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High-profile sale of penthouse at loss could dent Singapore’s reputation as place to invest

March 19, 2015 4:18 PM SGT

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SINGAPORE (Mar 19): The recent high-profile sale of the five-bedroom penthouse at St Regis for a whopping loss of $15.8 million could have repercussions for the rest of the luxury condo market in Singapore, say property consultants.

The 6,017 sq ft penthouse, owned by Katsumi Tada, the 69-year-old Japanese billionaire and founder of Daisho Group, was sold for a reported $12.2 million ($2,028 psf) to a Singaporean buyer.

“If people of such stature [as Tada] sustain significant losses on the sale of their luxury homes in Singapore, it may affect the perception that the ultra high net worth set may have of Singapore as an attractive investment destination,” says Ku Swee Yong, CEO of Century21.

The buyer is said to be Andy Chua, the owner of Yun Nam Hair Care, who paid for the penthouse in cash.

One of Japan’s richest according to Forbes, Tada had purchased the unit in a sub-sale back at the peak of the market in 2007 for $28 million or $4,653 psf -- a record price for St Regis Residences both in terms of absolute price and price per sq ft.

The penthouse has been on the market for two years with several property agents marketing the unit. In its last listing in November, it posted an asking price of $14.435 million ($2,399 psf) on PropertyGuru.

Daisho is said to have a property portfolio exceeding US$1.5 billion including office towers in Brisbane, the Park Hyatt Hotel in Sydney, the 510-room Hilton also owns a new A$300 million office tower in Brisbane, the Park Hyatt Hotel in Sydney, the 510-room Hilton Kuala Lumpur in Malaysia, as well as hotels and commercial buildings in Japan.

Incidentally, Tada’s Daisho Group was also the buyer of the 305-unit The Westin Singapore for $468 million or a record smashing $1.5 million per key in December 2013.

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