Ultra-wealthy property owners lose millions in market downturn

Check out the year’s biggest loss-making deals.

Ultra-wealthy property owners have lost millions of dollars in the luxury property market downturn.

A report by Barclays highlighted the largest loss-making deals so far this year, all of which involve luxury properties.

The largest loss-making deal is the sale of a penthouse unit at St Regis Residences for $12.77m, which generated a loss of $15.8m. Its owner Katsumi Tada bought the unit for $28m in 2007, representing a 56% decline in value.

Other loss-making deals include the sale of a 4,941 sq ft penthouse also in St Regis Residences. It was sold for $9.5m in January, representing a 33% price decline and a loss of $4.78m.

A three bedroom unit on the 36th floor of The Orchard Residences also booked a $2.253m loss when it was sold for $5.5 m in January. This represents a price decline of 29%.

A four bedroom unit on the 17th floor of The Grange went for $4.15m in February at a $2.05 m loss, a price decline of 33%.

A four bedroom, fifth floor unit at Turquoise (Sentosa Cove) sold for $4.55 mn in January, at a $2.715 mn loss, a price decline of 37%.

A four bedroom, second floor unit at The Coast at Sentosa Cove sold for $3.125 mn in January, at a $1.215 mn loss, a price decline of 28%.