Koh Wee Meng. The rest of the deal was made up of bank borrowings and bonds. The deal allowed CDL to avoid penalties under Qualifying Certificate rules, which would have caused it to take a $38 million hit in the first year, jumping to $76 million in the second year. SHUNFU VILLE Value: $638 million Developer Qingjian Realty's purchase of one of the priciest collective sale sites in May enlivened the collective sales market here, said analysts. The offer is the third-largest collective s...

Full article: https://www.srx.com.sg/singapore-property-news/29422/coll...

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