Hiap Hoe Hldgs buys all units at Treasure on Balmoral
Singapore
HIAP Hoe Group is selling all 48 units in its District 10 project, Treasure on Balmoral, to avoid paying further extension fees under the qualifying certificate (QC) rules.
It disclosed on Monday that its controlling shareholder, Hiap Hoe Holdings (the investment firm of the founding Teo family), has entered into an agreement to acquire all the shares in Hiap Hoe SuperBowl JV Pte Ltd, which owns the properties, for S$72.83 million after accounting for shareholder loans and other liabilities. This is based on a market value of S$185 million or S$1,789 per square foot (psf) for the 103,439 sq ft project. Hiap Hoe SuperBowl JV is owned by Hiap Hoe Group and its subsidiary SuperBowl Holdings.
The last expression of interest (EOI) launched in July for the project did not draw satisfactory offers, with the highest offer at S$1,750 psf, below the guided price of S$1,850 psf.
The project was first launch in September 2012 at an initial launch price of S$2,044-S$2,375 psf, and received temporary occupation permit (TOP) in November 2012, so the developer has to pay extension fees for unsold units from this November. Some S$5.52 million of fees were paid for a further six months from Nov 2.
In September, Hiap Hoe Group's unit HH Residences mopped up the unsold units on the top floors of two of the group's projects - Skyline 360° at St Thomas Walk, and Signature at Lewis - also to satisfy QC conditions.
