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"We believe the risk of a residential property market correction in the next two years is rising, as expected higher interest rates look set to coincide with a large increase in housing supply over 2014-15," Tricia Song, analyst at Barclays wrote in a report on Friday.
The House of Tan Yeok Nee (pictured) is being sold for under S$90 million, with Pua Seck Guan's Perennial Real Estate Holdings tipped as the buyer, media reports said.
Restored in 2000, the gazetted national monument along Penang Road is being sold by ERC Holding's special purpose vehicle, which is controlled by Andy Ong. In 2012, Ong purchased the property for over S$60 million from German fund manager Union Investment Real Estate AG.