Wachovia Sells Stake in Singapore Project to City Developments
Wachovia Development Corp. sold its stake in two luxury apartment buildings in Singapore to its joint venture partner City Developments Ltd. (CIT) after five years at a lower price than its initial investment.
Wachovia sold its 60 percent stake in the towers at the Cliveden at Grange development for S$204.5 million ($167 million) to the country’s second-largest property developer, City Developments said.
“City Developments has taken a medium to long-term view of the prospects of the project and has confidence in the project,” the developer said in a Dec. 21 statement.
Wachovia bought the stake in the 110-unit luxury residential project on Grange Road, a prime area in the island city, in 2007. The two partners paid S$432.4 million to acquire the buildings, which have 44 apartments. The 60 percent stake by Wachovia was worth S$259.4 million.
The joint venture between Wachovia and City Developments paid S$3,750 per square foot for the residential project, according to a Nov. 5, 2007 statement by the developer.
The last transaction at the project named ‘Cliveden at Grange’, showed a unit sold for S$3,914 per square feet in Feb. 2008, according to data from the Urban Redevelopment Authority.
Wachovia Development is a subsidiary of Wachovia Corp., which was bought by Wells Fargo & Co. (WFC) in 2008.
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