The 30-unit iLiv@Grange condominium could be put up for en bloc sale, media reports said.
According to market chatter, local developer Heeton Holdings is asking for S$2,200 to S$2,300 psf for the units. This works out to S$129 million – S$135 million given the development's total saleable area of about 58,500 sq ft.
The 16-storey building located at 74 Grange Road in District 10 also comprises a basement carpark and recreational facilities. The freehold project is expected to TOP in October.
If Heeton fails to get an attractive price, it will likely sell the units individually. Under the Qualifying Certificate conditions, Heeton has two years after the TOP to sell all the project's units.
The developer bought the 20,325 sq ft site for S$72.8 million or S$1,700-plus psf ppr in 2007. Considering the current selling price, Heeton will achieve a breakeven cost of around S$2,000 to S$2,200 psf, analysts noted.
Image: iLiv@Grange condominium (Artist's impression)
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email firstname.lastname@example.org