http://www.businesstimes.com.sg/comp...for-ilivgrange

Heeton again seeks buyer for iLiv@Grange

By Kalpana Rashiwala

[email protected]@KalpanaBT

16 Apr


HEETON Holdings is again looking for a buyer to pick up all 30 units in its iLiv@Grange project, a 16-storey building with a curvaceous facade that received Temporary Occupation Permit (TOP) in October 2013.

In a statutory filing with Singapore Exchange on Wednesday, the group said that it has appointed Cushman & Wakefield as the exclusive marketing agent for the proposed en bloc disposal of the development.

BT understands that C&W will conduct an expressions of interest (EOI) exercise to find a buyer for iLiv@Grange. The exercise will close on May 7.

This time around, Heeton's asking price is said to be S$110-120 million, which would translate to S$1,879-2,050 per square foot (psf) based on the total strata area of 58,534 square feet for the freehold project in Singapore's prime district 10.

In late-August 2013, BT reported that Heeton was seeking a buyer for all the project's units. Its asking price then was around S$2,200-2,300 psf, going by market talk at the time.

Under Singapore's Qualifying Certificate rules, which apply to this project, Heeton has until two years after TOP, that is, until October 2015, to finish selling all the units in the private residential development.

The group may seek permission from the authorities for more time to dispose of the units but will have to pay extension charges to the state.

iLiv@Grange comprises one, two and three-bedroom apartments as well as two penthouses. Many of the two-bedders have substantial void areas, which accounts for the development's total saleable or strata area being about 30-odd per cent more than the maximum gross floor area under the Master Plan. The development's two penthouses - one is 3,294 sq ft and the other, 3,477 sq ft - have a roof terrace and private pool each.

The architect of the project is Mercurio Design Lab of Italy. The interior and landscape have been designed by YOO inspired by Starck.

Analysts believe Heeton's breakeven cost for the project could be around S$2,000-2,200 psf. Heeton bought the 20,325 sq ft site, formerly Grange Court, for S$72.8 million or S$1,700-plus per square foot per plot ratio in 2007.

For the fourth quarter ended Dec 31, 2014, Heeton's group net profit fell 68.9 per cent to S$1.89 million from S$6.07 million a year earlier. Revenue more than doubled to S$6.83 million from S$3.04 million.