Tuesday, July 03, 2012

17 units at 8 Napier changing hands

17 apartments at 8 Napier (pictured) are said to be changing hands for between S$2,800 psf and S$3,000 psf to Alpha Investment Partners. The three-bedroom units, which measure 2,013 sq ft each, could be sold at a total price of around S$100 million.

According to media reports, the transaction deal is based on the sale of shares in the company which owns the apartments.

Alpha Investment Partners is believed to be acquiring shares in Botanic Investments (formerly known as MGP Reflections), which holds the 17 units, from Parkway Holdings boss Tony Tan, Hasetrale Holdings and Mark Wee. The trio bought the shares in Botanic from MGPA in 2010.

8 Napier, located on the former Eng Lok Mansion site, was developed by Napier Properties which is majority controlled by Hasetrale, whose shareholders include Tan, his uncle Tan Chin Nam, Wee and several other Malaysians. It is close to the US Embassy and Singapore Botanic Gardens.

The units being sold are located from the second to eighth floors of the 10-storey property. Currently, 15 apartments at the 46-unit project, including six penthouses, have yet to be sold.

View the original article here

Source From Property Guru

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