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Stack of 23 units at Draycott Eight close to being sold

Chiu family's Tang Group expected to pay slightly over S$150m for the stack of 22 four-bedders and a penthouse to be bought from a Morgan Stanley-managed fund

Kalpana Rashiwala

Published Wed, Aug 5, 2015 · 09:50 PM

Singapore property

Singapore

A DEAL is said to be nearing for the bulk sale of a stack of 23 units at Draycott Eight owned by a German core fund managed by Morgan Stanley, BT understands.

The price could be slightly above S$150 million, or around S$2,200 per square foot based on the total strata area of 68,419 square feet. The seller will be making a loss, having paid S$2,600 psf for the units some eight years ago. Draycott Eight is on a site with a balance lease term of 81 years.