Resale prices at luxury projects in neighborhoods popular among foreign buyers took a hit in 2014, raising concerns that foreigners could exit Singapore’s real estate market en mass.
Last year saw several high-end apartments in the city-state’s exclusive enclave of Sentosa Cove and the highly sought after address of Orchard Road sell at hefty losses.
The highest loss-making transaction was a four-bedroom apartment at the Turquoise@Sentosa, which sold for $3.9 million in July 2014, almost half the $7.1 million it was originally bought for in November 2007, according to data compiled by Maybank.
Of the top 10 loss-making sales in 2014, four were located in Sentosa and four in the Orchard Road area, which historically have attracted much higher foreign interest than other parts of the island.
“The concern around foreigners exiting en mass came about because resale values in foreign enclaves such as Orchard and Sentosa have dropped more than other areas,” Ng Wee Siang, head of research at Maybank told CNBC.
via CNBC
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
Alfonso Esparza
Latest posts by Alfonso Esparza (see all)
- Petróleo Sube con Esperanzas de Brexit y Tratado EU-China (video) - 10/21/2019
- Oil Higher on Brexit and Trade War Hope (video) - 10/21/2019
- Brexit Optimism Rises Despite Parliament Obstacle - 10/18/2019