With the stock market plunging, the economic outlook deteriorating and mounting speculation about another global financial crisis, it was no surprise that distressed sales in the prime districts continued to pop up in the first two weeks of January. Those that sustained the greatest losses were units purchased at the height of the last property boom, between the second half of 2007and early 2008, say property consultants.
The most notable was the sale of a mid-level unit at Turquoise in Sentosa Cove. The 2,153 sq ft, three-bedroom unit fetched $3.01 million ($1,400 psf), according to a caveat lodged on Jan 7. The previous owner paid $5.65 million ($2,623 psf) for it when the project was first launched in 2007, hence recognising a capital deterioration of 46.6%. The 91-unit, 99-year leasehold six-storey condominium project with views of the waterway was developed by Ho Bee Land and completed in 2010.