Giving up on Balmoral: Hiap Hoe puts up luxury condo project for bulk sale

The developer wants the unsold units off its hands.

The high-end residential market is still struggling under tight lending rules, driving property developers like Hiap Hoe to sell one of its crown jewels.

On Thursday, Hiap Hoe’s brand-new luxury development, Treasure on Balmoral, has been put up for bulk sale.

The unsold 12-storey prime condominium unit, located in the exclusive District 10, simply has to go. Otherwise, the developer might get subjected to hefty fees should it need to extend the project’s sale period.

According to Savills, Treasure on Balmoral has 48 luxury residential apartments in a mix of 3, 4 bedrooms and penthouses. Unit size ranges from 158 sq m to 350 sq m (1,701 sq ft to 3,767 sq ft) and has a total strata area is about 103,439 sq ft.

The guide price for the property is S$1,850 psf or S$191.4 million, and the call for Expressions of Interest closes on August 21, Thursday, at 3pm.