Singapore $12 Million Penthouse Sale Flops After Three Auctions [BNN Bloomberg (Canada)]
CITY DEVELOPMENTS S/ADR (CDEVY)
NASDAQ:AMEX Investor Relations:
ir.cdl.com.sg
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Source: BNN Bloomberg
Not anymore, after a condo with an asking price of almost $12 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. That's even after the price was lowered by 14% from earlier this year, to S$15.5 million ($11.5 million). 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% 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 Ltd., which built the St. Regis Residences more than a decade ago, have seen their stocks pummeled 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
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