Nearly $3m in losses in Mortgagee Sale from Luxury Homes
Two luxury homes in Singapore are on the market at prices that would mean losses of nearly $3 million each as the local property market continues to weaken. The mortgagee sale of the two units in Turquoise, a luxury Sentosa Cove condominium, at fire-sale prices comes amid signs that banks are forcing more cash-strapped owners to offload property to meet loan shortfalls. The units, understood to belong to one owner, are on sale for an asking price of $4.5 million to $4.6 million apiece, which would mean losses of about $2.7 million each for the 2,777 sq ft units. Caveats lodged with the URA showed that both apartments were bought in November 2007 at about $2,600 psf.