A high-end home like Riverfront Residence in Singapore, owned by the head of the now-defunct oil company Hin Leong Trading Pte. did not sell at auction for the price that was expected on Riverfront Residences Price. This is another sign that demand for expensive homes like Riverfront Residences Showflat is decreasing.
People thought the “good class bungalow” was the best home in the city. It sold for just under S$26.5 million ($19.8 million), which is 12% less than the S$30 million target price.
Property sales and renting records show that deals on high-end homes in Singapore have slowed down in recent months. This could be the worst year for sales of high-end bungalows in ten years. In the third quarter, prices of landed houses fell 3.6%.
The houses that Lim Oon Kuin owns are among the things that his family has that are frozen by a court order. Lim is currently in court on charges of cheating and forgery because his oil company owes banks about $3.5 billion.
In September, the private two-story house was put up for auction to the public. The tender says that the sale can only happen if Singapore’s high court or Hin Leong’s liquidators agree to it.
According to a statement from Mary Sai, the executive head of Knight Frank, they looked for very wealthy clients to help them sell the house that sits on about 15,000 square feet of land. Most Singaporeans can’t get GCBs because they are too expensive for most people and are valued in part because they are so rare.
This is Lim’s second GCB that has been sold in Bukit Timah, which is the biggest and best neighborhood in the city-state. The buyers in neither sale were made public. Visit the Portico site daily.
