Business Times - 23 May 2009
Ferrell puts 80 RiverGate units back on market
30 to 40 apartments have since been sold at private preview
By EMILYN YAP
FERRELL Asset Management, which counts Indonesia's Lippo Group as one of its investors, has put around 80 apartments at the RiverGate back on the market for sale, BT understands.
According to agents, a private preview began a few days ago and around 30 to 40 units have been taken up. The 545-unit freehold condominium in the Robertson Quay area received Temporary Occupation Permit in March, and was a joint development between CapitaLand and Hwa Hong Corporation.
The apartments on sale are spread over several floors and comprise three-bedders, four-bedders and penthouses. They are selling at $1,450 - $1,550 psf, one source said. Prices of lower-level units may even start from $1,380 psf.
According to Urban Redevelopment Authority data on caveats lodged, recent transactions of RiverGate units took place between $1,150 - $1,470 psf.
The seller of the apartments is believed to be fund manager Ferrell Asset Management. One of its funds, the Ferrell Premier Real Estate Investment Fund, had paid over $180 million for 100 units in 2005, bought in two separate tranches of 80 and 20 units.
Previous reports did not mention the per-square-foot price of the fund's units. When RiverGate was first launched in 2005, units were priced at $1,080 psf on average. That subsequently rose to $1,600 psf in the final phase of release in 2006.
Ferrell Premier Real Estate Investment Fund's website states that the fund invests in the 'high-yielding sector' of Singapore's property market.
'The objective of this sub-fund is to achieve returns of 10 - 15 per cent per annum through investments in properties with medium to long-term capital appreciation potential.'
BT understands that associates of Knight Frank and DTZ are marketing the units. Savills could also be marketing the units.