One of Singapore's richest men, veteran banker Wee Cho Yaw, has bought all 45 unsold units at upmarket condominium, The Nassim, for $411.6 million.
The bulk sale gets developer CapitaLand off the hook over penalties that apply to unsold properties after a stipulated period. The penalties could have run to millions of dollars.
Mr Wee, chairman emeritus of United Overseas Bank, bought the properties through his family's private real estate arm, Kheng Leong.
The deal values the property at $407.2 million, or $2,300 per sq ft.
CapitaLand said the agreed property value represents a bulk sale discount of about 18 per cent on the current individual unit sale price.This is in line with a range of discounts seen at recent bulk sale transactions, such as the 156 units sold at Nouvel 18 at a discount of about 16 per cent, as well as the 30 units sold at iLiv@Grange with 23 per cent off.
The 45 units at The Nassim make up a strata area of 16,446 sq m, and was sold by CapitaLand subsidiary CRL Realty, which owns the property developer Nassim Hill Realty.