SINGAPORE - Hiap Hoe Holdings has acquired all the shares in Hiap Hoe SuperBowl for its project, Treasure on Balmoral.
Under the transaction, which was first announced in December, Hiap Hoe Holdings is buying all 48 units in the project for $185 million, or $1,789 per sq ft.
This is a discount of about 15 per cent to the October guide price of $2,100 psf.
The move was to avoid paying further extension fees under qualifying certificate (QC) rules, which are imposed on developers whose directors and shareholders are not all Singaporeans and fail to sell their units within two years of the project completion.
The rule applies to listed developers like Hiap Hoe, of which Hiap Hoe SuperBowl was a subsidiary. Hiap Hoe Holdings, the investment firm of the founding Teo family, is not listed.
Hiap Hoe had failed to sell any units since launching the high-end District 10 project in Sept 2012. The project obtained its temporary occupation permit in Nov 2012.
Hiap Hoe later attempted a bulk sale but failed to get an acceptable offer.
The proposed disposal of all shares in Hiap Hoe SuperBowl to Hiap Hoe Holdings was completed on Thursday.