Loss-making property transactions on the rise in Singapore
July 20, 2015 - D10 - Bukit Timah, Holland Rd, Tanglin
Japanese tycoon Katsumi Tada's eye-popping $15.8 million loss on a penthouse unit at St Regis Residences (above) may be the largest but several other sellers have also taken hefty losses at the project this year.
Three other buyers have lost more than $1 million there so far this year, with losses of $1.06 million to $4.78 million each.
This comes amid a rise in the pace of loss-making transactions in the Singaporean residential market this year, characteristic of a softening market where sellers are coming under selling pressure.
Including two landed properties, 11 transactions this year have sustained losses of more than $1 million apiece, according to a compilation by SRX Property.
Overall, 78 loss-making transactions have taken place so far this year up from 46 last year and 45 in 2013, over the same period.
The number of unprofitable transactions also went up from 132 in the whole of 2013 to 188 last year, SRX Property said.
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