SC Capital Partners, which booked a loss from the sale of Singapore apartments to Blackstone Group LP in January, said prices in the city-state need to drop another 30 percent.
Suchad Chiaranussatti, founder of the Asian property fund, said he won’t be re-entering the Singapore residential market until he sees a further decline in prices. Prices need to drop by about 20 percent to 30 percent to make residential investments attractive again, he said in an interview.
“We bought in 2011 and then the policies came in,” Chiaranussatti said referring an additional stamp duty introduced that year to cool home prices that had reached a record. “The intensity and the severity of the policies caught us by surprise.”