City Developments and Wachovia Group have formed a joint venture to buy two tower blocks of Cliveden at Grange for S$432.4 million.
US-based Wachovia Development Corporation will take a 60 percent stake, while CityDev will take the remaining interest through subsidiary, City Venture Properties Pte Ltd, in the joint venture company called Grange 100. Grange 100 will purchase the 44 units from CityDev, which is developing the freehold residential project.
The units comprise three-bedroom and four-bedroom apartments, as well as two penthouses.
The average purchase price for the units works out to about S$3,750 per square foot.
Cliveden at Grange comprises four towers with 110 apartments. - CNA/so
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