14 Apr '13, 4pm

Tycoon Tests Singapore Market With Priciest Home: Southeast Asia - Bloomberg

Tycoon Tests Singapore Market With Priciest Home: Southeast Asia - Bloomberg

Tycoon Cheng Wai Keung’s plan to sell Singapore’s most expensive private property faces the dual challenge of additional government taxes designed to cool the market and restrictions limiting the sale to locals. Wing Tai Holdings Ltd. (WINGT) Chairman Cheng is seeking a record S$300 million ($242 million) for a home near the Orchard Road shopping belt. The 85,000-square-foot site on an elevated lot at 33 Nassim Road, near the Botanic Gardens, includes a two-story home, swimming pool and tennis court, according to Jones Lang LaSalle Inc., the sole marketing agent. Singapore, which boasts the most millionaire households per capita in the world, has become the priciest property market in Asia after Hong Kong, prompting the government to impose curbs. While home prices climbed to a record in the first quarter, the pace of growth was the slowest since the middle of 2012 after a...

Full article: http://www.bloomberg.com/news/2013-04-14/tycoon-tests-sin...

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