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THE majority owners of Grange Tower have launched the collective sale of their homes with an asking price of $188 million or $1,255 psf of potential gross floor area.

Drawing attention: Former APB executive Chia Teck Leng owns a unit in the condominium up for en bloc sale

While that may not seem particularly newsy amid the wave of en bloc sale launches at new benchmark prices, the attention grabber for Grange Tower is that former Asia Pacific Breweries (APB) executive Chia Teck Leng - now serving a 42-year jail term - owns a unit there.

Sources say the unit is in his name and he has not signed the collective sale agreement. BT understands that caveats have been lodged on Mr Chia's apartment by various parties - the Registrar of Titles & Deeds (on behalf of Commercial Affairs Department); United Overseas Bank, the CPF Board; and German bank HVB.

The latter is one of four foreign banks Mr Chia was convicted in 2004 of swindling for more than $117 million. He used forged documents to borrow large sums in APB's name for massive gambling debts incurred overseas.

'Grange Tower's collective sale may proceed since the required minimum consent level from owners has been met. The caveats lodged against Mr Chia's unit reflect various parties who will have an interest in the sales proceeds from the unit,' said a source. So far, owners controlling 82 per cent of share values in Grange Tower have signed the collective sale agreement.

Based on the $188 million asking price, owners of the existing 80 units will each receive sums ranging from about $2 million to $4 million - more than double what the units would fetch if sold on an individual basis. The original developer, Henlee Development controlled by a Koh family, is understood to have retained 10 or 12 units in the freehold condo.

Grange Tower is a 20-storey development comprising 76 apartments and four penthouses, completed 23 years ago.

It has a land area of 53,527 sq ft and is zoned for residential use with a 2.8 plot ratio and 36-storey maximum height. No development charge is payable, says CB Richard Ellis (CBRE), which is marketing the property.

The buyer of Grange Tower may approach Singapore Land Authority to potentially acquire a 1,632 sq ft strip of state land in front of the property, according to CBRE.

'The Grange Tower site is ideal for a serviced apartment property, being so close to the shopping belt of Orchard Road,' said CBRE executive director Jeremy Lake.

'Alternatively, a luxury condo would be very attractive to foreign buyers, in particular. It has the added advantage of being close to Orchard Road yet tucked away in quiet surroundings. Orchard and Somerset MRT stations are within walking distance.'

The tender for Grange Tower closes on August 23.