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Tuesday, November 13, 2007

CDL, Wachovia in S$432 million Cliveden at Grange deal

SINGAPORE: City Developments Ltd (CDL) and US-based Wachovia Group have formed a joint venture to buy two tower blocks at CDL’s luxury Cliveden at Grange (pix) for S$432.4 million (RM995.6 million). Under the agreement, Wachovia Development Corp will take a 60% stake
and CDL will hold the rest through subsidiary City Venture Properties (CVP) in the venture, called Grange 100. The tower blocks have 22 units each. The average price for all units purchased is S$3,750 psf. Cliveden at Grange, near Orchard Road, has four 24-storey towers with 3- (2,153 sq ft) and 4-bedroom (2,842 sq ft) apartments.

By The EDGE Singapore

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