The downturn in the luxury property market has seen ultra-wealthy property owners lose millions of dollars, according to media reports citing Barclays.
The report noted that this year’s biggest loss-making deals all involve luxury properties.
Specifically, the $12.77 million sale of a penthouse at St Regis Residences emerged as the largest loss-making property transaction, with its owner, Katsumi Tada, suffering a $15.8 million loss, or 56 percent price decline.
In January, a 4,941 sq ft penthouse in St Regis Residences also booked a $4.78 million loss when it was sold for $9.5 million, which works out to a 33 percent drop in value.
Other loss-making transactions include the sale of a three-bedroom unit at The Orchard Residences. The 36th floor unit was sold for $5.5 million in January which represents a 29 percent price decline or a loss of $2.253 million.
A four-bedroom on the 17th floor of The Grange was sold for $4.15 million in February, representing a 33 percent drop in value or a loss of $2.05 million.
Meanwhile, a four-bedroom unit at Turquoise (Sentosa Cove) booked a $2.715 million loss in January, when the fifth floor unit was sold for $4.55 million.
A four-bedder on the second floor of The Coast at Sentosa Cove went for $3.125 million in January, which translates to a price decline of 28 percent or a $1.215 million loss.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
