Hiap Hoe sells entire condo to parent firm

A downbeat property market has led to the sale of a high-end condominium project at a lower price.

Developer Hiap Hoe is selling its entire luxury condominium in Balmoral area near Orchard Road to its controlling shareholder Hiap Hoe Holdings.

The latter, which owns 69.85 per cent of mainboard-listed Hiap Hoe, is buying all 48 units of Treasure on Balmoral for $185 million or about $1,789 per square foot for the 103,439 sq ft strata area development.

Hiap Hoe said in a statement that its attempts to sell the units have been made even more challenging by the several rounds of cooling measures introduced by the Singapore government which have dampened the local property market.

– See more at: http://www.straitstimes.com/news/business/companies/story/hiap-hoe-sells-treasure-balmoral-controlling-shareholder-185m-20141208#sthash.y7UpygYi.dpuf

Treasure on Balmoral
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