SINGAPORE: A S$4.3 million loss on the sale of a property would be a terrifying prospect for most people.
But that eye-watering amount is what the owner of a three-bedroom apartment at The Ritz-Carlton Residences Singapore Cairnhill saw disappear down the sink when the property was sold earlier this year.
The seller, a Chinese national who was a permanent resident here, had purchased the unit at S$3,815 per square foot (psf) in June 2013 and resold it at S$2,508 psf, a historical low. This was the most unprofitable deal for private non-landed homes in the first quarter of 2016.