Lafe eyes bulk sale of Emerald Hill project

Singapore

LAFE Corporation is understood to be seeking a bulk buyer for the balance 21 units at its 33-unit Residences at Emerald Hill project - ahead of a deadline to finish sales by June this year to avoid paying another round of hefty extension charges to the authorities under Qualifying Certificate rules.

The Singapore-listed company is understood to have appointed property consultants Knight Frank and Vigers to conduct an expression of interest exercise to find a buyer. Vigers is a unit of Lafe. The exercise will close on March 30.

The 12-storey freehold development received Temporary Occupation Permit (TOP) in June 2011.

Lafe Corporation said in its results statement for the year ended Dec 31, 2014, that the investment property was valued at S$105.5 million at end-2014. The independent valuation was carried out by Premas Valuers & Property Consultants, on an en-bloc market value basis. "The valuation method used is …