THE apartment block that became famous when it was central to the first Christian-themed initial public offering (IPO) attempted in Singapore has been sold to developer Koh Brothers Group for $30 million.
The freehold Alocassia Apartments of 45 residential and seven commercial units along Bukit Timah Road was developed by Ban Hin Leong property group in 1996.
Koh Brothers paid an average of $673 per sq ft of net sellable area. The site totals about 46,000 sq ft.
Executive director Francis Koh said: 'Given its...freehold status and easy accessibility to the city centre, we are confident that the site will appeal to both local and foreign buyers.'
The block became part of a proposed IPO in 2003 when a company called Aloecassia wanted to raise $31 million to buy the foreclosed property from the mortgagee bank and use it for 'God's glory''.
The man behind the IPO was Mr Richard Lim, the former chairman of Ban Hin Leong, once known for its Springleaf brand of properties.
Mr Lim became a Christian in 1999 and in 2002 apparently received the revelation that God wanted the use of the apartments for 'His glory'.
On a now-defunct website to promote the IPO, it was stated that the property would be used as a centre for fellowship among Christians and believers of any denomination. And any commercial tenants should have a Christian focus.
Investors were told they would get dividends if there were operating profits plus a share from any sale proceeds.
'In a nutshell, it is about earthly returns and heavenly rewards,' Mr Lim reportedly said in 2004.
The IPO was called off in July 2004 after it faced extra scrutiny from the authorities over inadequate disclosure.
