This comes as Singapore-born buyers remain wary of big ticket purchases amid high interest rates and property levies
A KOI pond, parking space for more than 10 cars, and a dining hall with a chandelier – large enough for 20 people – could not attract buyers in Singapore’s luxury property market.
The Victoria Park mansion’s asking price, owned by a Singapore retail scion, has fallen by another S$7 million to S$73 million – the second cutback on the good class bungalow (GCB) – indicated marketing material from CBRE Group and Knight Frank seen by Bloomberg News.
When the property was put up for sale in June, its asking price was S$83 million.
The property, which sits on more than 0.28 hectare of land, is owned by Tang Wee Kit. He is the son of the late Tang Choon Keng, better known as CK Tang. The China-born tycoon established an iconic department store along Singapore’s main shopping belt, Orchard Road.
The bungalow is one of a number of luxury real estate properties struggling to sell despite a recovery in property transactions.
Singapore-born buyers, in particular, are still wary of big ticket purchases amid high interest rates and property levies. For instance, the mansion of a convicted oil tycoon was sold for nearly S$4 million off its original asking price in August.
The younger Tang is the managing director of Tang Holdings, an investment holding company that has various property investments in Singapore. He is also a majority owner of department-store operator CK Tang Limited, which runs the Orchard department store and another outlet at HarbourFront. BLOOMBERG
