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Friday, 29 August 2014

Lights off on Singapore's billionaire row at Sentosa Cove as luxury house prices plunge

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There's an eerie silence at night in Sentosa Cove, the man-made island resort billed as Singapore's answer to Monte Carlo and the only place in the country where foreigners can buy landed property - PHOTO: REUTERS 


[SINGAPORE] There's an eerie silence at night in Sentosa Cove, the man-made island resort billed as Singapore's answer to Monte Carlo and the only place in the country where foreigners can buy landed property.

Dozens of houses - complete with their own private yacht berths and multiple swimming pools - sit empty while few lights are on in the apartment blocks overlooking the marina, a few kilometres away from Sentosa's giant casino.

Prices in the gated community, where Australian mining tycoons Gina Rinehart and Nathan Tinkler bought properties, fell around 20 per cent in the past year as lending restrictions and taxes on foreign buyers burst a bubble in the South-east Asian financial hub's luxury real estate market.

Investors could see the value of their assets fall even further with developers and investors still struggling to sell even after the recent price falls.

1 comment:

  1. Market will always move in cycles like sea tides.

    Just that property will attract Govt's attention more to manage the cycles.


    Read? Debate on property vs. stocks

    ReplyDelete

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