25 Nov '14, 1am

Two luxury homes face nearly $3m in losses each as property market remains weak. Learn More

Two luxury homes face nearly $3m in losses each as property market remains weak. Learn More

Two luxury homes in Singapore are on the market at prices that would mean losses of nearly $3 million each as the local property market continues to weaken. The mortgagee sale of the two units in Turquoise, a luxury Sentosa Cove condominium, at fire-sale prices comes amid signs that banks are forcing more cash-strapped owners to offload property to meet loan shortfalls. The units, understood to belong to one owner, are on sale for about $1,600 per sq ft (psf) - an asking price of $4.5 million to $4.6 million apiece, which would mean losses of about $2.7 million each for the 2,777 sq ft units. Caveats lodged with the Urban Redevelopment Authority showed that both apartments were bought in November 2007 at about $2,600 psf. Current market prices are $2,000 psf to $2,200 psf. But the losses are still less than those suffered from the sale of two other 2,777 sq ft apartments i...

Full article: http://srx.com.sg/srx/index.jsp?link=newsArticles&id=e2i7...

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