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SINGAPORE (May 6): Some 78 loss-making transactions in Singapore have been reported so far this year – up from 46 in 2014 and 45 in 2013. – and this time around, four property buyers lost millions in Singapore dollars, The Edge Financial Daily reported today.
Quoting The Straits Times, the report said among the four property buyers was Japanese tycoon and property developer Katsumi Tada, who was reported to have suffered a S$15.8 million (RM42.72 million) loss on a penthouse unit at St Regis Residences, which may be the biggest loss so far.
The three other buyers saw losses of S$1.06 million to S$4.78 million each, the report said.
Citing a compilation by SRX Property, The Straits Times report said including two landed properties, 11 transactions this year have sustained losses of more than S$1 million a piece. The figure is a rise from only five for the same period last year and three in 2013.
Experts said this trend comes amid a rise in the pace of loss-making transactions in the residential market this year – a characteristic of a softening market where sellers come under pressure.
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