(Bloomberg) — A koi pond, parking space for more than 10 cars, and a dining hall for 20 people with a chandelier aren’t enough to attract buyers in Singapore’s luxury property market.
The Victoria Park mansion owned by a Singapore retail scion has slashed its asking price by another S$7 million ($5.3 million) to S$73 million, the second cutback on the so-called good class bungalow, according to marketing material from CBRE Group Inc. and Knight Frank seen by Bloomberg News. This compares with an asking price of S$83 million when it was put up for sale in June.
The property, which sits on more than 0.7 acres of land, is owned by Tang Wee Kit, Bloomberg reported previously based on filings. He’s the son of the late Tang Choon Keng, better known as C.K. Tang. The China-born tycoon established an iconic department store in Singapore’s main shopping belt, Orchard Road, which still operates there today.
It’s one of a number of luxury real estate struggling to sell despite a recovery in property transactions. Singapore-born buyers in particular are still wary of big ticket purchases amid high interest rates and property levies. The mansion of a convicted oil tycoon was sold for nearly S$4 million off its original asking price in August.
The younger Tang is the managing director of Tang Holdings Pte, an investment holding firm that has various property investments in Singapore. He’s also a majority owner of C.K. Tang Ltd., which runs the Orchard department store and another outlet in the city’s south.
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