US group incurs hefty loss on luxury condo investmenthttp://www.straitstimes.com/archive/tuesday/premium/money/story/us-group-incurs-hefty-loss-luxury-condo-investment-20121225 Wachovia's $55m loss on Grange Road project highlights weak market Published on Dec 25, 2012 By Dennis Chan, Deputy Money Editor UNITED States financial services group Wachovia has sold its investment in City Developments' (CDL's) freehold Grange Road project at a hefty loss. The sale, which is likely to cost Wachovia a loss of $55 million, underscores the continuing weakness in the high-end residential property market, despite hopeful talk of a recovery next year. It is also a sign that Wachovia does not believe it can recoup its investment in Cliveden at Grange in the short to mid-term, after making a big bet on the property at the height of the high-end rally five years ago. Wachovia teamed up with CDL in November 2007 to acquire 44 Cliveden homes for $432.4 million. Under the deal, which worked out to an average price of $3 (more...)