Five-bedroom apartment in St. Regis Residences, with a personal pool and 180-degree panoramic views, received no bids within the third auction held on Thursday by real estate consultancy Knight Frank. That’s even after the worth was reduced 14 percent from earlier this yr to A$15.5 million ($11.5 million).
The property, owned by the son of Indonesian billionaire Tahir, is one in every of many luxury homes which might be struggling to sell within the Singapore market, which has a 60 percent stamp duty on foreign buyers and a crackdown on money laundering. These moves have slowed purchases by the super-rich to a trickle.
Developers, including City Developments Ltd., which built St. over a decade ago Regis Residences, experienced a drop in share prices consequently. Other projects fare little higher. Cuscaden Reserve, a luxury development near Orchard Road’s essential shopping district, has slashed prices by a fifth, with almost 70 percent of its 192 apartments still unsold.
Connectivity is essential, at the same time as more Singaporeans consider living more cheaply in Johor Bahru
Connectivity is essential, at the same time as more Singaporeans consider living more cheaply in Johor Bahru
The malaise was clearly visible throughout the auction conducted by Knight Frank. In a largely empty hall attended by fewer than 20 people, not one of the 16 properties up on the market were outbid – including multimillion-dollar seafront villas with amenities corresponding to private pools and elevators.
According to property records, the apartment in St. The roughly 6,684-square-foot (621-square-meter) Regis is owned by Jonathan Tahir.
The Indonesian is the chief chairman of MYP Ltd., an actual estate investment company based in Singapore. He is a scion of the Tahir family, whose Mayapada Group conglomerate has interests in every part from banking to healthcare.
It was the last likelihood to sell the property at auction; now it is going to should be sold privately. Before the auction, there have been two offers, each below the guide price. It was one in every of two houses on this development, the opposite being an apartment on the sixth floor belonging to a subsidiary of MYP.
