Skip to main content

S$15.5 million St Regis penthouse sale in Singapore flops after three auctions

 


IN THE past, a luxury penthouse for sale in Singapore would be one of the hottest properties in town. Not anymore, after a condo with an asking price of S$15.5 million failed to attract any bidders this week.

The five-bedroom suite at the St Regis Residences, with a private pool and a 180-degree panoramic view, received no offers during its third auction by realtor Knight Frank on Thursday (Mar 21). That is even after the price was lowered by 14 per cent from earlier this year.

The property, owned by the son of Indonesian billionaire Tahir, is one of many luxury homes struggling to sell in a Singapore market slammed by a 60 per cent stamp duty on foreign buyers, along with a crackdown on money laundering. The moves have slowed purchases by the super rich to a trickle.

Developers including City Developments, which built the St Regis Residences more than a decade ago, have seen their stocks pummelled as a result.

Other projects are faring little better. The Cuscaden Reserve, a luxury project near the prime Orchard Road shopping district, has slashed prices by a fifth, with nearly 70 per cent of its 192 units still unsold.

The malaise was on stark display at the auction conducted by Knight Frank. In a largely empty auditorium with fewer than 20 attendees, none of the 16 properties up for sale got any public bids – including multi-million dollar seafront villas with amenities such as private pools and elevators.

The St Regis apartment, spanning about 6,684 square feet, is owned by Jonathan Tahir, according to property records.

The Indonesian is the executive chairman of MYP, a property investment firm based in Singapore. He is a scion of the Tahir family, whose Mayapada Group conglomerate holds interests in everything from banking to healthcare.

This was the last chance for the property to sell at auction, and it will now need to be sold privately. It attracted two offers before the auction, both below the guide price. It was one of two houses in the development that were on the block, with the other being a sixth-floor apartment owned by a subsidiary of MYP. BLOOMBERG


Popular posts from this blog

Strong US dollar hits Thai baht, Malaysian ringgit hardest among Asean currencies

STORM clouds are gathering for South-east Asian currencies as the US dollar fires up in a robust start to the dragon year, fuelled by stubborn inflation and rosy jobs data, heightening expectations that the US Federal Reserve will maintain rates higher for longer. Across South-east Asia, the Thai baht and Malaysian ringgit have been the hardest hit, although there was a brief recovery on Thursday (Mar 21) following the US central bank’s latest decision to hold rates. “Almost all currencies in the world weakened against the US dollar in the first quarter. Asean FX (foreign exchange) was not an exception,” HSBC Head of Asia FX Research Joey Chew told  The Business Times .  

Thai tycoons heat up virtual bank bids as applications open

  CHAROEN Pokmhand Group and Gulf Energy Development, among Thailand’s largest business groups, are vying for the country’s new virtual bank licences as the Bank of Thailand opens applications. True Corp, a telecommunication arm of CP Group, and its partners including Ant Group are in the process of preparing a bid, said chairman Suphachai Chearavanont. Gulf Energy, the nation’s top power producer, will submit the bid in partnership with Krung Thai Bank and its affiliate Advanced Info Service, according to chief executive officer Sarath Ratanavadi. South-east Asia’s second-largest economy is opening its banking industry to more competition that will allow greater access to loans for under-served consumers, following similar moves across Asia where such digital banks are already up and running. The central bank plans to announce the winning bidders next year as it began accepting applications from interested groups on Wednesday (Mar 20) until Sep 19. “We have seen the greater importance

Americans invested billions in Chinese companies. Now their money is stuck

WHEN  investors talk about “zombie” companies, they’re usually referring to distressed startups that are hobbling along, unable to grow and unlikely to ever return the money they’ve raised. But as deal-makers feverishly debated efforts this past week by lawmakers to force TikTok’s Chinese parent company, ByteDance, to sell the app, they talked about a new version: China zombies. China zombies may have booming businesses, but they’re unlikely to provide investors with any immediate return because they’re stuck in geopolitical crosshairs. It’s not just the investors in ByteDance who, after handing it more than US$8 billion, are stuck. What looked like a mammoth growth opportunity just a few years ago – inspiring investors to pour money into companies such as Ant Financial, PingPong and Geekplus – has turned hostile. “There’s more out there like ByteDance,” Evan Chuck, a partner at the advisory firm Crowell, said of companies with investors who may find themselves in this position. “It’s