Jackie Chan’ Condo Sold For $625m

Source : The Straits Times, 3 Aug 2007

The Grangeford near Orchard Road, a condominium where Hong Kong movie star Jackie Chan has an apartment, has been sold for $625 million - significantly below the owners’ asking price.

The price paid by Overseas Union Enterprise (OUE) works out to about $1,820 per sq ft per plot ratio (psf ppr). The owners had demanded $2,016 psf ppr.

It remains, however, as the highest price paid for a collective sale of a 99-year leasehold property on a psf basis. The priciest freehold deal was the $2,337 psf ppr that SC Global paid for The Ardmore.

Owners of two-bedroom apartments at The Grangeford will pocket about $2.7 million from the sale, while owners of three-bedders could get around $3.4 million.

Mr Chan will make a $2.1 million profit from the 1,755 sq ft three-bedroom apartment he bought in 1996 for $1.3 million.

Cove Development, an OUE unit, inked the deal.

The 193-unit Grangeford sits along Grange Road across from the Indian High Commission.

OUE, controlled by Indonesia’s Lippo Group and Malaysian billionaire Ananda Krishnan, will have to pay the Government a premium in addition to the $625 million purchase price to top up the remaining 66-year lease back to 99 years.