BT: CDL sells 38 Cliveden units at average price of $3,600psf - 7 Jul 07

[Daniel Leong]

July 7, 2007
CDL sells 38 Cliveden units at average price of $3,600 per square foot
By KALPANA RASHIWALA

CITY Developments Ltd (CDL) has sold 38 units at its Cliveden condo
on the former Kim Lin Mansion site at Grange Road at an average price
of $3,600 per square foot. About 90 per cent of buyers were
foreigners. The highest price achieved was $4,162 psf for a four-
bedroom apartment.

CDL said yesterday that it has released 44 units from two towers in
the freehold development. The condo comprises 110 units in all -
comprising three-bedders (2,153 sq ft), four-bedroom apartments
(2,842 sq ft) and penthouses ranging from 4,392 sq ft to 6,028 sq ft.

The project was showcased during road shows in Hong Kong and
Indonesia over the past two weekends. 'CDL has also started to
present this well-appointed freehold residence to specially invited
guests in Singapore,' the listed developer said yesterday. CDL said
that it is considering releasing some units from another tower for
sale. The 24-storey project will have three single towers and a twin
tower.

CDL bought the Kim Lin Mansion site in late 1999, during the last
bout of en bloc sale fever, for $996 psf per plot ratio, including
development charges. However, the ensuing property slump led CDL to
hold off redeveloping the site until now.

Last year, the listed property group controlled by Singapore's Kwek
family bought the Lucky Tower site diagonally opposite the Kim Lin
plot for $1,134 psf ppr.

On the stock market, CDL ended 10 cents lower at $16.80 yesterday.