More luxury homes sold at big-time losses in 2H14

Properties in Orchard and Sentosa were hardest hit.

More luxury homes were transacted at loss-making prices in the second half of 2014, as an increasing number of affluent owners seek to dispose of their once-attractive trophy properties.

Data from Maybank Kim Eng showed that eight of the top 10 loss-making projects came from the prime
District 9 of Orchard and Sentosa island, which had historically attracted much higher foreign interest than other parts of Singapore.

The highest loss-making transaction was the Turquoise@Sentosa. One unit in this project was sold for $3.9m in July, almost half its original sale price of $7.1m when it was first sold in November 2007. Another unit at the Turquoise was sold for $3.1m.

Other projects that saw loss-making transactions in the second half include Orchard Scotts, Helios Residences, The Oceanfront@Sentosa Cove, The Grange, The Cascadia, The Orchard Residences, and Tanglin Hill Condominium.