Please read this. The property prices are getting really crazy or the super rich just have too much money and do not know where to spend.
Until the next time, cheers.
Until the next time, cheers.
Today Online
S$108m for a Sentosa Cove home
04:46 AM May 09, 2012
SINGAPORE - Months after embattled surgeon Susan Lim traded her
Sentosa Cove home for a record S$39 million, another seller - reportedly
a Singaporean male - is trying to defy gravity by pricing his
sea-facing bungalow in the same up-market enclave at a jaw-dropping
S$108 million.
The two-storey leasehold property has been marketed by at least three property agents from different companies from as early as last month, according to a report on property website PropertyGuru last week.
Website checks by Today showed three separate listings of a property with an Ocean Drive address stating a "negotiable" S$108 million price tag.
With a land area of about 20,000 sq ft, the figure translates to a psf price of S$5,400 on a land basis. The advertisements lists the property as having six bedrooms, sea views and its own swimming pool.
While one property agent Today contacted claimed the seller had "withdrawn the property with immediate effect", the other two agents claimed it is still on sale. They have not, however, had enquiries so far.
One of the three agents felt the seller was probably asking for a premium based on the bigger land size of the property but she noted that a recent Sentosa cove transaction came in below S$2,000 psf on a land basis.
Dr Lim's 15,929 sq ft estate was reported in March to have been sold at S$2,448 psf.
Property experts Today spoke to were split on whether the latest selling price was realistic.
HSR Property Group special adviser Donald Han said the price tag on a psf basis is "well above market valuation" and S$108 million could buy a "prime district building". Buyers able to afford such prices tend to be "far and few between", he added.
The additional 10 per cent stamp duty imposed on foreign home buyers in December and the recent scrapping of the Financial Investor Scheme - which fast tracks the permanent residency of rich foreigners - should keep prices at Sentosa at a more "grounded level", said SLP International research head Nicholas Mak.
This is in the additional to 10 per cent stamp duty imposed on foreign home buyers in December, he said.
Savills research head Alan Cheong, however, pointed out that the seller is targeting the "hyper high net worth individuals".
"There's a difference between the working class and land ownership class. This seller is behaving rationally. It's just that we are caught by a worker's mindset and we are thinking within the box," he said.
The two-storey leasehold property has been marketed by at least three property agents from different companies from as early as last month, according to a report on property website PropertyGuru last week.
Website checks by Today showed three separate listings of a property with an Ocean Drive address stating a "negotiable" S$108 million price tag.
With a land area of about 20,000 sq ft, the figure translates to a psf price of S$5,400 on a land basis. The advertisements lists the property as having six bedrooms, sea views and its own swimming pool.
While one property agent Today contacted claimed the seller had "withdrawn the property with immediate effect", the other two agents claimed it is still on sale. They have not, however, had enquiries so far.
One of the three agents felt the seller was probably asking for a premium based on the bigger land size of the property but she noted that a recent Sentosa cove transaction came in below S$2,000 psf on a land basis.
Dr Lim's 15,929 sq ft estate was reported in March to have been sold at S$2,448 psf.
Property experts Today spoke to were split on whether the latest selling price was realistic.
HSR Property Group special adviser Donald Han said the price tag on a psf basis is "well above market valuation" and S$108 million could buy a "prime district building". Buyers able to afford such prices tend to be "far and few between", he added.
The additional 10 per cent stamp duty imposed on foreign home buyers in December and the recent scrapping of the Financial Investor Scheme - which fast tracks the permanent residency of rich foreigners - should keep prices at Sentosa at a more "grounded level", said SLP International research head Nicholas Mak.
This is in the additional to 10 per cent stamp duty imposed on foreign home buyers in December, he said.
Savills research head Alan Cheong, however, pointed out that the seller is targeting the "hyper high net worth individuals".
"There's a difference between the working class and land ownership class. This seller is behaving rationally. It's just that we are caught by a worker's mindset and we are thinking within the box," he said.
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