The last 30 units at CityVista Residences has been sold for about $147 million. The buyer is said to be a property fund managed by Alpha Investment Partners – a unit of Keppel Land.
The 20-storey freehold project of 70 units in the Cairnhill area received Temporary Occupation Permit (TOP) recently.
The transaction involves 28 apartments (three and four-bedroom) and two penthouses. The price for the apartments is thought to be about $1,850 per square foot (psf). The psf price for the two penthouses is said to be lower as they come with substantial roof terrace areas.
Each duplex penthouse has an area exceeding 9,000 square feet, comes with five bedrooms and a private pool.
Last month, four units in the project were sold at $1,900-1,980 psf, according to developers’ monthly sales data released by the Urban Redevelopment Authority. The Chip Eng Seng-Lehman venture began selling the project in June 2007, with 21 units sold at prices ranging from $2,397 psf to $2,828 psf.
Property experts suggest that with the project receiving TOP, it made sense for the partners to give a bulk discount and offload the remaining units so that they can clear this portfolio, repay bank loans and move on to other things.
Savills is understood to have been involved in the deal for the last 30 units at CityVista Residences.
Meanwhile, billionaire Peter Lim is said to have been the buyer of 20 units sold last month at Sui Generis at around $95 million or $1,935 psf.