30 Sep '14, 10am

Downtown home prices take a big hit, Singapore Property News, Singapore Property Guides

For 11 out of 34 units sold in District 1, rentals would have been unable to cover the assumed mortgages, said SLP International's Mr Mak. -- ST PHOTO: DESMOND WEE AS THE luxury residential segment flounders, properties in the Downtown area have taken an especially big hit. More loss-making transactions have occurred in this area so far this year, compared with last year. Fewer profit-making transactions have taken place. Resale prices in the area have also fallen faster than those in the traditional prime districts, reflecting its status as a less established high-end residential area. According to data compiled by ST Property, there were seven loss-making transactions in the Downtown area in the first eight months of this year. They ranged from a $60,000 loss from the resale of a 1,130 sq ft unit at Marina Bay Residences last month to a $343,200 loss from the subsale of ...

Full article: http://www.stproperty.sg/articles-property/singapore-prop...

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