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Wachovia Sells Stake in Singapore Project to City Developments

Dec. 26 (Bloomberg) -- Wachovia Development Corp. sold its stake in two luxury apartment buildings in Singapore to its joint venture partner City Developments Ltd. 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. in 2008.

To contact the reporter on this story: Pooja Thakur in Singapore at pthakur@bloomberg.net

To contact the editor responsible for this story: Tomoko Yamazaki at tyamazaki@bloomberg.net

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