A PRIVATE fund managed by ARA Asset Management is said to have put 53 units at Grange Infinite back on the market for sale, as activity in the high-end residential sector picks up.

BT understands that some of these freehold apartments at Grange Road could be going for $2,900 per sq ft or more, depending on their size and the floor they are on.

Based on a caveat lodged with the Urban Redevelopment Authority, a unit at the development went for as much as $3,400 psf in September last year.

The private fund had bought the 53 apartments in bulk for $388 million in early 2008, making the 68-unit Grange Infinite a sold-out project.

The 36-storey condominium is jointly developed by Chip Eng Seng and Citadel, and is expected to be ready by 2011.

Units in the bulk deal included three-bedders, four-bedders and penthouses. A BT report noted that the average price for the purchase worked out to $2,600-$2,700 psf.

This means that the units cost less than separate ones sold earlier, most of which changed hands at more than $3,000 psf.

The rumoured sale by the fund comes on the back of other high-end property launches in the last few months.

For instance, CapitaLand said last week that it sold 60 units at Urban Suites for $2,400-$2,700 psf. YTL Corporation also sold six villas at its Kasara project at Sentosa Cove for $14 million to $22 million each, or around $1,600 psf on average.

In a report last Wednesday, Macquarie Equities Research noted that developers they spoke to ‘unanimously agreed’ that mid-to high-end residential prices could rise further. The developers were hopeful that the integrated resorts would draw more interest from international investors.

But there still seems to be some doubt on whether and how much foreign demand would return.

‘Amongst property consultants, the expectation of price growth ranges from 5-10 per cent to as high as 20 per cent, reflecting the uncertainty of the return of such investors since this hinges on wealth creation globally,’ the research house said.

Source: Business Times, 12 Jan 2010

Delays in the building of the Sport Hub have scuttled Singapore’s dream of hosting the 2013 South-east Asia Games.

The country is now aiming to host the 2015 SEA Games instead.

Dr Vivian Balakrishnan, Minister for Community Development, Youth and Sports told the Parliament on Tuesday that he has ‘informed the President of the SEA Games Federation that it would be ideal for Singapore to host the 2015 SEA Games instead of 2013′.

‘The SEA Games is a significant event in Singapore’s sporting calendar. We would therefore like the SEA Games to be the first international event held in the new Sports Hub,’ he said.

The billion dollar project had been delayed by a steep rise in construction and material costs in the first half of 2008. Banks also shied away from lending during the global financial crisis.

However, Dr Balakrishnan said with the stabilisation of building costs and improvement in credit availability, the project is expected to get back on track in the ‘coming months’.

He said there had been ’significant interest’ from banks to extend loans again.

‘The consortium is targeting to get the contract signed or what is known in the industry as ‘financial close’, by middle of this year, and to start construction thereafter. We expect construction of the sports Hub to be completed by end 2013 or early 2014.’

Source: Business Times, 12 Jan 2010