30 Mar '15, 10am

Singapore’s biggest loss-making apartment sale cushioned by currency fluctuations

Comment E-mail to friend Bookmark & Share Japanese billionaire Katsumi Tada suffered the biggest apartment sale loss of $15.8 million in Singapore when he sold a St Regis penthouse purchased for $28 million in May 2007 for just $12.2 million last month. Even market watchers noted that the psf price was a “bargain” for a high-end home in the area. In fact, the unit previously owned by Tada was picked up for just $2,028 psf compared to the usual price range of $2,500 to $3,000 psf for luxury apartments nearby. But the shortfall was actually smaller at $12.9 million if one takes into account the fluctuating exchange rate of the Singapore dollar versus the Japanese yen, said experts. Based on Bloomberg data, one Singapore dollar was equivalent to 78 yen in 2007 when Tada bought the penthouse. As such, he acquired the property for $28 million or 2.184 billion yen back then. How...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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