Morgan Stanley fund mulls bulk sale of luxe units

THE momentum for bulk transactions of high-end residential units looks set to continue this year.

A German core fund managed by Morgan Stanley is said to be exploring a bulk sale for its 23 units in the Draycott Eight condo. It has appointed two agents to help it find a buyer in a transaction which will be effected through the sale of shares in a company that owns the 22 four-bedders and a penthouse with a total strata area of 68,419 square feet.

Based on market talk, the asking price is S$2,300 per square foot, which would amount to S$157.4 million. Some agents estimate the units could be worth around S$150 million assuming a…