Singapore $12 Million Penthouse Sale Flops After Three Auctions
- Foreign-buyer tax has crimped demand for high-end condos
- Sale by son of Indonesian billionaire fails to draw bids
In the past, a luxury penthouse for sale in Singapore would be one of the hottest properties in town. Not anymore, after a condo with an asking price of almost $12 million failed to attract any bidders this week.
The five-bedroom suite at the St. Regis Residences, with a private pool and a 180-degree panoramic view, received no offers during its third auction by realtor Knight Frank on Thursday. That’s even after the price was lowered by 14% from earlier this year, to S$15.5 million ($11.5 million).