The sale price paid by Overseas Union Enterprise (OUE) for the Grangeford (above) works out at about $1,820 per sq ft per plot ratio (psf ppr) but the owners had demanded $2,016 psf. -- PHOTO: LILIAN LEETHE Grangeford near Orchard Road, the condominium where Hong Kong movie star Jackie Chan has an apartment, has been sold for $625 million - significantly below the owners' asking price.
The sale price paid by Overseas Union Enterprise (OUE) works out at about $1,820 per sq ft per plot ratio (psf ppr) but the owners had demanded $2,016 psf.
But it is still the highest price for a collective sale of a 99-year leasehold property. The priciest freehold deal was the $2,337 psf ppr paid by SC Global 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.
Chan owns a 1,755 sq ft three-bedroom apartment there, which he bought in 1996.
Cove Development, a subsidiary of OUE, inked the deal.
The 193-unit Grangeford is on Grange Road, across from the Indian High Comission.
The condominium sits on a land area of nearly 131,000 square feet.
OUE, controlled by Indonesia's Lippo Group and Malaysia's 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.
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