30 Apr '17, 7pm

Russian Oligarch Suffers 50% Loss On Singapore Real Estate Sale

While the Canadian housing bubble - driven by Chinese hot money - continues to grow (although its latest near-death experience courtesy of Home (Lack of) Capital Group may have finally pierced a stake through its heart), housing markets elsewhere are suffering from some serious wobbles. Take Singapore, for example, where recently a 4,069 sq ft at Seascape in Sentosa Cove was sold at a $6.6 million loss. The loss works out to 52% or 10% annualised over a holding period of 6.6 years. The unlucky seller: a Russian oligarch. According to The Edge Property , the previous owner, a Russian national bought the unit from the developer at $12.8 million or $3,146 psf in June 2010. The unit was put up for mortgagee sale at an auction conducted by JLL in January 2017 at an opening price of $6.8 million but did not find a buyer. It was subsequently sold at $6.2 million or $1,524 psf by ...

Full article: http://www.zerohedge.com/news/2017-04-30/russian-oligarch...

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Russian Oligarch Suffers 50% Loss On Singapore Real Estate Sale

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