PETALING JAYA: Kuwait Finance House (M) Bhd (KFH) is believed to have decided not to exercise the option on 97 apartments at the 210-unit Goodwood Residence development in downtown Singapore, given the softening in the city-state's private residential property market. The apartments were supposed to be sold to a fund managed by KFH for US$818.4mil, or at S$3,000 per sq ft. Goodwood Residence, developed by Guocoland Ltd, is a premier residential development on a 24,845-sq-m freehold plot fronting Goodwood Hill. A Guocoland statement issued on Monday said the options were not exercised and had lapsed. “Both parties are presently in discussions, with a view to granting fresh options for units in the development,” it said, adding that the private residential property market in Singapore was currently cautious. KFH did not respond to StarBiz's queries. Read more
(12-3-2008 The Star)
